The retailer wants to raise the money by way of a firm placing and open offer to enable it to implement a new business plan. JJB said on Tuesday that major shareholders Harris Associates, Crystal Amber, Invesco Asset Management and Bill & Melinda Gates Foundation Trust have indicated that they will back the fundraising, subject to a number of conditions.
One of these conditions is that JJB's proposed company voluntary arrangement (CVA), which is an alternative to administration, gets landlord approval at a vote next Tuesday.
JJB also said that it has reached agreement with Bank of Scotland, its lender, for the provision of a new committed working capital facility of £25m through to May 31 2014.
The move to raise more funds comes just weeks after the retailer completed a £31.5m fundraising, showing just how precarious the company's position has become.
However Keith Jones, chief executive of JJB, said that the fundraising and the new facility from its bank give it sufficient working capital for its present requirements
Ingen kommentarer:
Legg inn en kommentar