Shares in JJB Sports were flat on the FTSE All Share in morning trading after the sports retailer gave more details of a planned equity capital raising.
Following press speculation over the weekend JJB Sports said that the value of its equity capital raising would be around £65 million. The company added that it is in "constructive discussions" with its major shareholders to ensure their continued support.
Last Friday rival sports retailer JD Sports said it would not be pursuing a takeover of JJB due to the latter's failure to provide sufficient information for the former to proceed with an offer. JJB hit back saying that JD's offer was "highly conditional and lacking sufficient certainty to be deliverable".
The collapse of takeover talks led to a decline in JJB's share price of 10 per cent.
Today however JJB shares were flat on the FTSE All Share at 13.50 pence per share.
More details of the capital raising and of JJB's business recovery plan are expected to be released tomorrow.