Ashurst and Herbies advise on JJB rights issue
Ashurst and Herbert Smith have secured the top advisory roles in the proposed £100m rights issue by retail chain JJB Sports.
JJB called on regular adviser Herbert Smith for the share placing and open offer, which is subject to a shareholder vote on 29 October.
The Herbert Smith team was led by corporate partner Will Pearce, supported by US securities partner Alex Bafi and corporate partner Gareth Roberts.
Ashurst acted for the underwriters Numis and Panmure Gordon, as well as Lazard, the financial adviser.
Corporate partner Nicholas Holmes was supported by US corporate partner Eric Stuart.
JJB also secured an extension on a loan from Bank of Scotland, on the condition that the rights issue raises at least £25m.
Herbert Smith finance partner Ewen Fergusson advised on the negotiations with the bank, which was represented by Lovells finance partner Matthew Cottis.
The share issue had initially been delayed because of an internal investigation into payments made to JJB executive chairman Sir David Jones.
Herbert Smith was also instructed by JJB in March for a debt restructuring deal with creditors and for new lease agreements with the landlords of the company’s stores (26 March 2009).
Halliwells corporate partner Frank Shepherd advised the company on the sale of 55 fitness clubs for £83m.
