SHORT-TERM REFINANCING has been achieved at embattled sports retailer JJB.
The deal will see major stakeholders, including the Bill and Melinda Gates Foundation Trust, support a capital raising proposal of at least £31.5m.
Lender Bank of Scotland will waive its January 2011 covenant tests in JJB’s £25m revolving facility on the basis of the capital raising.
A board reshuffle has also taken place. Dave Williams will succeed Lawrence Coppock as CFO, while Mike McTighe takes over from John Clare as chairman.
Net debt stands at £21.4m at 19 December. The directors believe the company has sufficient cash headroom pending receipt of the capital raising proceeds, but this will be dependent on trading performance over Christmas and the New year.
Like-for-like sales at JJB between 8 November and 19 December have fallen 15.7% compared with the same period last year, hit by the poor weather conditions and store stock availability issues.
It share price climbed more than 20% this morning to £5.22 following the news.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team