Hibu Plc - Reclaim shareholding back from the lenders and BOD

RobBay_2

HIBU Shares deemed worthless, and company will delist from LSE

The company HIBU (Formerly Yell and Yellow Pages) have currently suspended there Ordinary shares from the Stock Market, and have stated that due to financial debt issues, they are giving the full equity of the company to the company lenders, and de-listing the company from the Stock Market. Anyone holding Ordinary Shares in the company will have no value for there shares, and receive nothing, even though the company has turnover in access of £1,250,000,000 pa, and had more than enough funds to cater for any debt repayments. The current company lending facilities are in place until April 2014. But the company voluntarily withheld loan repayments, thus causing a default in payments. There was no need for this to happen.

As shareholders in this company, we believe the Board of Directors did have other options available to them which would mean the company continue as a going concern, and leave shareholders with the possibility of a turnaround to regain any lost profit from there investment.

A shareholder action group has been formed to appose and challenge the company to either re-instate the Ordinary shares to trade there way out of the current situation, and to continue repaying the debt

Or

If they wish to continue as a going concern and delist, they should payoff existing shareholders in a formal manner.
Court action would be the next step forward

If you are a current shareholder in HIBU, please join the HIBU Shareholders Group.
Currently 400+ members strong and over 750 million shares registered.

Barry Dearing who led the Cattles shareholder group which resulted in a payout 27 times greater than initially offered is now leading this group and you have to be in the group to have any chance of receiving a payout if we go down the creditor route.

Please send proof of holdings and photo ID to [EMAIL="hibushareholders@gmail.com"]hibushareholders@gmail.com[/EMAIL] (note plural) you will then have access to our private forum which details our plans and actions to date as well as future actions.

TheDOK

If this is true, then all steps must be taken to prevent this market abuse from working, otherwise the whole credibility of the stock market will be lost and small shareholders will be at risk of losing their savings to the greed of the markets.

Have you considered contacting the FCA’s Market Abuse team? Also, letters to your MP and Vince Cable may be an idea.

Good luck.

RobBay_2

Thanks TheDok, yes all relevant bodies have been approached by the group, including the FCA, BIS, Vince Cable, and many other MP's have been lobbied.
I completely agree, if society allows this to happen, then companies will be able to quite literally take the company from shareholders that have heavily invested, and trusted the companies judgement.
Please raise the profile of this cause in any way you can.