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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.
LoansLoans
"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 to former owner Dave Whelan to raise funds. 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.