JD Sports recommends 5 for 1 share split

JD Sports Fashion said on Tuesday that it was recommending a 5 for 1 share split.

The retailer said its share price has risen to a point where it is appropriate to recommend a sub-division of existing ordinary shares of 0.25p each into five new ordinary shares of 0.05p each.

The move will result in shareholders holding five new ordinary shares for each existing one they held immediately prior.

"The board believes that the proposed sub-division would reduce the company's share price to a level where smaller sized dealings in the shares would be more efficient and may improve the liquidity and marketability of the company's shares," it said.

At 1520 BST, the shares were up 3.7% at 1,072.50p.