Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Quite simply a better job than the old directors. For the good of HIBU there needs to be a change in spirit, this bad spirit runs from the top, all the way to the customers. I genuinely like the new HIBU advertising campaign, but it's all wasted if the customers just associate HIBU with bad things that have been created by poor leadership of the existing directors. This will not go away till there's regime change. Look at Myspace. A few poor decisions from Rupert Murdoch and the public perception of the company changes completely. It was bigger than Facebook, but went from billions to a few million. I can see the same happening with HIBU unless there is a change of spirit in the company that starts from the top. When you think of Google you think (well used to till Microsoft started highlighting privacy issues) of good things, free flowing offices, free thinking, fun, free services, generosity etc. HIBU needs to create a similar lightness rather than the destructive atmosphere that now exists. Lenders take note this is a media industry, public perception makes or breaks you, you can't run it like a bank!
Other than asking the old BoD questions about their personal dealings, etc what will these people actually do? Please don't say "drive a better deal for the shareholders" as that's not going to happen under our legal regime. Something a bit more intelligent would be nice. Interested in what advice they have had about being directors of an insolvent company and the laws around wrongful trading as well.
Probably a bit late in the day as the resolutions are already in place for the meeting. I'm sure any new directors couldn't do a worse job that's for sure...
I am equally qualified. I worked in superdrug as a supervisor for a long time and dealt with many issues. I feel that if I get on the list that I can change hibu. I plan to go to the EGM and nominate myself.
http://www.telegraph.co.uk/finance/newsbysector/mediatechnologyandtelecoms/media/10454770/Hibu-administration-threat-sparks-anger.html Hibu shareholders fear their campaign to force the directors to account for decisions leading up to the collapse of the Yellow Pages publisher will be foiled by moves next week to call in administrators. At an Emergency General Meeting scheduled for December 4, a series of motions will call on Bob Wigley, the chairman of Hibu, and other board members to give details of their role in the business. Lenders won control of Hibu in July in a debt for equity deal that left shareholders with nothing. Hibu was £2.3bn in debt following an acquisition spree in the 2000s before the present management team or Mr Wigley were in place. About 700 private shareholders have banded together to force the EGM after Hibu said their consent was not required to turn the business over to lenders, who agreed to an £800m haircut. But it is understood that talks to take the company into administration before it re-emerges as a new company focused on the internet are well advanced and likely to be completed before the scheduled confrontation. The new Hibu will be owned by the old company’s creditors. Waqas Chaudhry, a member of the Hibu Shareholders Group steering committee, said: “We fully understand that sometimes you win and sometimes you lose but, if this company is allowed to do this, it will set a very dangerous precedent in this country.” He claimed Hibu directors had failed to comply with duties to call a meeting when the company’s liabilities massively outstripped its assets after a £2bn goodwill write-down earlier this year. The activists also aim to install their own directors, which Hibu claims would be pointless because its deal with creditors means the board have to act in their interests, not those of shareholders. A Hibu spokesman said Mr Wigley had been “completely open” about his dealing and had lost a significant amount of money on Hibu. The company said it had complied with the law on calling meetings. Mr Wigley has said the directors tried to secure some return for shareholders but that the deal as planned will safeguard a future for the company and its 12,000 staff.
Now on their website - Hibu might go into administration and then set up a new company which will just focus on the internet side of their business! Worth a read...
All my votes to the HSG,sterling effort on behalf of the pi
I don't know about 'blind panic' this seems to be a well orchestrated stitch up in order to screw the shareholders. They are STILL trading and sending me regular updates about their wonderful 'Yell' and asking me to do more advertising with them and at the same time ripping off my holding. They are a load of crooks and should go to the wall. If we lose everything then so should they.
I entirely agree with you people including lenders, shareholders and employees are being misled by no other than Wigley and Pocock. They have a three stage plan, shaft the shareholders then stab the lenders and finally phuck the employees. Your call is 100% accurate people are being misled
Anyone who is a shareholder of Hibu, would in their right mind vote FOR the 10 HSG directors to be appointed to the board. These proposed directors will make ethical decisions to involve all parties and DO THEIR BEST to return shareholder value. It's good to see that Mike and Bob, along with their pet dog Lunar have made accounts on LSE to try and sway the vote in their favor. Good luck at the EGM folks.
Misled, how ironic given the history of lies told by the current BOD. For those shareholders who haven't yet joined the action group HSG but would like to know more about their aims and objectives. Either contact Chris (one of the proposed directors) at hibushareholders@gmail.com Or visit the groups public facing website http://www.hibu-shareholders-group.com/ Alternatively if you want to read the broken promises of the existing board, read the last audited annual report. Must admit they have been pretty clear of late on the NILL VALUE attached to shareholders investment.
Because I've a feeling people are being misled.
Hibu 1/2 page advert in the times business pages again today, great to see its business as usual despite the BOD threatening to torch the business (put it into admin) should the 10 new directors get voted in. Still can't believe I hold half the number of shares held by the entire BOD. With reportedly all shares now being in the hands of retail (non institutional) investors after they had the tip off (sorry I meant foresight to sell up prior to suspension). Are we surprised by the advice of newbie 'shareholders' to vote for the current BOD.
Shame -- everyone won't just tell the truth -- but money involved --so lots of lies i'm afraid -- would like to think it can still rise from the ashes -- shares not dead yet -- fingers crossed for good news -- gl all honest people
It seems now some of the BoD members and unethical lenders have joined this BB since announcement of shareholders' forced AGM. You lot are so pathetic and miserable. Had your strategy based on truth rather than greed, you would not have to go that low today.
And we have another new member. Can we all give Mike Pocock a warm welcome to the LSE bb. Hi Mike.
And we have a new member. Can we all give Bob Wigley a warm welcome to the LSE bb. Hi Bob.
I voted for HSG because the current BOD cut me out. If you vote against the resolutions you a 100% guaranteed to get nothing. You may as well put a gun to your own head. I would much rather see the current BoD questioned on the 4th it will prob be their worse day ever, enough votes and they are push aside or at least stopped by the new 10 directors handing over our company to the lenders. And to state a fact all 10 directors are also shareholders unlike the current BoD who gave them up for cash. Now I see there is a mad scramble for the pro lenders to get on the LSE maybe because it far harder now to raise a profile on that other BB next door.
If you hold shares in Hibu there is absolutely no way you would vote against the resolutions. At best, the BOD will hope that you fail to vote and let them walk away with the loot. You are in for a very big surprise if think HSG members hold just 10% of the company.
"The 10 are doing nothing for me or any member of hsg or shareholders of hibu. " You're using the present tense, and - playing devil's advocate slightly - most of us don't know what they'll do for shareholders if / when they are appointed. What we can say with CERTAINTY, however, is the present BOD will do absolutely nothing, and their continuation will result in shareholders being left with ABSOLUTELY NOTHING. So, not even on the balance of probability, then, it's a no-brainer to my mind to replace them.
Still can't see any indication of candidate salary requirements / constraints in the public domain.
HSG will run the company for the right reasons ,employees,shareholders ,lenders and customers will all be looked after,the people involved have morals and are passionate about the company .Vote HSG they have the right strategy to take this company forward.
Why do you care??????
The HSG resolutions WILL NOT delay the restructuring. Either the lenders of the current directors will appoint an administrator to transfer ownership to a lender SPV. The lenders have nothing to fear from HSG as you cannot hurt them. Your anger should be directed at the BoD over the last 3 years. They are personally worth more than the market cap on suspension so you should be going after them if you can prove wrongdoing. All this HSG stuff is a charade. Read corporate and insolvency law and tell me I'm wrong.
How could it possibly be in the best interests of "creditors of all kinds"? Please explain.