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JJB Sports looking to raise £100 million

Embattled UK retailer JJB Sports has today confirmed plans to raise up to £100 million via a deeply discounted rights issue. Initially the company had been thought to be looking for around £50 million although this has been increased with news that the company's main shareholders are backing the fund raising proposals. So what next?

The company was forced to issue a statement this morning confirming that plans were afoot to raise up to £100 million although no details have been given as yet. However, market sources believe that a deeply discounted rights issue will see additional shares issued at 25p against a share price of around 34p. Remarkably, the company is only valued at £79 million at the moment and the £100 million fund raising will more than double the size of the operation if successful.

It is no secret that JJB Sports has suffered from the downturn on the UK high street as well as issues with suppliers and the company's balance sheet. Other controversies have followed although it looks as though the company is now back on track and looking to the future. In many ways JJB Sports may be "testing the water" for other retail companies to raise more funds and there will be many eyes on this particular issue.

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