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Glovers & Yorkshireman. If you genuinely hold shares then I urge you to make contact with Chris. Why would you not want to pursue all avenues available to recoup your investment?. Sadly it's down to the apathy of investors like you that got us where we are today. I hope for your sake we are able to get our people onto the board at the EGM although i doubt you will even bother to vote for the groups resolutions.
I'm with u mate -- but i don't hold out hope of getting my money back -- hope my other shares can cover the loss on this one -- quite a few k -- but thats life - and who knows --- maybe will get good return on our shares :D fingers crossed
We are all in HIBU together whether you are a member of the group or not. If the action group come out with some money then we all should as we are all shareholders. But don't hold your breath because I don't believe in fairies at the bottom of my garden. Saying that I would like to wish the group the best of luck. But if you win so do the non-members of the group. My money invested is as good as yours.
Don't be put off by others. Barry is leading our fight and we are making very good progress. http://leeds.yorkshirelawyer.co.uk/2012/05/cattles-shareholders-land-settlement-in-16m-compensation-claim/
http://www.lse.co.uk/AllNews.asp?code=mg0aoxc4&headline=Hibu_Earnings_Decline_While_Capital_Structure_Talks_Continue All going swimmingly
Strange no one wants to discuss the financial figures issued today!
Company will settle with the action group only -- dream on --- no settlement likely -- if any settlement - would be to all shareholders -- but shareholders don't hold ur breath --- its a lost cause -- wish it wasn't but -- what will be will be :D
So much progress has been made to date, the EGM is the first deliverable and next week the group will hold discussions with a senior cabinet minister as our case for remediation builds. Being a shareholder may not be enough if the company decides to settle with the action group only so please make sure you join before the door shuts on Friday.
Please note that we will only be accepting new applications to join HSG until FRIDAY 29th NOVEMBER 2013. Applications will not be accepted after this date. If you wish to join please send confirmation of your holdings and photo ID to hibushareholders@gmail.com (note plural)
Private investors owning more than 5% of the equity of Hibu (HIBU) have ganged together to force an EGM to oust the board and replace it with their own candidates. My head says this is folly but my heart is with them on principle, given the actions of uber-expensive City lawyers Herbert Smith. Hibu is undertaking a debt for equity restructuring which will see private investors more or less wiped out – I warned punters this would happen more than a year ago and got stacks of BB abuse at the time as you can see HERE As far as I can see the company has breached its banking covenants and thus the banks now call the shots. I see no other way out. However the rebels in the Hibu shareholders action group (www.hibu-shareholders-group.com ) think otherwise. They suggest that the proposed restructuring (which will see virtually all of senior management keep their jobs) is NOT the best way out for equity holders and have thus tabled an EGM calling for new directors to pursue a new strategy. But they are also asking questions of existing directors specifically asking the chairman who is both an equity and a debt holder to explain how he has avoided any conflict of interest during the restructuring discussions? That is a fair enough question. Were I at the EGM I would also asked the board to comment on a rumour that it turned down a $1.9 billion bid for its US assets last year which would have eradicated sufficient debt to preserve equity value. Is this rumour true and if so what on earth was the board thinking of in rejecting it? There are other questions the rebels will propose and I gather that they have asked the FCA to look into a number of matters. No doubt there is nothing awry here. There never is. Notwithstanding all of this, my head tells me that at this stage while forcing answers from the board might give emotional satisfaction, the shares are fundamentally worthless and thus the rebels are wasting their time. But my heart is with them if only because of the actions of uber expensive City lawyers Herbert Smith
maybe that is because your name, email and photo ID don't match up. You have been advised.
nope sent email anda screen shot of holding to the mentioned email and not even an email back. even tried the email of the person who i was talking to when it first was mention again nothing
I'm fairly certain the delivery drivers aren't aware who holds shares before they drop the book through your door.
What take the **** when you lose £17,000 plus on a share that gos tit up and get home to find new yellow pages on mat inside the door.
Additional comment re extract 3 /-- I think it would be very easy to change the basis of the restructuring to recognise shareholders interests, but not without knowledge of a "settlement price / value" that would be acceptable to action group members and other shareholders. ... 1-3p plausible intrinsic value would do for me!
Extract 1/-- “the directors will convene a meeting of shareholders” … The action group has achieved this. *** Extract 2/-- “the directors had argued strongly that lenders should agree to a payment to shareholders” … Did they explore settlement in equity? *** Extract 3/-- “Given the Group's debt structure and the rights of its lenders and the value of the Group, it is difficult to see how the proposed resolutions can or could be responsibly allowed to change the basis of the restructuring” --- None of the EGM proposals currently on the action group website appear to be designed to change the basis of the restructuring; do some additional proposals need drafting?
For further information see: www.hibu-shareholders-group.com Or e-mail hibushareholders@gmail.com
HIBU SHAREHOLDERS GROUP PRESS RELEASE 24/10/13 for Immediate Release HERBERT SMITH FREEHILLS THREATEN HSG BOARD CANDIDATES Herbert Smith Freehills, “magic circle” solicitors, acting for hibu plc and its present board of directors have written a 9 page letter to the 10 candidates for office as director of hibu plc supported by over 5% of the voting shares telling them, inter alia, that they should “not underestimate the adverse reaction which you will face” if there is not a “successful restructuring” of the insolvent hibu group. They also complain that one of the candidates, a solicitor acting for a group of shareholders, cannot continue to give them independent legal advice nor can his firm do so either. The insolvent hibu group will take “all legal and regulatory action necessary” say Herbert Smith Freehills. Barry Dearing, the solicitor concerned, said “I find this letter to be most disturbing. I am not accustomed to threats from solicitors of the nature of that given by Herbert Smith Freehills particularly when they did not say who had instructed them to write the letter.” They have now clarified that it was hibu plc but have not specified who the creditors concerned are nor the nature of the adverse reaction. Mr Dearing said “I do not know who the creditors are. Some say they are Vulture Funds so I have no idea whether I am to expect a knock on the door from some American Mafioso or an East End gang.” The letter spells out in great detail the risks which accompany being a director of an insolvent company and the necessity of there not being any conflict of interest. Mr Dearing said: “This is no surprise to me but it does call into question the part played by Chairman Wigley who is both a shareholder and holder of hibu debt as far as public announcements go. The first business for the EGM is asking for an explanation of his holding of shares and debt and why the 2012 Annual Report is in conflict with previous announcements”. Shareholders have previously asked themselves which hat Chairman Wigley has been wearing in negotiations with creditors: his shareholders hat, his director’s hat or his creditor’s hat? A spokesman for Hibu Shareholders Grouping Limited, which has coordinated the successful requests for a General Meeting, said: “This letter makes me think that they are running scared and are afraid that shareholders might actually have a say in events when the directors and creditors want to keep them out of it. I hope that other shareholders learn about the EGM and vote for shareholder information.” ABOUT HIBU SHAREHOLDERS GROUPING LTD: a formation of shareholders in hibu plc mainly private investors who have requested that a general meeting of hibu plc be called by the directors to address shareholders concerns. For further information see: www.hibu-shareholders-group.com Or e-mail hib
By "The Group" I mean us, by the way - not them!
Following up on sirocco's post with a serious one from me for the first time in a while, I suggest that shareholders who've yet to join the hSG take a moment to contemplate the significance of such a former FTSE 100 organisation being forced into holding an EGM against its will by private investors, be alert in the meantime to publicly reported points of contention raised by The Group, and consider what you may stand to gain (I'll be positive!) through membership.
This could be the last opportunity for shareholders to join hibu Shareholders Group. If you have not yet done so please send confirmation of your shareholding together with photo id to hibushareholders@gmail.com But don't wait too long or you may miss out.
Considering 700 other people have applied and successfully managed to join up with the group I would assume that the reason that you have not been accepted to join the group would be due to an error on your part.
applied twice now and been ignored on both occasions so not trying for a third
Barclays has called an EGM. This action has, in one fell swoop, provided the required percentage of shareholders to legally require an EGM, and that one will thus be taking place in the not too distant future, end November/early December. If you have doubted the power of HSG, here is a perfect concrete example of what has been achieved to date, so jump on board the good ship HSG, before it is too late. Contact hibushareholders@gmail.com (note PLURAL) and ask to join. You will need to provide evidence of shareholdings.