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29 May 2009 12:59
Company Voluntary Arrangement: Implementation Date
(Wigan, 29 May 2009): On 27 and 29 April 2009, JJB Sports PLC ("JJB" or the "Company") announced that the unsecured creditors and shareholders of the Company and its wholly owned subsidiary, Blane Leisure Limited ("Blane") had approved the terms of company voluntary arrangements proposed by the directors of the Company and Blane (the "CVA Proposal").
As previously announced, implementation of the CVA Proposal was subject to the expiry of a 28 day period, during which a challenge could be made to the relevant courts under the applicable insolvency regime (the "CVA Challenge Period"). The CVA Challenge Period expired at midnight on 28 May 2009, without any such challenge being made. As a result, all further conditions precedent in relation to the CVA Proposal have now been satisfied and the CVA Proposal has become effective in accordance with its terms as of today.
Following the implementation of the CVA Proposal, the Company expects its new financing arrangements, details of which were set out in the CVA Proposal document dated 6 April 2009, to become available shortly. A further announcement is expected to be made in the next few days when these financing arrangements have become available.
For further information, please contact:
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JJB Sports plc |
01942 221400 |
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Sir David Jones |
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Maitland |
020 7379 5151 |
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Neil Bennett |
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Emma Burdett |
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KPMG |
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Katy Broomhead |
0161 246 4623 / 07824 537 963 |
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Sorrelle Cooper |
020 7694 8527 / 07932 078 218 |
About JJB Sports
JJB Sports plc (JJB: LSE) is one of the UK's leading sports retailers. The group, headquartered in Wigan and listed on the Main Market of the London Stock Exchange, trades from over 250 JJB branded retail stores in the UK and Ireland and employs over 7,000 people. Further information about the group can be found on the group's corporate website, www.jjbcorporate.co.uk
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