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JJB sports to hand dossiers to FSA

JJB Sports directors will this week hand a dossier to the FSA (Financial Services Authority) citing evidence of various untrue allegations made against chairman Sir David Jones. The company believes that this is tantamount to "market abuse" and it could soon turn into a criminal investigation into what has been apparently an ongoing campaign.

Aside from the fact the company is on the verge of handing various evidence to the FSA, it also appears that the £100 million rights issue will go ahead as expected with the company desperately in need of the cash. There is a feeling within the market that the "hoax allegations" were purely and simply aimed at destabilising the company and destabilising the £100 million rights issue. So far no names have been mentioned with regards to the misleading information which appeared in the Sunday press although no doubt we will hear further details in due course.

This is the latest in a flurry of controversies associated with JJB Sports which has led to a massive drop in the share price. Many people had hoped that the fundraising would draw a line under the difficult short term history of the company but unfortunately the situation looks set to drag on for some time yet.

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