Bill Gates raises stake in JJB Sports
Shares in JJB Sports today jumped by 14 per cent in early trading after it emerged that Bill Gates, the Microsoft founder and billionaire philanthropist, had bought 800,000 shares in the troubled retailer to take his stake to over 3 per cent.
Mr Gates bought the shares two days ago and now owns a 3.14 per cent stake in JJB. The shares were purchased in his own name and via the Bill & Melinda Gates Foundation Trust. This morning the shares rose 4p to 29p after last week falling as low as 18.75p
JJB shares have been under pressure amid worries about whether shareholders would support a £50 million rights issue after controversy arose over a £1.5 million loan made to executive chairman, Sir David Jones, by Mike Ashley, a shareholder in JJB and owner of rival, Sports Direct. Sir David repaid the loan last week and the board of JJB are publicly backing the executive chairman.
There is speculation that Mr Gates may buy more and, given the imminent rights issue, is likely to participate.
It is not the first investment the US software billionaire has made in UK retail stocks. Last year, he spent £15 million for a 3 per cent stake in Carpetright through Cascade Investment, later increasing his holding to 5 per cent.
It is likely Mr Gates was introduced to both JJB Sports and Carpetright by David Herro, the fund manager of Harris Associates, Chicago-based activist investor, which itself has an 8.6 per cent stake in Carpetright and 13 per cent in JJB Sports.
Source : timesonline.co.uk Thursday 16th July 2009
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