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Blacks Leisure to raise £19.7m

Blacks Leisure proposes to raise £19.7m, net of expenses, through a placing and open offer and a firm placing.

CITY & CORPORATE

Blacks Leisure to raise £19.7m

Blacks Leisure proposes to raise £19.7m, net of expenses, through a placing and open offer and a firm placing.


A previous attempt to raise £20m by Blacks in February was blocked when Sports Direct said it would vote against it.The proceeds will be used to accelerate the implementation of its turnaround plan by providing additional funding to allow the opening of new outdoor stores and accelerate the refurbishment of existing stores and to cancel the group's seasonal peak working capital facility of £7.5m.

Separately, Blacks posted a loss before tax of £46.9m in the year to February, after exceptional costs of £30.1m, including impairment charges of £7.1m, net CVA related charges of £19.0m and exceptional finance costs of £3.0m.

"The business finished the year strongly with like-for-like sales up 5.4%. Strong second-half like-for-like sales growth from the ongoing estate of 9.5%," Blacks said.

"Like-for-like sales from the ongoing estate in the first six weeks of the new financial year are in line with the strong comparatives of 2009," chairman David Bernstein added.

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