JJB Sports PLC JJB Appointment of administrators and sale

  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
 
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