Cash-strapped sportswear retailer JJB got a surprisingly strong response to the open offer aspect of its recent share issue, given that the shares were offered at a substantial premium to the prevailing market price.The company said it received valid acceptances in respect of 17.23% of the shares on open offer, leaving 54.1m shares to be bought by institutional shareholders, as per the claw-back arrangement of the share offer, at a price of 40p per share, the same as the open offer price.The shares were available to JJB shareholders on the basis of 1 new share for every 2 shares held.The company raised £60m, net of expenses, through the share issue, its second large fund raising exercise this year; in February it raised £31.5m to tide it over while it finalised plans for a restructuring and refinancing.---jh