The fund-raising comes on top of the £31.5m that the company raised earlier this year. Last month JJB also underwent a company voluntary arrangement (CVA), which is an alternative to administration under which a company's creditors are asked to accept reduced financial returns.
The retailer said that the new fund-raising will be supported by its largest shareholders Harris Associates, Crystal Amber, Invesco Asset Management and Bill & Melinda Gates Foundation Trust. The placing will be fully underwritten by Numis.
Mike McTighe, JJB's recently installed chairman, said: "Together with the implementation of the CVA and continued availability of our banking facilities with Bank of Scotland, this fundraising will mark the end of our financial restructuring process.
"Once complete, it will allow the company to press on with the next stage of implementing its revised business plan and allow management to focus solely on the turnaround of the group's retail business."
The offer will involve the issue of 162.5m new shares at an issue price of 40p per share, a premium of 40.4pc to the company's closing price on Tuesday. After expenses, the company will have net proceeds of £60m. The company said that the cash will provide its management team with "extra operational flexibility" and will allow the company to "reduce its reliance on the availability of supplier credit".
The company said that the cash will provide its management team with "extra operational flexibility" and will allow the company to "reduce its reliance on the availability of supplier credit".
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