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JJB RUSH OUT CASH CALL

ABOVE: JJB Sports rushed out details of its emergencey fund-raising

13th October 2009

SPORTSWEAR retailer JJB Sports last night surprised the City by rushing out details of its £100million emergency fund-raising after dramatically delaying it last week.

Just days after it faced speculation that the cash call could be postponed or scrapped, the company unveiled terms of the deal after the stock market closed. And investors were rattled last Friday by rumours about the personal finances of chairman Sir David Jones and the company delayed the fund-raising to carry out an investigation.

In a statement to the Stock Exchange yesterday, JJB said its inquiry showed the rumours were “totally unfounded”. It said it had passed on the results to the authorities and asked the City watchdog to investigate what it called “an elaborate hoax”.

The company published details of the £100m move which dwarfs its stock market value of £82m.

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