22 Mar 2011 14:41
22 March 2011
JJB Sports plc
Company Voluntary Arrangement: Result of Members' Meetings
JJB Sports plc ("JJB" or the "Company") announced earlier that the CVA Proposal proposed by the directors of the Company and its wholly owned subsidiary, Blane Leisure Limited ("Blane"), had been approved by the requisite majority of creditors of each of the Company and Blane at meetings held earlier today.
Further to this announcement, the Company is pleased to announce that the CVA Proposal has now been approved by the requisite majority in value of the members of each of the Company and Blane present at the CVA members' meetings held this afternoon.
Further details of the vote at today's members' meetings will be announced later today.
The Chairman of the meetings intends to lodge the necessary reports of the meetings with the relevant courts tomorrow.
The Company and Blane continue to trade under the control of their respective directors, operating as going concerns. The Company and Blane are not in and will not be in administration as a result of the approval by creditors of the CVA Proposal.
Commenting on the approval of the CVA Proposal by members, Mike McTighe, Chairman, said:
"Following approval of the CVA proposals at the creditors' meetings held this morning, approval by the shareholders this afternoon further demonstrates the solid support for the Company's turnaround. We would like to thank our landlords and creditors who have supported the Company in this crucial vote. As a result the management and the vast majority of our colleagues now have the opportunity to work alongside all stakeholders as we continue to achieve essential milestones in our turnaround."
For further information, please contact:
JJB Sports plc 01942 221 400
Mike McTighe
Keith Jones
Maitland 020 7379 5151
Neil Bennett
Richard Farnsworth
KPMG 020 7694 8527
Sorrelle Cooper
About JJB Sports
JJB Sports plc (JJB: LSE) is one of the UK's leading sports retailers. The Group, headquartered in Wigan and today listed on the Main Market of the London Stock Exchange, currently trades from 246 JJB branded retail stores in the UK and Ireland and employs over 6,100 people. Further information about the Group can be found on the Group's corporate website, www.jjbcorporate.co.uk.