JJBSports in rights issue

JJB Sports yesterday revealed it was storming ahead with its &pound;100m&nbsp; rights issue after shareholders were satisfied that rumours surrounding the financial dealings of its chairman Sir David Jones were unfounded. <br /><br />The ailing sportswear chain, which teetered on the brink of collapse earlier this year, said that it would issue 400m new shares at the heavily discounted price of 25p through a firm placing and open offer. Panmure Gordon and Numis are acting as joint broker, bookrunner and underwriter. Lazard is acting as financial adviser. <br /><br />The rights issue allows JJB to renegotiate its lending terms with Bank of Scotland, including an extension of its &pound;25m loan to September 2012.&nbsp; <br /><br />Shareholders Crystal Amber, Harris Associates, Schroders and Tosca Fund are all said to have subscribed.<br /><br />Jones yesterday said: &ldquo;This capital raising represents a new beginning for JJB Sports.&rdquo;<br />