The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
"Should a material number of the Proposed Directors be appointed at the General Meeting or the Company determine that this is likely to occur, it is expected that the Company will be placed into administration. Should this occur, the directors of the Company (including any appointed at the General Meeting) will cease to have any ability to control the Group or otherwise prevent implementation of the Financial Restructuring." Reassuring words for employees and creditors. There is another way. Vote for change, vote for HSG on 4th December.
hibushareholders@gmail.com (note plura)
Joining a group of 700+ shareholders trying to salvage something from this disastrous investment decision is the best thing I have done. For the record I have lost my life savings and in proportion to this, have had to support the fight with a contribution of just 0.3% of my losses. Email Chris for full details of how to join and gain access to the private forum where members post on a daily basis.
Apathy is the biggest risk. Most if not all the shares are now held privately with most in nominee accounts. Instructions on what needs to be done to guarantee the best possible outcome for shareholders will be posted here in the coming weeks. By not voting or voting against the resolutions proposed by HSG will be akin to investor suicide.
Arrogance = Frustration. You can lead a horse to water, but you can't make it drink. Well done Chris and team for getting us an EGM. Look forward to hearing about the 10 candidates to be voted onto the board. The future is in shareholder hands, make sure you use your vote in December. Watch this space for more information.
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.
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/
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.
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
Join a growing list of over 700 shareholders who are working as one to force a u turn on investor wipeout or claim equitable compensation for their loss. Membership is growing daily but if your are not on the shareholder registry we can only hope you read message boards like this and drop the group an email.
Just email hibushareholders@gmail.com. If you have shares in a nominee account just sent a screenshot of your holdings and a PDF with photographic I'd eg driving license.
An ironic tag for someone who has a stake in the restructuring going through as planned. Bet you hadn't for seen such resistance from shareholders, now over 20% of UK MPs are supporting our fight for a fair deal for all stakeholders.,
If shareholders turn creditors are offered 17/18% of the last rights issue price than I'm sure many would be very happy including myself.
If you hold shares in hibu, please join the hibu shareholders group. Currently 400+ members strong and 730 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 hibushareholders@gmail.com (note plural) you will then have access to our private forum which details our plans and actions to date as well as future actions. Thank you all for your support.
If you hold shares in hibu, please join the hibu shareholders group. Currently 400+ members strong and 730 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 hibushareholders@gmail.com (note plural) you will then have access to our private forum which details our plans and actions to date as well as future actions. Thank you all for your support.
There is so much good work being done by this group to redress investors. Collectively the group holds approx 1/3 of all shares in issue and is growing daily. If you wish to join, simply and wish to do so then simply send confirmation of holdings, proof of address and photo in the strictest confidence to hibushareholders@gmail.com (note plural). A big thanks to the few who are doing so much for so many hibu investors.
Calling all shareholders yet to register their shares with the action group. The deadline for registration is the 15th August, it's so easy to do via email. Simply email proof of I'd and address ie photocopy of plastic driving licence, proof of shareholding (I sent screen print of my first direct share account portfolio) to Andrew.Henderson@fishermeredith.co.uk copying in the action group email hibushareholders@gmail.com I have lost £30k in this mess and am certainly not going to give that up without a fight.
Calling all shareholders yet to register their shares with the action group. The deadline for registration is the 15th August, it's so easy to do via email. Simply email proof of I'd and address ie photocopy of plastic driving licence, proof of shareholding (I sent screen print of my first direct share account portfolio) to Andrew.Henderson@fishermeredith.co.uk copying in the action group email hibushareholders@gmail.com I have lost £30k in this mess and am certainly not going to give that up without a fight.