JJB Sports in administration

  • Anonymous
  • unspecified
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Posted: Tue, 10/02/2009 - 19:25

I see that JJB Sports has called in the administrators today. Isn't Kaupthing sitting on a pile of JJB shares as part of its assets. Doesn't look too good?

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JJB Sports - NOT in administration

  • Ally
  • 13/10/08 31/05/09
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  • Tue, 10/02/2009 - 20:04

It is a subsidiary of JJB sports that has been put in administration, not the main Plc itself.

They were trying to sell this part of the group but obviously found no buyers and thought the best thing to do was to place it into administration.


JJB Sports

  • Anonymous
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  • Tue, 10/02/2009 - 20:25

Thanks for that clarification. So JJB sports is still going strong, or not so strong with some of the groups companies in administration.


This is part of the repo agreement with KSFUK

  • frog
  • 10/10/08 13/09/09
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  • Tue, 10/02/2009 - 22:44

The JJB shares were discussed on the call with Mike Simpson - his view is though the shares are under his control, the JJB shares are only a small part of the £155M in the repo (approximately). If the value of the shares he has seized (don't know what others he has) is less than the value of the repo, then KSFUK must make up the difference.


JJB

  • Ally
  • 13/10/08 31/05/09
  • unspecified
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  • Tue, 10/02/2009 - 20:45

Unfortunately not so strong. But it would seem the 3 main banks that back it, Barclays, HBoS and Kaupthing want it to survive.

It is trying to sell off it fitness clubs which are quite profitable. But I very much doubt the share price is going to recover to where it was 6 or 9 months ago in the very near future.