JJB Sports chief executive Keith Jones has bought his first shares in the sportswear retailer following the conclusion of its company voluntary arrangement (CVA).
JJB said all claims have been dealt with and the supervisors of the CVA have served notices terminating the arrangements with effect from 16 June 2010. JJB entered into a CVA with creditors and shareholders in May 2009 to avoid collapse.
Jones has invested just over £90,000 by buying 710,000 shares at 12.69p each. His stake is equal to 0.11% of the JJB share capital.
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Non-executive director David Adams bought an initial 100,000 shares at the same share price.
The news came on the day that it was announced that chairman John Clare had agreed to take his salary for the next two years in the form of shares. His fee is £150,000 a year.
JJB has awarded 1,714,285 shares to Clare in lieu of his salary. They were issued at 17.5p each, which was the closing price on 27 May 2010 when Clare became chairman. He will receive the shares on 27 May 2012.
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