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’Snap news
Breaking pre-market news on Wednesday,
- Nationwide says underlying annual profits up 30 per cent, helped by lower bad debt charges — statement.
- Glencore shares fall 3 per cent on Hong Kong debut — report.
The curious case of the JJB cash call [updated and explained]
If Wednesday’s cash call from Commerzbank is mind-numbingly complex, then the latest fund raise from JJB Sports, the struggling sports retailer, is downright odd.
First, let’s consider the fees.
JJB is raising £65m of which £5m will be paid out in fees,
Snap news
Breaking pre-market news on Wednesday,
- Commerzbank to raise €11bn via mandatory convertible notes and rights issue – report (statement cannot be accessed from the UK).
- Intesa Sanpaolo announces €5bn capital increase — statement.
Snap news
Breaking pre-market news on Wednesday,
- BBVA announces 9 per cent rise in full year profits, says bad debts stable — statement.
- Roche forecasts low single digit sales growth in 2011 — statement.
Snap news
Breaking pre-market news on Thursday,
- JJB Sports says sales remain extremely challenging and below expectations, likely will breach Bank of Scotland covenants by January 2011 – statement.
- Desire Petroleum finds oil! — statement.
Let the games begin…
You can imagine the look of glee on Mike Ashley’s chubby face (he’s the one on the right by the way).
Shareholders at Blacks Leisure had been preparing to vote on the retailer’s £22m fund raising on Wednesday morning.
Call off the search, Sports Direct edition
It’s over.
After a two and half year search, the UK’s biggest sports retailer has finally found someone brave enough to take on the job of chairman.
From RNS on Tuesday.
Sports Direct International plc today announces the appointment of Dr Keith Hellawell QPM as non-executive Chairman of the Board with immediate effect.
Snap news
Breaking pre-market news on Monday,
- JJB Sports confirms it’s finalising equity issue to raise £100m — statement.
- Bishop drops out of race for ITV chair — FT.
- Corporate: Carillion, Xstrata,
Weekend catch-up
In case you missed these stories,
- Citi to sell Phibro unit to Occidental
Citigroup said on Friday it has sold its controversial commodity unit Phibro to Occidental Petroleum, for a cut price amid US government pressure over the compensation of star trader Andrew Hall.
UK’s JJB Sports in £100m offering
JJB Sports, which narrowly avoided administration in April, will on Friday announce a share placing and open offer which will raise close to £100m, more than the sporting goods retailer’s total market cap of £86.5m.
Welcome to the world of sporting retail…
… in the UK.
If maverick businessman Mike Ashley – he’s the one the right – needed something to take his mind off the Newcastle United sale process, he’s certainly got it.
From the London stock exchange’s Regulatory News Service (RNS).
Through the keyhole with FT Alphaville
Yep, we have come over all Lloyd Grossman.
The game is to guess whose pad this might be:
A premiership footballer perhaps? A soap star? An ageing light entertainer? Or what about the boss of a struggling sportswear retailer?
That’s right,
The Bank of Mike Ashley
After days of press comment, JJB Sports has finally broken its silence on the extraordinary loan its executive chairman, Sir David Jones CBE, took from the owner of its biggest rival, Sports Direct’s Mike Ashley.
Snap news
Breaking pre-market news on Tuesday,
- Treasury to delay overhaul of bank regulation — Telegraph.
- JJB Sports says Mike Ashley’s loan to Sir David Jones “does not give rise to any conflict of interest”
Snap news
Breaking pre-market news on Monday,
- Cattles says it will not make coupon payment on £400m 7.125 per cent bonds due 2017 — statement.
- Carpathian announces debt restructuring in relation to facilities with Anglo Irish Bank — statement.
Snap news
Breaking pre-market news on Thursday,
- Panmure Gordon announces £23m (34p) share placing with Qinvest, which will own 44% of company – statement.
- Investec cuts dividend, sees earnings fall, but says balance sheet strong – statement.
JJB agrees unusual restructuring
JJB Sports has become the first listed UK company to be saved from administration by agreeing a debt restructuring with creditors using a rarely successful insolvency process. Creditors of JJB Sports overwhelmingly supported the revised payment scheme that uses a company voluntary arrangement,
Snap news
Breaking pre-market news on Tuesday,
- JJB Sports confirms offers for fitness business – statement
- Accounting treatment buoys Brit insurance results -statement
- Corporate results: Cable & Wireless,
Snap news
Breaking pre-market news in London on Wednesday:
- RBS confirms disposal of 4.26% (£1.6bn) stake in Bank of China – reduction of £4bn in RWAS – statement
- UK Govt releases details of £20bn Enterprise
Founder could bail out UK’s JJB
Dave Whelan, owner of Wigan Athletic Football Club, is in talks to buy part of JJB Sports for about £100m – a deal in which he would bail out the retailer he founded in 1977. JJB is negotiating to sell its chain of 50 health clubs to Mr Whelan,
Retailers feel the credit squeeze
Retailers are being hit by a double credit whammy – the withdrawal or reduction of their lines of credit with major suppliers, and the loss of credit insurance.
Circuit City cited a lack of credit availability as one of the factors which contributed to its Chapter 11 filing,
Snap news
The latest on Monday,
- JJB Sports announces £3.4m cash call – statement
- William Hill plans to refinance £1bn debt facility – statement
- Corporate results: Amlin; Omega insurance; UBC media,
Snap news
The latest on Tuesday,
- JJB Sports to sell “one or more non-core assets and businesses” – statement.
- Futures see FTSE up 6.6 %; Eurostoxx up 7.2%; DAX up 5.6%; CAC-40 up 6.5%.
Mike Ashley — direct
Just in time for the extraordinary meeting and interim results of UK sports retailer Sports Direct on Wednesday, Mike Ashley’s old friend Chris Ronnie at JJB Sports has bought the Original Shoe Company chain for £5m from the controversial Sports Direct chief,
UK retailers hard hit by poor summer
UK interest rate rises and the wet summer took their toll on a trio of high street retailers on Tuesday as JJB Sports issued a profit warning, French Connection said sales were falling and Next predicted that consumers would tighten their belts further.
JJB Sports defends founder Whelan
JJB Sports has defended Dave Whelan, its founder and a JJB executive director, who on Friday said he had sold his 29 per cent stake in the group after telling investors in January he would not sell any shares for 12 months.
Permira reportedly to go Dutch for JJB Sports
Yet more takeover speculation around JJB Sports. London freesheet City AM reports that Permira has appointed Whitehead Mann to find a new boss for the sports clothing chain as it prepares to mount a £500m bid for the retailer and that the buyout group is planning to run the business in partnership with another European sporting group.
Markets live transcript 9 Jan 2007
Markets live chat transcript for the chat ending at 11:43 on 9 Jan 2007. Participants in this chat were: Paul Murphy (PM) Neil Hume (NH)
PM: Welcome to Markets Live, Alphaville’s daily discussion of what’s moving and why.