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Blacks Leisure shares slump on appeal for bidder | |
(about 2 hours later) | |
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 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 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. |