JJB presses ahead with rights issue

Struggling sportswear firm JJB Sports was back on track with its £100m (€107m) rights issue today after shrugging off a smear campaign apparently aimed at derailing the fundraising plans.

The retailer was set to push ahead with the rights issue before the weekend, but plans were put on hold to investigate false claims of illicit payments made to executive chairman David Jones.

JJB, whose shares rose almost 7%, is now expected to push ahead with the cash call on shareholders early this week.