Monday April 27, 10:13 AM
STOCKS NEWS UK SMALL-JJB up ahead of key creditor meeting
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08:56GMT 27Apr2009-JJB (LSE: JJB.L - news) up ahead of key creditor meeting
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Shares in JJB Sports rise as much as 21 percent on talk that the troubled sportswear retailer will secure creditor backing for a new rent agreement with its landlords.
At a meeting later on Monday, JJB needs three quarters of its creditors to back a company voluntary agreement (CVA) that will help secure its future by cancelling leases on 140 of its closed stores and moving to monthly rent for a year on shops still operating.
'Recent share price moves would suggest growing confidence in the market that JJB will gain the 75 percent support it needs,' says Altium analyst David Stoddart. 'The proposal for the trading units is far from unreasonable in current circumstances ... signs seem to point in the direction of a successful outcome for JJB.'
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