JJB Sports PLC (JJB) - Appointment of administrators and sale 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 on24 September2012, 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 £23.77 million, with up to a further £0.25 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 andthe 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: JJB Sports plc +44 (0) 1942 22 1400 Dave Williams KPMG +44 (0) 20 7694 8773 David McCorquodale Katy Broomhead Sorrelle Cooper Maitland +44 (0) 20 7379 5151 Neil Bennett Daniel Yea Numis Securities +44 (0) 20 7260 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 END MSCBKDDPQBDDDKK -0- Oct/01/2012 14:53 GMT
JJB Sports PLC JJB Appointment of administrators and sale
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