(HIBU) Hibu

If there has been no material change to trading situation...then why not release the results .. .

What's the reason to hold this back?

Lets assume a continuation of the slow yet stepped shift from print to digital....Share price will rise just at a time they are wanting to conclude negotiations on a possible debt for equity restructure.. In this scenario the lower the market cap tat the time of the deal the more value they can transfer to lenders...or with a share consolidation the larger % of the business they can offer.

Or, lets assume a hedge fund wants to step in and buy the debt from the lenders for an agreed sum, and then they negotiate an equity stake . The same logic applies..

However one looks at this, debt restructuring is best served and indeed affordable in a low share price scenario..

If we get wiped out completely ... That would suck! And I do not want to let anyone get away with that without a fight.

If admin what will the lenders get back ?

I don't know why you say that the lenders must be concerned if this goes into admin.

They won't be wiped out - they are at the top of the tree in an admin scenario. The common shareholders are the ones that will be wiped out in the event of this situation.

Try and post factually correct info mate, regardless of how great your losses are.

I cannot see the accountants and auditors allowing the results to be released as a going concern.
After financial restructuring they will be considered as a going concern.
The lenders must be concerned that the management could put HIBU into administration which would mean lenders would be wiped out, so at some stage the haggling has to stop to reach agreement.
I am relying on you guys to advise us the course of action they will take. If they ditch the lenders
the need for share holder approval is not required and we could be wiped out.
They have not stated that they are using the companies 2006 and if they are there is not much they can tell us as silence is expected.
If this is being restructured by cocom trying to achieve agreement with the lenders could drag on and out of BOD control.
Pre pack administration is also a possibility leaving all the lenders they want and dumping all the rest of the lenders and share holders,
We need to be holding our shares with confidence and welcome comments on these areas.

http://translate.reference.com/

is that there has been no material change in the trading situation, (good news if you thought there may have been a deterioration, bad if you were hoping for an upturn); and we now know that latest results will accompany the announcement regarding the financial restructure, when it is deemed appropriate.
it would seem that this is a necessary and appropriate move to inform markets, probably at least partially in the light of calls to this effect on forums like this.
xx

I found this paragraph of the RNS quite interesting:

"The Group is currently in default under the 2009 Facilities Agreement. The 2009 Lenders' facility agent may, and must if directed by two-thirds of 2009 Lenders, demand immediate repayment of all amounts due. The default can only be waived by the unanimous approval of all 2009 Lenders. As this is not considered likely in the current circumstances, a waiver request for this default is not being made. Notwithstanding this, the Group remains in active and constructive dialogue with the CoCom."

This is quite a legalistic paragraph, and basically says as hibu is in default under the 2009 Facility a default can only be waived by all all 2009 holders, which is considered unlikely. It then goes on to suggest hibu will limp on and that dialogue continues. What it omits to say is that hibu actively chose to default under the 2009 Facility. To me this sounds like scaremongering, it provides all the legal warnings but none of the true background and context.

Group confirms that the announcement of the chosen option will likely state that there is little or no value attributed to the Group's ordinary shares.

One thing I have suspected for a good few years, Hibu is looking at these board s(as public companies do). I'd even go as far as saying that employees even post on here. Be careful what you say.

Todays RNS is a result of our recent uprising of the little guys, but together we've got quite an impressive shareholding among us. We wanted out of common decency on hibu's part an answer from the directors we employ, advising us regarding the debt restructure.

The company strategically released the RNS after hours, possibly to keep the impact to a minimum thus preventing a buying opportunity to current price for PI's or to prevent a sell off?

We have more information than we did thanks to ceebsy's effort to collate the info. The need for a EGM has subsided for now.

At least we are working as a collective representing the private investors interests of the company.

this is good news,could we apply fpr a grant fro, national lottery this could help us,and a government grant to keep us going after all the banks got help

The RNS states:

'There has been no material change to the operating performance of the business from the expectations previously communicated.'

This could mean revenues have stabilised. If this was the case and the results published now, IMO, the sp would rise to say 'X'. This would cause the Co. problems if, as a result of the restructure, the sp they were to offer us was lower than 'X'. As a consequence they would have to delay the results to avoid this. All of this is, of course, conjecture, however, it is a possible scenario.

Who knows?
CT

The main points of today's RNS.

1. Annual results will be announced on the same day on capital restructuring agreed with lenders.
2.The Group is currently in default under the 2009 Facilities Agreement
3.The 2009 Lenders' facility agent may, and must if directed by two-thirds of 2009 Lenders, demand immediate repayment of all amounts due.
4. The default can only be waived by the unanimous approval of all 2009 Lenders. It can not happen.

Read point 3, we have no information how close the lenders to get the 2/3 majority for the immediate repayments. Even if they get, it means Hibu have to start repaying the pending payments. I am not sure how this affects us share holders.
As the financial restructure plan is initiated by Hibu, how long it allows lenders to drag this?
Any way after 11 months, the debt gets matured and lenders can demand for administration if the same situation continues till then.

As a shareholder I would like to know how long legally they can hold the announcement of FY results?
And why Hibu linking the announcement of results with debt restructuring?
Delaying the results is a positive news for shareholders in the current scenario?

You too, and all holders!

TBH Daas,
I'd written this off ages ago and won't be selling.

If we do get something, for me, it will be a bonus.

Enjoy the holiday,
GLA
CT

Good creative thinking CT but it wasn't particularly negative, just empty! If that was their aim they'd probably have included "little or no value" I suppose.

Could be a ploy to reduce action group's holdings by inducing panic selling Tuesday!

CT

hi all ,
i have over 8 million of these , maybe i should be looking into joining the action group, but i believe all we can do is wait for news from the company ,we have all made our own choices on purchases
regards gc

Sterling work ceebsy!

Guess what I'm referring to (butterflypeter over on LSE has the answer)

Thanks T&D I have just emailed the group with suggested course of action. I will speak to you over the weekend.

and this is news that there is no news.
the reason for this, i think, is as londoncharlie suggests, to stop egm, and shareholder groups panicking and making waves,
and 2; and more importantly; to stop those who are suggesting, utter bo****ks that the reason for the witholdingf this quarter's results is to do with a deterioration in trading.
expect, or at least without this announcement we could have expected a slew of press coverage to that effect.
this announcement puts paid to it - no material change since last results!
finally suggest any panickers do in fact read annual report page 22 - 29. i am not saying it is reassuring, it is hard to stomach, but the gist of the text is that the board are very well aware of risks, have matters in hand, and are constantly scanning options re debt, and financial situation to manage that risk effectively.
there are also several references to shareholder value in there.
dyor, but i am staying in, and glad i bought more today.
wouldn't reccomend it though for anybody with a fragile constitution though. lol.

Will email u Over the weekend about this, they obviously want avoid EMG, also results must show a marked improvement in last Qtr, i will email you full thoughts Sunday evening.

I wonder whether they have got wind of the EGM proposal and released this as a result. Timing seems somewhat coincidental.

I suspect that there will be further carnage of these shares on Tuesday then.

Meant "it basically says we've got no news for you and - furthermore - we've not got news of when we're likely to have news!!"

I'm not because it basically says we've got no news for you and - furthermore - we've got news of when we're likely to have news!! An APPROPRIATE time?! Well OK, it does say nothing's changed so it's not negative in that respect. On reflection, though, I disagree with The Crowmann's take as it seems to me that if the lenders were intransigent about wiping out shareholders and completely unyielding it would have surely happened by now.

Very carefully worded RNS, can this stop need of prposed EGM as now they have communicated with the shareholders.

You wanted an RNS and you have got one.
We shall have to wait.
He did say it would be in June a very long time ago .

Sympathies to all holders - we (I hold a few) have been tossed aside.

The shorters got this right and anyone long sadly did not.

Thanks viko!!!....happy hols.gla

 
hibu plc
("hibu" or the "Group")

Announcement

Update

hibu plc would like to advise that the release of its financial information for the full year to March 2013 is now intended to be made on the same day as the announcement of the agreement on the principal terms of the capital restructuring.
 
There has been no material change to the operating performance of the business from the expectations previously communicated.
 
Capital Restructuring

Discussions with the Co-ordinating Committee of the Group's lenders are progressing and an announcement of the principal terms of a restructuring plan for the Group's debt will be made when appropriate.

Risk Statement

hibu's risks and uncertainties include strategic and operational risks faced by hibu's businesses; debt and financing risks faced in funding Group operations and the financial reporting and related risks faced in reporting hibu's results.  Readers are advised to read pages 22 to 29, page 116 and notes 1 and 16 to the financial statements included in Yell Group plc's 2012 annual report (Yell Group plc changed its name to hibu plc on 27 July 2012) for the financial year ended 31 March 2012, a copy of which is available on hibu's website at http://www.hibu.com. 

The majority of hibu's debt matures in April 2014. The Group has been in negotiations with a Co-ordinating Committee of the lenders (the "CoCom") under its facilities agreement dated 30 November 2009 (as amended) (the "2009 Facilities Agreement") to represent the interests of the 2009 lenders (the "2009 Lenders") during the process of determining an appropriate new capital structure.  The Group obtained certain waivers with, CoCom support, from the 2009 Lenders to enable, among other things, substantive discussions to take place around a balance sheet restructuring.

The Group is currently in default under the 2009 Facilities Agreement. The 2009 Lenders' facility agent may, and must if directed by two-thirds of 2009 Lenders, demand immediate repayment of all amounts due. The default can only be waived by the unanimous approval of all 2009 Lenders. As this is not considered likely in the current circumstances, a waiver request for this default is not being made. Notwithstanding this, the Group remains in active and constructive dialogue with the CoCom.

A number of capital structure options are being considered and the Group confirms that the announcement of the chosen option will likely state that there is little or no value attributed to the Group's ordinary shares.

About hibu

hibu helps communities thrive by facilitating millions of connections each year between consumers who want to find products and services locally and the merchants who provide them.

hibu helps consumers find local businesses and shop in new, innovative ways.  Its dedicated online hibu markets provide comprehensive, convenient access to local goods and services.  hibu helps merchants compete in the digital world with a broad range of marketing and commerce solutions delivered online and through hibu's direct sales teams.  Building on its heritage as a premier directories provider, hibu continues to offer a full range of print- and distribution-based marketing services.

hibu operates in the UK, US, Spain, Argentina, Chile, Peru and US Hispanic markets.  In the year ended 31 March 2012, hibu had 1.2m SME customers and total revenues of £1.6 billion.

For further information about hibu, visit hibu.com. 

Enquiries
hibu - Investors                                                    RLM Finsbury
Andrew Clatworthy                                                  Andrew Dowler or Charles Chichester
Tel:    +44 (0) 118 358 2838                                    Tel:    +44 (0) 207 251 3801

hibu - Media
Jon Salmon
Tel:    +44 (0) 118 358 2656

 

For what it's worth, I'd vote for you to oust the current incumbent!

I will make sure we start paying Dividends asap,i apologise for not keeping shareholders informed ,i am sure the shareprice will return to the 30p level in time

Dream on moocher! A dividend!!!!!! Hahaha

BELEAGUERED directory publisher Hibu has delayed its full-year results as it tries to pin down the details of a restructuring plan.

The firm, best known for printing Yellow Pages, had been expected to reveal its annual figures this week but a message on its website merely states that the results are “to be advised in due course”.

Hibu said in February that it hoped to reach an agreement with lenders on a new capital structure “in the near future”.

The group had more than £2bn in debts at the end of the year, built up in a series of acquisitions including a Spanish directories business in 2006.

Hibu has struggled to replace its dwindling print revenues with an online presence.

Shares in the group have been worth less than 0.5p since September, when the firm started talks with its six biggest lenders. They closed at 0.42p yesterday.

Debt-laden.....so there will be no dividend! Don't you think if the debt4equity swap was really in your favour that someone would have snapped up the shares!

........ and we are going to pay the moocher a big fat dividend for his patience and because he keeps on droning on about it. Plus it will enable him to tell Loonie to STFU !!!.

Kindest regards

TM

thankyou to all our shareholders for your support,we are close to sorting the debt out,digital revenues increasing,website sales going through the roof,moonfruit doing well,print revenue stablised,we have now decided that the shares have some value

A few Soothing words from our CEO would not go amiss....happy hols.Gla

I've added the extra 277k tilto. Good Luck!

165 s impressive ceebs.
now have 1.77 odd million rather than the 1.5 reported 2 weeks ago.
what a f***in roller coaster!

Never can say Goodbye.........been looking at the "Carnage" that is "AIM"....all those hope's Sliced & Diced.....and guess what the CEO's are still getting paid......you couldn't make it up.Gla