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.
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.
ReplyDeleteJJB 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.