22 Mar 2011 12:13
22 March 2011
JJB Sports plc
Company Voluntary Arrangements: Results of Creditors' Meetings
On 3 March 2011, JJB Sports plc ("JJB" or the "Company")announced the details of the terms of company voluntary arrangements (the "CVA Proposal") proposed by the directors of the Company and its wholly owned subsidiary, Blane Leisure Limited ("Blane"), and that the CVA Proposal document had been posted to unsecured creditors and shareholders of both the Company and Blane (the "CVA Proposal Document").
Meetings of creditors were held today to consider the CVA Proposal and the Company is pleased to announce that the CVA Proposal was approved without modification by a majority of more than 75% in value of the unsecured creditors of each of the Company and Blane present at the meetings in person or by proxy (including by the requisite majority of those unsecured creditors which are not related to the Company or Blane).
Further details of the vote at today's creditors' meetings will be announced later today.
As set out in the CVA Proposal Document, CVA members' meetings will be held at 2.00 p.m. today and the results of these meetings will be announced as and when available. In accordance with section 4(A)(2) of the Insolvency Act 1986, if members do not approve the CVA Proposal, the decision of creditors will prevail, subject to the right of any member to apply to court to challenge the approval of the CVA Proposal. In addition, a general meeting of the Company will take place at 4.00 p.m. today to obtain shareholder approval of the migration to AIM and the CVA Proposal (for the purposes of Rule 21 of the City Code on Takeovers and Mergers).
Following the CVA members' meetings, 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 creditors, Mike McTighe, Chairman, said:
"I am delighted that our CVA proposals have been approved at the creditors' meetings held earlier today. JJB continues to develop strong relationships with its landlords who have supported the Company in this process, and we look forward to working with them, alongside all our stakeholders, as we continue to achieve crucial 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.