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JD Sports to dispose Canterbury, to buy OneTrueSaxon‎
24
Aug '12
JD Sports Fashion Plc, the leading retailer and distributor of branded sportswear, fashionwear and outdoor clothing and equipment, is pleased to announce that it has reached an agreement to dispose of Canterbury, owner of one of the largest global rugby brands, to Pentland for a total payment of approximately £22.7 million and to acquire the ONETrueSaxon Brand from Pentland for £50,000.  

The Transactions are classified under the Listing Rules as "related party transactions" as Pentland holds 57.47 per cent. of the issued share capital of the Company. Consequently, the Transactions are subject to, and conditional upon, the approval of the Company's shareholders. A General Meeting of the Company will be held at 2.00 p.m. on Thursday 13 September 2012 at Hollinsbrook Way, Pilsworth, Bury, Lancashire, BL9 8RR at which the approval of the Company's shareholders will be sought for the Transactions. 

Peter Cowgill, Executive Chairman of JD said:
"Having reviewed the options for Canterbury, we are pleased to have agreed its sale to Pentland on terms which are attractive for JD and provide Pentland with the opportunity to further build and develop the Canterbury brand. Acquiring the ONETrueSaxon brand will allow us to leverage our in-house expertise and offer new products through our core retail fascias."
 
The Company has reached agreement with Pentland to dispose of Canterbury. An aggregate cash payment of £22,698,521 will be paid by Pentland to the Company, comprising £1 for the entire issued share capital of Canterbury and £22,698,520 for the Canterbury Debt. The proceeds will support additional investment in the Group's core retail business and working capital. The Company has also reached agreement to acquire the ONETrueSaxon Brand from Pentland for a consideration of £50,000.
 
 Canterbury was initially established in the New Zealand province of Canterbury in 1904 to manufacture and supply rugby jerseys. Backed by over a century of rigorous on-field testing, Canterbury is one of the world's largest rugby brands, distributing both technical and lifestyle products. It is the current kit partner of the international rugby union teams of South Africa and Scotland and of many leading clubs worldwide, including Leinster who recently won the Heineken Cup for a second consecutive year. Canterbury recently secured a long-term partnership to become the official kit partner to the Rugby Football Union. 
 
 

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