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Guy's the last update from Andy was on 8th June as followings: 'Hi All. Eddie and I are still plugging away. Vitol had asked for all bids for the assets to be tabled by the end of May, we were not in a position to table a bid given an almost impossible task of unravelling the ownership of assets. Baker Tilly show no interest in understanding what's occurred claiming there are no funds available to pay themselves. Vitol will be looking to secure any offers above $10m to cover their losses, we can only hope there is more than one bidder, and a price above $10m could see some dispersal to shareholders post event. The company now needs to be put into receivership in order a proper investigation can occur, this is what should have happened in the first place as Baker Tilly have done nothing to resurrect the company which is the sole purpose of administration. As for conducting class actions, our efforts to enlist help to proceed with them have faltered, we are now struggling to understand why the individual who offered to help put himself forwards, as he has contributed fork all. Sorry it's not better news but I guess everybody knew the Chuckle Brothers will have muddied the water so much as to make any actions against them almost impossible. Having said this we are able to write to their new employers highlighting their inadequacies, Karstel for instance is now working as a project engineer, take a look at his linked in profile for details. In summary BHR was used for years as a vehicle to draw large salaries by a group of ex-pats who in my opinion had no intension of bringing this company to Tier 1 cost production, in the end their greed caught up with them. We will see through the process of what happens post sale of assets to see if there are funds for shareholders but I wouldn't hold your breath.'
Me too, any thing to help
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
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.
If you hold shares 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. 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.
not sure what you mean 'group is not accepting everyone who wants to join'. Have you tried emailing hSG to join? I know Chris is very busy but he does reply to all his emails.
I have been a member since July, its very benefical and would recommend you to join. There is no hidden costs, contributions are optional. I'm not allowed to say what the group has been upto on here but alot has been going on.
I sent my driving licence as photo ID and utlity bill, you could also send a photocopy of you passport. I hope this helps. Thanks
If you hold shares 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 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.
The guys are working very hard and may have missed your email, I would suggest that you email Chris again on the below email: hibushareholders@gmail.com (note plural)
If you hold shares 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 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.
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.
Guys, if you haven't still registered to the hSG yet please make sure you do so by emailing hibushareholders@gmail.com (NOTE PLURAL) and follow the provided steps. It's extremely quick and simple, there are people within HSG working very hard and the more support we have behind the group the better. We currently have over 700M shares registered to the group which accounts for a massive 30% of the company. It only takes 10 minutes so get yourselves registered today.
Why don't you want to join the hSG? on the website there is very insightful information which we have been told not to put on the public boards, if you have holdings in hibu I recommend you join if you want to read all the updates etc, you have nothing to loose and it will make the group more strong in taking action against hibu.
Guys, if you haven't registered to the HSG yet please make sure you do so by emailing hibushareholders@gmail.com (NOTE PLURAL) and follow the provided steps. It's extremely quick and simple, there are people within HSG working very hard and the more support we have behind the group the better. We currently have around 700M shares registered to the group which accounts for a massive 30% of the company. It only takes 10 minutes so get yourselves registered today.