One of JJB's largest shareholders, Crystal Amber Fund, has effectively halved its stake in the struggling sportswear retailer. Ahead of a placing that will raise £100m, Crystal sold 22m shares at 32.6p, compared to a price of 22.43p per share when they were acquired between April and June. The profit on the deal is £2.2m or 45% on the original investment.Crystal, which JJB had said was fully committed to its fund raising plans, added it has committed to subscribe for 28.45m shares in the £100m fund raiser at 25p each."We have been actively involved with recent developments at JJB and welcome the proposed fundraising. We intend to continue to play a full role in helping JJB with its recovery programme. Following the placing, JJB will remain the largest holding of Crystal Amber Fund and we retain a significant shareholding in JJB's much enlarged capital base," William Collins, Chairman of Crystal Amber Fund, commented.After the placing Crystal Amber will hold 6.5% in JJB against 14.1% currently.