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Blacks Leisure appeals for white knight investor Blacks Leisure shares slump on appeal for bidder
(about 2 hours later)
Blacks Leisure has issued an appeal for a white knight investor to rescue it by buying the firm or one of its brands. Shares in Blacks Leisure fell 40% after the retailer issued an appeal for a white knight investor to rescue it by buying the firm or one of its brands.
The troubled camping and outdoor clothes retailer said it was making the appeal after meeting major shareholders and some potential investors as part of a capital-raising exercise. The troubled camping and outdoor clothes retailer said it was making the appeal after meeting major shareholders and investors to raise capital.
Blacks warned last month that sales in the crucial Christmas period would be weaker than had been expected.Blacks warned last month that sales in the crucial Christmas period would be weaker than had been expected.
Management are targeting a sale by January, the company said.Management are targeting a sale by January, the company said.
Blacks said it had the support of Royal Bank of Scotland, its main lender. Blacks warned that shareholders may not gain if the ailing business is sold.
The company said it had the support of Bank of Scotland, its main lender.
"Given the current level of debt within the group, there can be no assurance that any sale would attribute value to the ordinary shares of the group," a company statement warned."Given the current level of debt within the group, there can be no assurance that any sale would attribute value to the ordinary shares of the group," a company statement warned.
Blacks currently has £36m of net bank debt.Blacks currently has £36m of net bank debt.
The firm has appointed accountants KPMG to find potential buyers.The firm has appointed accountants KPMG to find potential buyers.
It said it had obtained a waiver from the takeover panel to ensure that any potential buyer can remain anonymous and avoid rules that would normally compel it to make a formal offer within 28 days.It said it had obtained a waiver from the takeover panel to ensure that any potential buyer can remain anonymous and avoid rules that would normally compel it to make a formal offer within 28 days.