JJB.L Regulatory News (JJB)

11 Jun 2007 07:02

JJB Sports PLC11 June 2007 Share sale, resignation of David Whelan and appointment of Deputy Chief Executive JJB Sports plc ("JJB" or the "Company") announces that David Whelan has todaynotified the Company that he, his immediate family and related family trustshave disposed of their entire holding of 68,992,948 ordinary shares at a priceof 275 pence per share to a joint venture vehicle formed by Icelandic financialgroup Exista hf ("Exista") and Chris Ronnie, valuing the total sale atapproximately £190 million. JJB also announces that Company founder David Whelan, aged 70, has stood downfrom the Board of Directors as executive director of the Company and has beenappointed Honorary Life President. This appointment reflects the valuablecontribution David Whelan has made to JJB over many years. He will cease to beinvolved in the operations of the business going forward. Chris Ronnie has been appointed as Deputy Chief Executive of JJB, withparticular responsibility for sourcing and product development. Tom Knight, Chief Executive, commented: "I am delighted to welcome Chris Ronnie to the Board as Deputy Chief Executive.Chris brings a wealth of experience from his many years in the sports industryand this will be of great benefit to the executive team." Roger Lane-Smith, non-executive Chairman of JJB Sports commented: "David's resignation from the Board signifies the end of an era for JJB. Havingfounded the Company in 1971, Dave has overseen the growth of the Company intoone of the UK's leading high street sports retailers. His contribution andadvice over the years has been invaluable and we are proud to make him HonoraryLife President of JJB. I would like to take this opportunity to thank him onbehalf of the whole Company." David Whelan, founder of JJB said: "I am extremely proud of JJB which has grown from a single sports store in 1971to a leading high street sports retailer today. "It has developed into a mature, market leading business and continues to gofrom strength to strength. The development of the healthclubs business has beena major success and combined with other retail initiatives, including the Nikeand adidas in-store areas, the Company has exciting times ahead of it. "Retiring from the Board and selling my stake in the business I founded has notbeen an easy decision but it has been made easier by my confidence in the seniormanagement team. "I wish the company every success." JJB confirms pursuant to UKLA LR 9.6.13R that Mr Ronnie has held nodirectorships in any other public quoted company at any time during the previousfive years and that there is no other information required to be disclosedpursuant to paragraphs (2) to (6). For further information please contact: JJB Sports Roger Lane-Smith, non-executive Chairman 07971 142137 Tom Knight, Chief Executive 07767 436536 Maitland Lydia Pretzlik 07979 592912 Charlotte Walsh 07813 889660 This information is provided by RNS The company news service from the London Stock Exchange