JJB Sports invests in new intuitive

The four main shareholders of the troubled sportswear retailer JJB Sports have agreed in principle to a fundraising of £65m by way of a firm placing and open offer so they can implement a whole new business plan.  Harris Associates, Invesco Asset Management, Crystal Amber and Bill and Melinda Gates Foundation Trust the four major stockholders have backed the fundraising based on a number of conditions.
A company voluntary arrangement (CVA) an alternative to administration has to be approved by the landlord at a Tuesday of next week vote. A new capital facility of £25m from the Bank of Scotland has been committed to says JJB, through May 31, 2014.
JJB’s attempt to raids more funds is on the heals of a completed £31.5 fundraising spelling out just what kind of precarious situation the company finds itself in but the new working capital and bank facility is sufficient for present requirements.