Sports Direct International Plc Statement regarding Debenhams plc (7131T)
March 22 2019 - 5:27AM
UK Regulatory
TIDMSPD TIDMDEB
RNS Number : 7131T
Sports Direct International Plc
22 March 2019
Date: 22 March 2019
SPORTS DIRECT INTERNATIONAL PLC
("Sports Direct" or the "Company")
STATEMENT REGARDING FURTHER OFFER OF SUPPORT
TO DEBENHAMS PLC
Sports Direct notes the continued media speculation in relation
to Debenhams plc ("Debenhams") and its refinancing and
restructuring.
Sports Direct wishes to confirm that in order to assist
Debenhams with its short term liquidity requirements, Sports Direct
has offered to acquire (subject to necessary consents and
approvals) Magasin Du Nord, Debenhams' Danish business. Magasin Du
Nord had been put up for sale by Debenhams last year, and Sports
Direct offered to purchase the business for GBP100m cash
consideration (or, if Debenhams believes the business is worth
more, has invited Debenhams to provide further details of its
valuation). Under Sports Direct's proposal, Debenhams would have a
12 month option to buy back Magasin Du Nord at the price at which
it was sold to Sports Direct. Debenhams would also have the right
to continue to market the business, gaining the benefit from any
uplift above the initial sale consideration were it sold to a third
party in that 12 month period.
In connection with the above, it is proposed that Mr Mike Ashley
would become a director and the CEO of Debenhams to assist
Debenhams through its restructuring process. Sport Direct believes
its proposal would provide additional management and first class
leadership to Debenhams through this challenging period of
restructuring, together with additional funding.
-Ends-
Sports Direct International
plc T. 0344 245 9200
Cameron Olsen, Company Secretary E. investor.relations@sportsdirect.com
LEI: 213800JEGHHEAXIJDX34
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END
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March 22, 2019 05:27 ET (09:27 GMT)
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