In all its glory…. Keith Jones & Mike MCTighe have a lot to answer for.
Suspension of trading in the ordinary shares and proposed appointment of administrators
On 30 August 2012, JJB announced a formal sale process and that it wished to invite offers to support further investment in the Company.
Since that date, JJB and its advisers have held discussions with a number of selected parties who have now submitted their final offers. Based on the final offers received and as previously foreshadowed in the announcements on 30 August 2012 and 13 September 2012, no value will be attributable to the Company’s ordinary shares.
The offers received include offers to acquire certain of or substantially all of the trade, assets and brands of the Group. However, the Board notes that it does not have and does not now expect to receive an offer for the shares of JJB. Accordingly, the Takeover Panel has confirmed that the Company is now out of an offer period.
The Board has determined that any sale of the trade, assets and brands will be effected through an administration process. Therefore it is expected that the process to commence the appointment of administrators of the Company and certain of its subsidiaries will begin today although the actual appointments are only likely to take effect just before the completion of any such sale. The Group will therefore continue to trade through all retail outlets outside of an administration pending completion of a sale process. It is proposed that Brian Green, David Costley-Wood and Richard Fleming, partners of KPMG LLP, will be appointed as the administrators of the Company and certain of its subsidiaries.
The Company’s ordinary shares have been suspended from trading on the London Stock Exchange’s AIM market with immediate effect.
The Company currently hopes to be in a position to announce a sale of the trade, assets and brands of the Group within the next few days.
A further announcement will be made in due course.