Bernstein: I need to see a plan for JJB

first_img RICHARD Bernstein, a director of JJB Sports’ second biggest shareholder, needs to be convinced that the firm has a viable recovery plan before he will stump up for his share of a planned £100m rescue rights issue, he told City A.M. yesterday. “We’re looking to put in money if we were asked, provided there’s a credible plan,” he said. Bernstein’s Crystal Amber Asset Management, which owns 15.8 per cent of JJB Group, has also demanded a seat on the board of the troubled sports retailer in order to steer it towards recovery.Others said to be considering their options over the rights issue include JJB’s biggest investor Harris Associates, which owns 20 per cent of the stock, and the Bill and Melinda Gates Foundation, which owns five per cent. JJB released a statement on Friday announcing that it is likely to breach its £25m financial covenant with the Bank of Scotland at its next test in January.Its most recent financial statement puts net debt at £16.6m and while sales are up 13 per cent on last year the increase has been by less than anticipated, in part due to the bad weather.The group has also had to contend with investigations by the Financial Services Authority and the Serious Fraud Office, contributing to a halving of its share price since early November. Share Show Comments ▼ KCS-content Bernstein: I need to see a plan for JJB whatsapp whatsappcenter_img Sunday 5 December 2010 10:51 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical GeniusMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald Read This NextFresh Fruit Sushi: Recipes Worth CookingFamily ProofCreamy Pumpkin Soup: Delicious Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily Proof’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofA Once in 17 Years Cicada Event in Princeton, New JerseyFamily Proof Tags: NULLlast_img read more