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Activist fund rebuilds stake in UK's JJB Sports

Source: Reuters - Thu 5th Nov 2009

Activist investor Crystal Amber has rebuilt much of its stake in British retailer JJB Sports after making a big profit on selling much of its previous holding last month.

JJB said in a regulatory filing on Thursday that Crystal Amber had bought around 60 million shares on Nov. 3, when the stock was trading around 28-30 pence, taking its total holding to 74.5 million shares, or 11.4 percent of the total equity.

Crystal Amber sold 22 million shares last month at 32.6 pence apiece, making a 45 percent profit on stock it had bought between April and June.

Around that time, it also committed to buy 28.5 million shares in a placing and open offer of 400 million JJB shares at 25 pence each.

JJB, which narrowly avoided administration earlier this year, said it needed the 100-million-pound fundraising to cut debt, reduce reliance on the availability of supplier credit,rebuild stocks and revamp and open stores.

At 0940 GMT JJB shares were down 1.6 percent at 30 pence.

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