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JJB looks to raise extra capital | JJB looks to raise extra capital |
(about 22 hours later) | |
Troubled retailer JJB Sports is considering selling new shares as one way of raising extra funds. | Troubled retailer JJB Sports is considering selling new shares as one way of raising extra funds. |
The Wigan-based retailer said it was reviewing a range of possible options "to provide additional capital". | The Wigan-based retailer said it was reviewing a range of possible options "to provide additional capital". |
These include the disposal of further non-core assets or a share offer priced at a discount to Friday's 30.75p close. | These include the disposal of further non-core assets or a share offer priced at a discount to Friday's 30.75p close. |
In May JJB reported an annual loss and slump in sales, but said then it had agreed a company voluntary arrangement (CVA) to help it to survive. | In May JJB reported an annual loss and slump in sales, but said then it had agreed a company voluntary arrangement (CVA) to help it to survive. |
Loans | Loans |
"The board confirms that as highlighted in its recently published annual report and accounts for 2009 it is reviewing a range of possible options to provide additional capital," it has now said in a statement. | "The board confirms that as highlighted in its recently published annual report and accounts for 2009 it is reviewing a range of possible options to provide additional capital," it has now said in a statement. |
"These include the disposal of further non-core assets, an extension in the maturity date of the company's working capital facility, beyond September 2010, and a possible equity capital raising by way of a placing and open offer." | "These include the disposal of further non-core assets, an extension in the maturity date of the company's working capital facility, beyond September 2010, and a possible equity capital raising by way of a placing and open offer." |
The firm also said it expected to repay a loan to Barclays ahead of its payment date of 31 August. | The firm also said it expected to repay a loan to Barclays ahead of its payment date of 31 August. |
JJB has already sold off its gym business to former owner Dave Whelan to raise funds. | |
Its main creditors - as well as Barclays - include HBOS and Kaupthing banks. | Its main creditors - as well as Barclays - include HBOS and Kaupthing banks. |
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