JJB Sports PLC Appointment of administrators and sale (6373N)

TIDMJJB

RNS Number : 6373N

JJB Sports PLC

01 October 2012

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN AND SOUTH AFRICA AND SHOULD NOT BE DISTRIBUTED IN, FORWARDED TO OR TRANSMITTED INTO ANY JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF LOCAL APPLICABLE SECURITIES LAWS OR REGULATIONS.

1 October 2012

JJB Sports plc

("JJB" or the "Company" or, together with its subsidiaries, the "Group")

Appointment of administrators, sale of the business and cancellation of listing

Following receipt of final offers for the business and assets of the Group and the suspension of the Company's ordinary shares on 24 September 2012, the Company confirms the appointment today of Brian Green, David Costley-Wood and Richard Fleming, partners of KPMG LLP, as administrators of the Company, of Brian Green and David Costley-Wood as administrators of SSL Retail Limited and of Brian Green, David Costley-Wood and Blair Nimmo as administrators of Blane Leisure Limited.

The Company also announces completion today of the sale by the administrators of certain of the trade, assets and product brands of the Group to wholly owned subsidiaries of Sports Direct International plc ("Sports Direct") for cash consideration of GBP23.77 million, with up to a further GBP0.25 million of additional cash consideration payable after completion of a post-sale stock take.

Sports Direct will acquire 20 stores, substantially all of the stock in the business and the Slazenger Golf brand licences, as well as the Company's freehold property in Wigan. The remaining stores will not form part of the sale and the administrators do not intend to trade from these stores in the administration.

The net proceeds of the sale will be used to repay the Company's outstanding debt to its lender and other secured creditors. As previously announced, there will therefore be no value attributable to the Company's ordinary shares.

As a result of the appointment of administrators to the Company, Numis Securities has today resigned as Nominated Adviser to the Company with immediate effect. Pursuant to AIM Rule 1, if a replacement Nominated Adviser is not appointed within one month, the admission of the Company's securities will be cancelled. The Company has no intention of appointing a replacement Nominated Adviser.

 
For further information, 
 please contact: 
 
                              +44 (0) 1942 22 
JJB Sports plc                 1400 
Dave Williams 
 
                              +44 (0) 20 7694 
KPMG                           8773 
David McCorquodale 
Katy Broomhead 
 Sorrelle Cooper 
 
                              +44 (0) 20 7379 
Maitland                       5151 
Neil Bennett 
Daniel Yea 
 
                              +44 (0) 20 7260 
Numis Securities               1000 
Heraclis Economides 
Richard Thomas

A copy of the announcement will appear on the Company's corporate website, www.jjbcorporate.co.uk. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

This information is provided by RNS

The company news service from the London Stock Exchange

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