With the new directors in place, looks like JJB might recover?

Bullish article here.....

http://menmedia.co.uk/news/business/s/1294215_jjb_scores_sales_boost_despite_world_cup_washout

Bounced back up again intraday.

Brokers now getting on side with recent Buy analysis, from Hemscott Premium....

JJB Sports PLC

FORECASTS 2011 2012
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Singer Capital Markets Ltd
08-07-10 FAIR -21.00 -3.20 3.00 0.50

Panmure Gordon
08-07-10 BUY -18.10 -1.99 14.80 1.61

Numis Securities Ltd
08-07-10 BUY -20.20 -2.20 15.60 1.70

Buy note out late yesterday........

JJB Sports PLC

FORECASTS 2011 2012
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Panmure Gordon
12-07-10 BUY -18.10 -1.99 14.80 1.6

Well we are over 9.5p so we must be going in the right direction.........

JJB Sports ST: the RSI is oversold
11 Oct 2010 - 04:45

Click here to see our chart:
http://www.tradingcentral.com/chart/JJBGBp101011054411.gif
9.5 is our pivot point.
Our preference: the downside prevails as long as 9.5 is resistance.
Alternative scenario: the upside breakout of 9.5 would call for 10.5 and 11.
Comment: the RSI is trading below 30. This could mean that either the stock is
in a lasting downtrend or just oversold and that therefore a rebound could
shape (look for bullish divergence in this case). The MACD is negative and
below its signal line. The configuration is negative. Moreover, the share
stands below its 20 and 50 day MA (standing respectively at 9.86 and 11.41).
Supports and resistances:
10.5 *
9.5 **
9.25
8.5 last
7.25
6.5 **
6 *
---
TRADING CENTRAL is a commentary service specialising in technical analysis.
For sales enquiries please call your Reuters account manager or TRADING
Central
by phone: New York (1) 212 812 2400 Ext 29, London +44 (0) 207 429 3980 or
Paris (+33) 1 5528 8040

Latest Broker figures for JJB which suprised me as the Brokers have obviously seen a bottom here and are bullish on a turn up........

JJB Sports PLC

FORECASTS 2011 2012
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Panmure Gordon
11-10-10 BUY -33.00 -4.99 1.09 0.12
Investec Securities
08-10-10 HOLD -36.96 -4.08 1.00 0.12
Numis Securities Ltd
06-10-10 BUY -29.40 -3.26 1.10 0.12

Date Broker name New Price Old price target New price target Broker change

28-Sep-10 Panmure Gordon Buy 9.40p 25.00p 18.00p


18p SP target for broker Panmure Gordon.

Post by pro TAer Zak Mir this morning.........

Zak Mir



Reged: 28/06/07
Posts: 1430
Re: JJB Sports PLC (JJB.L) [
#471263 - 12/10/10 09:20 AM Edit Reply Quote



At 10p JJB is a call option, and as long as it is not going bust, something which requires a lot of effort even these days, while above June's 8.45p low the upside for the shares should be well into the teens by the end of the year.

Post Extras:

From the "UPS" short term

JJB 9.57p ( 9.50 / 9.64p )

Reason : Moving higher since yesterday from a very large retracement. Some large trade are appearing on the ticker as the volume is good. Slow stochastic is bouncing from the oversold position, is allways the first Indicator to give the signal

a strong finish bodes well for tomorrow as the momentum is building

a higher volume is positive on the way up

JJB Sports plc
29th October 2010
Conclusion of FSA investigation

JJB Sports plc (the "Company") announces the conclusion of an investigation by the Financial Services Authority ("FSA") into the Company's historic compliance with the Disclosure and Transparency Rules in the lead up to the release of the Group's interim results on 26 September 2008, more than two years ago and prior to the Company's restructuring.
‪ ‪The matter will be concluded with the imposition of a financial penalty of 455,000 which will be payable in 2011 on a date or dates to be determined. Full details will be published by the FSA following the completion of relevant regulatory processes, at which point the Company will comment further on the matter and its views as to the level of penalty imposed. No further information can be provided at this time. No further investigations into the Company by the FSA are ongoing, and the Company welcomes the finality brought by the conclusion of this investigation.

Very poor performing share... JJB.
BUY forecast by Numis and Panmure Gordon last month were all rubbish.

Zak Mir is also taking through his a**e.

The days when David Whelan ran the show are long gone.

4-5p next week.

Closed my short here for a profit.

Second day of bouncing back and finishing at best of the day.

The MACD is negative and below its signal line but is now turning up and looking for a bullish divergence to come soon. Well oversold

JJB Sports will be forced to seek fresh funding after admitting yesterday that it was on course to breach the rules attached to its bank loan after trading worsened. The struggling sportswear retailer, which has been in distress since a disastrous trading update two years ago, said yesterday that it was talking to Bank of Scotland, the Lloyds Banking Group subsidiary, after it became clear it would break its banking covenants when they are next tested in January, the Times reports.

It certainly is a stock where an appetite for risk is required.

t/o talk around 15p minimum to 40p max - gla!!!

lol & kerchinnnnnnnnnnnnnngggggggggggggggg soon!! today just a taster so far!!
Looking through the prospectus, Crystal Amber have been granted a waiver on rule 9 of the takeover code following a 30% shareholding. Harris associates on the other hand have not applied for such permission. As such there could be an offer coming from Harris following the placing if they exceed 30%.... which they probably will if they exercise the warrants from 21st Feb onwards. Exciting stuff.... keep it rolling.

prospectus is vast. I trust that everyone has read it now but these are some of the main points. The offer becomes ex rights tonight and then you can apply for 0.483 shares for every one held. The company is to move over to AIM from the main market in April. Trading has been disappointing but the revamped stores continue to perform well. A revised business plan needs to be prepared for BoS by 24th February. Then a further fundraising will be required sometime in April.

t/o chatter from the twilight zone:-


'The most interesting situation presented in RNS is the situation of share holding after refinancing as that effectively means handing over the company to 5ii (if others do not take up their share allocations): The 5iis are:

Harris Associates

Crystal Amber

IAML

B & M Gates

GP cap

After refinancing, their share holdings would be (in percentage)

Present holdings: 44.3

After refinancing: 58

After refinancing (exclusively): 71.9

After exercising warrants: 76.4

After exercising warrants (exclusively): 86.3

I do not think that these 5iis (actually 5iis IAML = 4iis), who have already invested around 100 million on JJB (that is 44.3 percent of company for their share buying before last refinancing, their buying shares in previous refinancing, and later) would be willing to let JD sports take over the company cheaply (below their own cost), especially when these 5iis are expecting that JJB could turn around and would start making profit, and thus are willing to put more money in to see that.

That means, at least 100 million for 44.3 percent of company or over 220 million for whole company, means around 35 pence per share (NAV of JJB is of that order too). Thus I believe (IMO), if any figure JJB management must be talking about with prospective takeovers would be in order of around 35 pence per share or door.

In such situation, I do not know if takeover would happen from outside. Though I can see takeover from inside (that is by 5iis), if not immediately than in near future.'

guardian summary:

'JJB Sports raising 31m as takeover talks continueThe takeover talks could lead to the creation of a 750-shop sports and leisurewear powerhouse, and end speculation over JJB's future

JJB Sports is raising funds as takeover talks with rival JD continue.

JJB Sports is pushing on with an 31.5m fundraising as its shares surged this morning on the prospect of a merger with rival JD Sports.Both retailers admitted last night that they were in "initial discussions" after JD approached JJB last month, but stressed the "highly preliminary nature of these discussions". The takeover talks could lead to the creation of a 750-shop sports and leisurewear powerhouse, and end speculation over JJB's future.

JJB shares jumped over 30% to 6p in early trading while JD shares dropped 12.5p, or 1.5%, to 835p. Analysts believe a deal could be hammered out, although buying JJB is seen as "risky".

"With JJB's activist investors already underwater and having agreed to a further 31.5m equity injection, any deal is likely to hinge on whether JD Sports can justify a price that would satisfy the lead JJB investors," said John Stevenson, retail analyst at Peel Hunt.

Lossmaking JJB this morning set out the details of the emergency fundraising, first announced on Christmas Eve, after a slump in sales forced it to warn that results would miss forecasts and that it might breach the terms of a 25m loan.

The troubled retailer is raising 31.5m (30m after costs) by issuing 630m new shares at 5p each. Its two largest shareholders, Harris Associates and Crystal Amber the activist investor headed by Richard Bernstein have pledged their support, alongside Invesco Perpetual, the Bill & Melinda Gates Foundation and GoldenPeaks Capital.

Harris and Crystal Amber will be able to nominate a non-executive director to the board following the fundraising. Shareholders will vote on 18 February. JJB also announced today that it wants to transfer its shares from the London Stock Exchange's main market to Aim by the end of April.

JJB had also indicated that it would need a second injection of cash. However, a takeover by JD Sports, in which Mike Ashley's Sports Direct owns a 12% stake, would make any extra cash call unnecessary.

JJB has been fighting for survival since 2008, when chief executive Chris Ronnie was ousted after it emerged that his stake in the business had been seized by the administrators to the Icelandic bank Kaupthing.

The two companies have had contrasting fortunes. Last month, fashion-led JD Sports said Christmas sales were up by 2.5% and that it would beat profits forecasts for the current financial year. JJB's Christmas sales were down 16%.

Analysts believe that JD can afford to buy JJB, which has a market value of around 30m while JD is worth over 400m. JD is forecast to have had 70m in cash at the end of January. There is little overlap in store formats specialist, noted Freddie George at Seymour Pierce.

"Suppliers, in particular Nike and Adidas, are likely to be supportive of any deal," he added.

Mark Photiades at Singer said: "This deal is clearly not without its risks given JJB's current position." JJB has net debt of 25m and the funding shortfall could be of a similar magnitude. JD would need additional cash set aside to launch a refit programme in stores and would also have to fund short-term losses.

"These, together with rationalisation and exceptional costs, perhaps of the order 10-20m, could mean that the entire exercise could cost between 50-100m prior to any equity value, albeit trading losses and integration costs could be funded from ongoing cashflow. JD's current cash surplus looks capable of funding the upfront deal costs," Photiades said.

JD is focused on sports fashion while JJB wants to be known as a sportswear

http://menmedia.co.uk/manchestereveningnews/news/business/s/1407065_jd_bosses_can_turn_around_jjbs_fortunes

February 02, 2011

| Submit Comments | Printable Version Previous | Next Close Map

Retail experts say JD Sports Fashion has the power to turn around the fortunes of embattled JJB Sports as the north west firms talk over a possible takeover deal.

JD was among a number of potential buyers which approached Wigan-based JJB about a possible sale in December, but the talks came to nothing.

Discussions with JD restarted in January and yesterday JJB said it believed Bury-based JD was 'contemplating a bona fide offer'.

Bury-based JD's chairman Peter Cowgill said the talks were in their infancy, but added: We have got a very good management team and we have got ideas about what we could do with JJB.

We would run them independently.

Analyst Mark Photiades, of Singer Capital Markets, said: We suspect that JD will have been weighing up such a deal for some time and that, given JJB's well-documented issues, believes now is the right time.

JD's top team of Peter Cowgill and chief operations officer Barry Bown have proven strength in operational management and if anyone stands a good chance of turning round JJB's fortunes, they do.

JD's current cash surplus looks capable of funding the upfront deal costs.

David Stoddart, an analyst at FinnCap, called the potential acquisition 'a game changer'.

He said: If the deal goes through then you don't need two head offices any more, which means you can eliminate most of the 20m that JJB spends there.

You can probably fold the distribution operation into one too, which could potentially save another 20m.

But JJB is losing 50m a year, which outweighs all of the benefits unless you can restructure it. A lot of costs have got to come out at branch level.

Clearly a chunk of the stores overlap or are badly located.

The only other party who could achieve synergies like that would be Sports Direct, and who knows with Mike Ashley? One week ago, Andy Carroll wasn't for sale!

There is potential for Sports Direct to face competition concerns if it were to buy JJB, as it already has an 11.9 per cent stake in JD.

Sarah Peters, a senior analyst at retail experts Verdict, said a JD takeover deal would pose a 'big threat' to Sports Direct, which has benefited from JJB's recent struggles.

She said: "JD has proven to have a very successful business model and, while it is more fashion-focused than JJB, has the knowledge and expertise of the sports market to help the business succeed.

"Any purchase by JD would undoubtedly be a massive task for it, particularly given JJB's struggles over recent years.

"However, in the long term, both businesses would benefit through extra efficiencies and gains in scale. It would also provide JD with the opportunity to further expand its own label business."

Strategy expert Professor Gary Davies, of Manchester Business School, said: It makes sense for them to come together.

There is nothing inherently wrong with two competing brands in the same family if they can tidy up the market segmentation.

Wigan-based JJB, which has 6,300 staff and 250 stores, has proposed a 31.5m share offer to see it through in the short-term while it finalises long-term restructuring and refinancing plans.

It is also planning a move from London's main stock market to junior market AIM.

JJB's share surged 17.4 per cent yesterday, rising 0.8p to 5.35p, while JD's slipped 0.41 per cent or 3.5p to 846p.

intersting - jd same price as jjb will be;

3 February 2011



JD Sports Fashion Plc ("JD Sports Fashion" or the "Company")



Rule 2.10 announcement - relevant securities in issue





In accordance with Rule 2.10 of the City Code on Takeovers and Mergers, JD Sports Fashion confirms that, as at the close of business on 2 February 2011, the Company had 48,661,658 ordinary shares of 5 pence each in issue on the main market of the London Stock Exchange, under the UK International Securities Identification Number ('ISIN code') GB0004771548.



For further information please contact:

Investec Investment Banking Tel: +44 (20) 7597 5970

David Currie

Martin Smith



MHP Communications Tel: +44 (0)203 128 8100

lol expect a bid war here dudes aside from the 5 iis, jds, & sd have heard that other 'interested parties' want to t/o jjb before the very lucarative olympics now looming and jjb internet offering...............................

ignore the crap going round imo

kerrrrrrrrrrrrchinnnnnnnnnnnnnnnnnnngggggggggggggggggggggggggggggggggggarooooooooooooooooooooooooooooooooooooooooooooooooooooooooo

good stuff...
http://www.independent.co.uk/i/matrix/the-business-matrix-monday-7-february-2011-2206290.html



JJB Sports, the troubled sports equipment chain, plans to close a significant number of stores in a bid to safeguard its future. Bank of Scotland has set JJBs board a deadline of 24 February to present a restructuring plan to curtail its losses. Last week, JJB unveiled a 31.5m fundraising, as it said it had been approached by rival JD Sports Fashion over a potential takeover bid for the 250-store retailer. JD Sports has performed strongly in recent years.

Can't quite see how owning JJB shares can be classified as 'good'

JJB is really a poor bet as JD Sports will certainly not take over a loser share.

hyleo - tend to disagree - as long as the cva goes ahead and i believe it will despite landlord rumours etc then jjb will be in the kind of state jd want it and for jd to keep it away from their main competitor sd- but nail biting times for jjb imminent - at first glance the news looks bad, jd are intersted but can not say much right now, the 5 ii investors propping jjb up at 5p new shares, other interested parties etc of course there is also the other matter of tribunals for some former employees! one director already paid off! what a pigs ear this is - but i am sticking with this - i am just thankful i got in low - it may well drop more.... more news:

JD Sports backs off as JJB seeks to reach creditors' agreement

By Laura Chesters


Sunday, 13 February 2011

JD Sports is not pursuing its takeover talks for rival JJB Sports while it awaits the outcome of the latter's proposed rescue plan.


Wigan-based JJB issued details on Friday of its last-ditch rescue attempt with the closure of 45 stores through a company voluntary arrangement (CVA). The closures could be followed by another 50 over two years.

A CVA allows troubled retailers to close or change the rental terms on unprofitable stores.

JJB, which employs more than 6,000 people, and its adviser, KPMG, have begun negotiations with landlords to get approval for the plan.

Although it's the retailer's second CVA in two years many landlords are thought to be minded to support JJB thanks to its good communication with them over the past year and its obvious dire circumstances. Another possible plus is its chief executive, Keith Jones, who is well respected among the landlords.

Landlords have been critical of retailers that they believe have "unnecessarily" asked for CVAs, some of which have failed due to lack of landlord support, including footwear chain Stylo in 2009.

JJB needs to win the support of 75 per cent of its unsecured creditors and 50 per cent of its shareholders for the CVA to avoid administration. Some experts suggest a pre-packaged administration could be on the cards if the CVA fails, and that is when JD Sports is likely to circle the carcass.

The CVA details, including slashing JJB's rent and moving to monthly rather than quarterly payments, as well as the closures, will be sent to creditors and shareholders at the end of the month. It has said just 150 stores of its 245-shop estate are "core to its future".

JJB has confirmed plans to raise 31.5m with the support of its two biggest shareholders, Harris Associates and Crystal Amber, and of the Bill & Melinda Gates Foundation. This fundraising will be followed by another, necessary to keep the company alive past April.

Elsewhere in retail, Tom Knight, the former JJB boss, is in the running to take the reins from Neil Gillis at outdoor clothing firm Blacks Leisure this week, while DIY chain Focus is close to selling five leases to a supermarket either Asda or Tesco as it raises money to fund a new store design.

from the other side:....

'I am still in as in my opinion JJB share price is gift at the moment. I have around 200,000 shares. My only worry is management, as it seems they are incompetent. Just imagine, over 6000 employees for 250 shops, they are too many,

Company has turnover of over 400 million, making gross profit of over 160 million, and still posting operating losses because of overheads, is unacceptable. In my opinion, a company that is making gross profit of around 160 million from 250 outlet (Plus on-line sale) a year should post operating profit rather than loss. I think for JJB to survive, they have to work in reducing the overhead to no more than 20 percent of turnover, ideally 15 percent.



One could find this anomaly easily by Looking at JJB half-yearly report in their RNS published on 28 Sept 2010: Here are the figures:

Revenue = 184 million (in 6 months from Feb to July)

Gross Profit = 77.6 million (6 months from Feb to July, excludes Christmas time sale]

Expenses = 102.2 million [for 6 months, consisting of local expenses = 89.5 million, Central cost = 10.6 million, Exceptional Items = 2.1 million]

Operating loss = 24.6 million (102.2 million 77.6 million ... that is for 6 months)

I think their expenses (102.2 million for 6 months ... or ... around 205 million for a year) are too much and they should think to reduce that rather than anything else so that their gross profit should cover that expenses and still leave something to show as operating profit.'

fantastic news from the telegraph tonight - feeling real good about me recent buys & top ups here, could be a mega kerrrchinnnggggggggg pretty soon (for me anyhow! & anyone else who has bought recently! he who dares .... lol) and not too late for more --- cricial key support received - this would have been a deal breaker had the landlords not been agreeable - yeeeeeeeeeeeeeeeeehaaaaaaaaaaaaaaaaaaaaaaaaa!!

http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/8334822/JJB-Sports-gains-support-for-CVA-proposal.html

JJB Sports gains support for CVA proposal
Leading property companies are warming towards JJB's proposals to close loss-making shops through a company voluntary arrangement (CVA), despite an initial backlash.

JJB Sports gains support for CVA proposal Photo: AFPBy Graham Ruddick 7:50PM GMT 18 Feb 2011
Comment
The sports retailer has held a series of meetings with its landlords ahead of the full publication of its plans in the next two weeks, and is understood to have received favourable feedback.

According to industry sources, landlords which include Land Securities, British Land and Hammerson are frustrated at the proposals but consider the CVA the best of a bad choice.

JJB claims it could collapse into administration if the CVA is rejected, and landlords fear such proceedings would lead to their retail units being tied up for a long period as the company is unwound.

However, approval of the CVA could provoke fury among rival retailers, many of whom have threatened to try to renegotiate rents.

It is the second time in two years JJB has used a CVA to seek to withdraw from leases on loss-making shops. The company is proposing to close 45 "significantly underperforming" stores over the next year, as well as putting a further 50 units "under review". At least 75pc of unsecured creditors must support the CVA for it to go ahead.


easy dough imo dudes - remember ray not too long ago...

in fact should see some northerly moves next week - more news before end of february!!

'Full details of the CVA proposal, which needs the backing of the holders of more than 50 per cent of shares and 75 per cent of creditors, will be published in late February.'


First phase of JJB rescue plan approved by shareholders

February 18, 2011

JJB Sports secured its short term future as a business today after shareholders voted to approve plans for a 31.5m share offer.

Despite ongoing takeover talks with JD Sports Fashion, JJB held the emergency fund-raising after struggling sales forced it to warn investors it would not be able to make repayments on a 25m loan.

A company statement read: "The board is pleased to announce that each of the resolutions proposed at the general teeting held today to approve the proposed firm placing and placing and ien ofer of, in aggregate, 630,000,000 nw odinary sares and other related matters was duly passed without amendment by the required majority on a vote conducted by way of a poll."

The company, which currently operates 250 stores, is now able to finalise its long-term restructuring and refinancing plans.

They include a company voluntary arrangement which will allow it to terminate leases and shut 45 under-performing stores and negotiate reduced rents on other branches.

Full details of the CVA proposal, which needs the backing of the holders of more than 50 per cent of shares and 75 per cent of creditors, will be published in late February.

i would not wanna be outta jjb right now!! only after i've made me dough here - lol!

What the hells going on here.

There wasn't a consolidation was there?

Sp seems to have opened around 30p

So,what exactly is the story here??

from proactive investors....

Shares in JJB Sports (LON:JJB) shot up more than 800 per cent in a frenetic early start to trade after investors agreed to back a £31.5 million share sale that offers the company a financial lifeline.

The stock was mainly placed with City investors including existing shareholders Harris Associates and the Crystal Amber fund at 5 pence a share. Bizarrely, Bill Gates is also an investor with more than 5 per cent of the beleaguered retailer.

The much needed cash injection staves off the immediate prospect of administration, which could have signalled the end for this fixture of the high street.

However, JJB will need further investor and creditor support for a second company voluntary arrangement (CVA) in as many years if it is to avoid going into administration.

The second CVA proposes the closure of up to 95 JJB stores and the retention of a core group of 150 stores.

The firm, which employs about 6,300 staff, is also in takeover talks with thriving rival JD Sports Fashion.

In early trade the shares were changing hands at 33.5 pence each, up 29.69 pence.

Consolidation!!!!!!!!

Wish they would get there facts right.

P

From the other side on the share consolidation it doesnt look good.

Yes, you had 100 shares but now only 10
BUT, and the big BUT is for you to have stood still the share
should show up 1000% today not 750% !!!

You are down 25% overnight and falling

A Russian Roulette type share,you might say.!

what a mare! lol

effectively about 17% ish down today unless my maths wrong - so many rumours flying around right now - from the iis wanting to privatise on the cheap?! (doubt it imo - WHY?), t/o talk continues, offer to landlords of share of future profits if accept cva, landlords apparently ok with cva as unlikely to have clients to fill shops for an age (look at your local shopping centres and the amount of closed shops), sd want jjb as do jd for their internet offering et cetera!! personally now on a little loss here thanks to today - but i think that maybe due to all the uncertainty and other issues similar around the 10/1 consolidation - i am gonna sit tight - i expect to exit 10 to 15p i hope by end april or sooner - basically i am in 100% to the end - s h one t or bust or as chessplayer aptly describes as 'Russian Roulette' - it certainly is but fun! lol! and gl to any in here or considering jjb - i am quietly confident now landlords (imo) are on board, the 5 iis, a restructered jjb i.e. crap loss making shops dumped, jd keen because of sp, sp considering options due to competition rules et cetera! lol

lol lol lol - boy jjb are making it hard to earn an honest crust here guv! lol

well i topped up today - what a bargain - yep fully aware of the risk but do not expect the bank to not support - also understand why people might not want to buy right now - i expect an rns tomorrow and north movement quick!! the sells today were mainly auto which is most likely the residue of the pru sell off who want out for whatever reason - heard rumour that could not reach agreement with other 5 iis - but hey ho!

tomorrow one of the big days - kerrrrrrrrrchinnnnnnnnnnnnnnngggggggggggggggggggggggggggggggg!!!!

there is more than one key paragraph in the cva proposal - but the bank prior to day it is rumoured already agree on this:

'The directors of each of JJB and Blane believe that the CVA proposals and the CVA process will facilitate a better outcome for creditors than would occur if JJB and/or Blane were placed into administration or liquidation and therefore that the CVA proposals and the CVA process are in the best
interests of the Company and its shareholders.'

only one landlord known to oppose - so what - affects only 3 shops - once approved officially that landlord may regret that me thinks!

gla still in - remember those sells today were mainly auto - which is why i smapped me up more at a bargain price!!! lol

btw - ever get the feeling jjb have painted a worse picture than it actually is! :-;

yeeeeeeeeeeeeeeeeeeehaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa - glad to have topped up yesterday
kerrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrchinnnnnnnnnnnnnnnnnnnnngggggggggggggggggggggggg


more to come here imo!

http://www.investegate.co.uk/Article.aspx?id=201102251255288923B


JJB Sports PLC
Update re Proposed Company Voluntary Arrangements
RNS Number : 8923B
JJB Sports PLC
25 February 2011







25 February 2011



JJB Sports plc



Update re Proposed Company Voluntary Arrangements



Further to the announcement by JJB Sports plc ("JJB" or the "Company") on 11 February 2011 of the key details of the proposed restructuring of its property portfolio through the CVA proposals, the Company is pleased to confirm that it has delivered a final draft of its revised business plan to Bank of Scotland ("BoS"). The Company will announce further details of the revised business plan in due course following completion of the independent review of the plan and its funding requirements by advisers.



Full details of the CVA proposals (including details of creditor and shareholder meetings) will be set out in the CVA proposal document that the Company intends to despatch to unsecured creditors and shareholders by no later than 4 March 2011. The Company has maintained its open and constructive dialogue with key creditors. To date, JJB has actively engaged with landlords accounting for 47% of the Company's annual rental payments regarding the future shape of the Group's property portfolio.



Commenting on the restructuring, Mike McTighe, JJB Chairman said: "We are delighted to have achieved two further milestones this week - successful completion of the first capital raising and delivery of our revised business plan to BoS. With publication of our CVA document scheduled for next week, the Board and management team continue to work extremely hard to rebuild JJB. With the continued support of all the Company's stakeholders, we remain confident that we can deliver a successful turnaround."





Enquiries:



JJB 01942 221 400

Mike McTighe

Keith Jones



Maitland 020 7379 5151

i wouldnt wanna be outta jjb this weekend - LOL!!!!!

gibby
Yes LOL they are now @ 2.2p in old money.

driver lol :-)) that's why they are so cheap now

it wont be this sp for long!! lol

i will leave you to interpret that :-0

from the other side...............talking about the cva.....:

'If this comes off it will dwarf my RAY profits but I am down 6 figures at present & need the sp to more than double just to break-even. That said I was over 50k up less than a month ago & in these situations the position can change in a flash as you know.

In my view the issuing of the CVA proposal itself will signify that the BoD know that they will get the necessary 75% creditor vote. In view of the fact that their 100% owned subsidiary,Blane Leisure,represents around 50% of the unsecured creditors and the suppliers are unaffected they actually need less than half the landlords to support the proposal. 60% of the stores are only affected by a switch to monthly rentals so on the face of it it should be straightforward provided KPMG are doing their job properly. If I am right in my assumption then around now is a good time to buy in ( I say that often & in my defence I did buy more yesterday) but if I'm wrong & the CVA gets blown away it will be time to switch off the lights and that would be only 3 weeks away. Are you feeling lucky?'

..Exclusive: JJB Sports Boss Poised To Quit

By (c) Sky News 2012 | Sky News – 19 minutes ago


The chief executive of JJB Sports is poised to step down after a string of profit warnings and emergency fundraisings left shareholders in the company facing a bleak future.

I have learned that Keith Jones, who has run JJB (LSE: JJB.L - news) only since March 2010, is expected to leave within days. Directors of the company are understood to be discussing the departure of Mr Jones this evening and an announcement could be made as soon as Friday morning.

JJB has endured a torrid few years during which it has been rescued three times by investors and axed dozens of stores in a desperate survival bid.

JJB’s shares plunged a week ago after it disclosed that the Euro 2012 football tournament had failed to produce the anticipated uplift in sales.

It was the latest in a string of profit warnings and raised fears that the company would not last until the key Christmas trading period without a fresh cash injection.

"In light of the deterioration in trading, the Directors have sought to implement a combination of management initiatives, which were identified in the 2012 Results, and have been successful in mitigating the trading and cash shortfall to a certain extent. However these actions have not fully mitigated the shortfall,” the company said.

"As a consequence, and in light of the continuing poor macroeconomic environment, the level of future headroom on working capital facilities and financial covenants will be significantly reduced in the short and medium term.

"This is likely to accelerate the timing of the additional funding required, which is dependent upon the trading performance of the business and the successful implementation of the management initiatives. Given the potential requirement to accelerate funding to implement the turnaround, the Group is in discussions with its strategic partners."

Earlier this year, JJB struck a deal with Dick’s Sporting Goods, the giant US retailer, to take a stake in the British company that could rise as high as 60%.

Yet while high street trading has been tough, JJB's rival, Sports Direct (Frankfurt: A0MK5S - news) , has enjoyed contrasting fortunes, recently posting a 24.5% surge in pre-tax profits to £151.5m.

JJB also announced this month that Mike McTighe, its chairman of nearly two years, would step down to be replaced by Bob Corliss, a veteran of the US retailer The Athlete's Foot.

Mr Corliss said at the time of his appointment: "JJB has been through some difficult times yet it is clear that there is a real market opportunity for a national authentic sports retailer here in the UK.

"JJB can be that retailer and I'm energized by the prospect of leading the company through the next phase of its turnaround."

It's unclear if Mr Jones will be directly replaced or whether Mr Corliss will take on the running of the business.

Mr Jones joined JJB from Dixons, where he was group retail director, before which he worked at Virgin Retail and B&Q.

JJB declined to comment

JJB Sports chief executive steps down
StockMarketWire.com
JJB Sports chief executive Keith Jones is stepping down from the board with immediate effect but will stay with the business in an advisory capacity until the end of August.

The board is currently in advanced discussions to appoint an interim CEO and a further announcement will be made in due course.

Bob Corliss - who will formally take over as chairman at the beginning of September - said: "On behalf of all the board I would like to thank Keith for his tireless efforts to rescue JJB and return it to commercial health.

"During his time at JJB, Keith helped to secure vital additional funding for the business and significantly strengthened relations with our major supplier partners."

At 1:39pm: (LON:JJB) JJB Sports share price was +0.05p at 5.42p


Story provided by StockMarketWire.com

JJB Sports puts itself up for sale



The struggling sports clothing company, JJB Sports has put itself up for sale.

Last month it said that the deterioration in trading and the continuing poor macroeconomic environment was likely to accelerate the timing of additional funding required by the company and that the level of headroom on its working capital facilities and financial covenants would be significantly reduced in the short and medium term.

It also stated that it was in discussions with its strategic partners.

Since then in the six weeks ended 26 August, like for like sales have decreased by 3.3% and like for like cash margin has decreased by 9.5%.

The company has continued its discussions with its strategic partners regarding a further capital raising and restructuring of its store portfolio to facilitate the turnaround of the group's trading performance.

However, following these discussions, JJB Sports does not believe it will be able to raise the level of funds required to implement the turnaround. As a result, the Board has decided to conduct a formal sale process of the company and is inviting offers to support further investment, which may result in a sale of the company or its assets.

The formal sale process will be undertaken by its adviser, KPMG.

As at 28 August 2012 net bank debt was £16.5m. In addition, the company has £18.75m of Convertible Loan Notes outstanding and has also drawn down £1.1m under the trade loan facility.

Given the level of current debt, there can be no assurance that any proposal or offer that may be made would attribute value to the ordinary shares.

JJB is history now.

Another one bites the dust.

I expect that buying this one is akin to playing Russian roulette!

Billionaire Sports Direct chief Mike Ashley 'to buy ailing JJB Sports'

Embattled retailer JJB is set to be swallowed by rival Sports Direct International in a deal that could see half its stores shut and around 2,000 jobs be cut.
Billionaire Newcastle United owner Mike Ashley – who founded Sports Direct – is understood to be poised to snap up the most profitable JJB stores under a controversial ‘pre-pack’ administration.

The deal, which could be announced today, could see more than half of JJB’s 180 outlets close for good.

Sold JJB Sports stores inundated with shoppers

Shoppers have been descending on stores of the collapsed JJB Sports chain that have been sold to rival Sports Direct.

Sports Direct bought all the remaining stock from JJB and is now shipping it to the 20 shops it has bought.

Those shops are likely to continue trading until the stock has been sold before they close to be rebranded as Sports Direct.

The 133 stores that were not included in the sale have all been closed with the loss of about 2,200 jobs.