Shareholders approve JJB fundraising

SHAREHOLDERS of the sportwear retailer JJB Sports gave its £100m fundraising the green light at a meeting yesterday.

The Wigan-based chain has already seen an enthusiastic response to the offer with investors subscribing to 90% of the shares available in an open offer.

Earlier this month the Wigan-based group unveiled plans to raise £100m through a firm placing of 199.3 million shares and an open offer of 200.6 million shares.

The new shares will be admitted to the stock exchange on Tuesday. JJB plans to use the £100m to spearhead a revival by revamping stores, buying new outlets and redesigning its website.