Activist fund rebuilds stake in UK's JJB Sports

LONDON, Nov 5 (Reuters) - Activist investor Crystal Amber (CRSL.L) has rebuilt much of its stake in British retailer JJB Sports (JJB.L) after making a big profit on selling much of its previous holding last month.

JJB said in a regulatory filing on Thursday that Crystal Amber had bought around 60 million shares on Nov. 3, when the stock was trading around 28-30 pence, taking its total holding to 74.5 million shares, or 11.4 percent of the total equity.

Crystal Amber sold 22 million shares last month at 32.6 pence apiece, making a 45 percent profit on stock it had bought between April and June.

Around that time, it also committed to buy 28.5 million shares in a placing and open offer of 400 million JJB shares at 25 pence each.

JJB, which narrowly avoided administration earlier this year, said it needed the 100-million-pound fundraising to cut debt, reduce reliance on the availability of supplier credit, rebuild stocks and revamp and open stores. [ID:nLC440903]

At 0940 GMT JJB shares were down 1.6 percent at 30 pence. (Reporting by Mark Potter)