// JD Sports to work on expansion plans after fundraising £464.2m through the placing of ordinary shares
// The placing shares represent around 6% of the existing issued capital
// JD Sports said there are a number of acquisition opportunities becoming available
JD Sports has completed a fundraise for £464.2 million through the placing of ordinary shares, which will support expansion plans and help it capitalise on acquisition opportunities.
The placing shares represent around six per cent of the existing issued capital and will raise gross proceeds of £464.2 million.
The placing price represents a discount of around 2.5 per cent, to the mid-market closing price of 815p on February 3.
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A total of 58.3 million new ordinary shares in the capital of the company have been placed
by Investec Bank and Peel Hunt at an issue price of 795 pence per share.
Applications have been made to the Financial Conduct Authority for the placing shares to be admitted to the premium listing segment of the London Stock Exchange.
It is expected that admission will take place on February 8, 2021.
JD Sports said there are a number of acquisition opportunities becoming available that will support its expansion strategy.
The sportswear giant’s profit before tax and exceptional costs has risen from £100 million in 2015, to £439 million in the financial year ended February 1, 2020.
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