Statement re Blacks Leisure Group PLC (2756V)
January 10 2012 - 2:00AM
UK Regulatory
TIDMSPD TIDMBSLA
RNS Number : 2756V
Sports Direct International Plc
10 January 2012
10 January 2012
Sports Direct International plc
Statement re: Blacks Leisure Group plc ("Blacks")
Sports Direct notes the announcement yesterday from Blacks
Leisure Group plc in relation to the appointment of administrators
and sale of the business. This is disappointing in particular given
the dismissal of Sports Direct's Offer for the business at 62p a
share back in 2010. Our Offer was turned down by a previous Board
of the Company as being "wholly inadequate". The total share value
written off amounts to GBP52.6 million (GBP45.4 million for
previous financial years and GBP7.2 million in the current year).
However despite this it is important to note that this will have no
impact on our previous guidance for the business achieving our
underlying EBITDA Bonus Share Scheme target. Even before
yesterday's announcement by Blacks, it had become clear that there
was no value left in the Blacks shares that we held.
During the asset sale process run by KPMG Sports Direct has
looked closely at the Blacks business, always in the best interests
of our shareholders. However, given supplier relationship issues
that remain, such as The North Face who were not prepared to
respond to our approaches, we could not justify a higher price for
the Blacks business.
Going forward we would urge the OFT to look closely at both the
Outdoor and Sports retail markets to ensure they operate in the
best interests of the consumer.
For further information, please contact:
Sports Direct International T. 0845 129 9229
plc
Dave Forsey, Chief Executive
Bob Mellors, Group Finance
Director
FTI Consulting T. 0207 831 3113
Jonathon Brill
Caroline Stewart
Alex Beagley
This information is provided by RNS
The company news service from the London Stock Exchange
END
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