Less Ads, More Data, More Tools Register for FREE

Pin to quick picksHIBU.L Regulatory News (HIBU)

  • There is currently no data for HIBU

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Request for a general meeting of shareholders

23 Oct 2013 07:00

RNS Number : 1430R
hibu plc
23 October 2013
 



 

 

23 October 2013

hibu plc("hibu")

Request for a general meeting of shareholders

hibu plc announces that it has received requests on the same terms from shareholders holding in excess of five per cent of hibu's share capital that a general meeting of shareholders be convened to consider certain resolutions in relation to the conduct of the Group's business and the composition of its board. Consequently, the directors will convene a meeting of shareholders in accordance with the Companies Act 2006.

 

A circular containing detail of the general meeting, the specific business of the meeting proposed by shareholders and the responses of the hibu Board will be sent to shareholders in due course.

 

Having taken advice from hibu's financial and legal advisers and carefully considered its responsibilities, the Board of hibu is unanimously of the opinion that the proposed resolutions are not in the best interests of hibu and its subsidiaries' (the "Group") nor its key stakeholders including its 12,000 employees, customers, suppliers and creditors. The Group continues to make steady progress on the implementation of the proposed financial restructuring (which is in the best interests of the Group and its key stakeholders). The terms agreed with the Co-ordinating Committee of the Group's lenders for such restructuring were announced on 25 July 2013. As previously stated, no value will be attributed to the Group's ordinary shares. On completion of the proposed restructuring, the key operating subsidiaries of hibu plc will be transferred to a new group holding company owned by the Group's lenders. Accordingly, hibu plc itself will be placed into administration whilst the business of the Group will continue under the new holding company. Shareholder consent will not be required for the restructuring to be implemented. As explained in the Chairman's letter to shareholders dated 25 July 2013, this meant the directors of hibu plc had no basis on which to argue that shareholders should receive any payment as part of the restructuring, notwithstanding that the directors had argued strongly that lenders should agree to a payment to shareholders up to that point.

 

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 or prevent the restructuring being implemented on those terms. It is also difficult to see how the proposed resolutions could lead to a better outcome for the stakeholders of the Group or hibu than the proposed restructuring. The Board believes the proposed resolutions would only serve to damage the Group's prospects further to the detriment of each member of the Group as well as the wider stakeholders in the Group.

 

 

About hibu

 

hibu helps communities thrive by facilitating millions of connections each year between consumers who want to find products and services locally and the merchants who provide them.

 

hibu helps merchants compete in the digital world with a broad range of marketing and commerce solutions delivered online and through hibu's direct sales teams. Building on its heritage as a premier directories provider, hibu continues to offer a full range of print- and distribution-based marketing services.

 

hibu operates in the UK, US, Spain, Argentina, Chile, Peru and US Hispanic markets. In the 12 months to 31 March 2013, hibu had one million SME customers and total revenues of £1.3 billion.

 

For further information about hibu, visit corporate.hibu.com.

 

Enquiries

hibu - Investors

Andrew Clatworthy

Tel: +44 (0) 118 358 2838

RLM Finsbury

Charles Chichester

Tel: + 44 (0) 207 251 3801

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCFEFFMEFDSEDS
Date   Source Headline
11th Nov 20094:29 pmRNSHolding(s) in Company
10th Nov 20095:30 pmRNSProspectus and Notice of EGM
10th Nov 20097:00 amRNSFirm Placing / Placing and Open Offer
10th Nov 20097:00 amRNSHalf Yearly Report
4th Nov 20094:45 pmRNSHolding(s) in Company
2nd Nov 200910:35 amRNSTotal Voting Rights
2nd Nov 20098:25 amRNSUPDATE ON COMPREHENSIVE REFINANCING PROPOSALS
30th Oct 20093:57 pmRNSHolding(s) in Company
30th Oct 20097:00 amRNSUPDATE ON COMPREHENSIVE REFINANCING PROPOSALS
29th Oct 20093:40 pmRNSHolding(s) in Company
29th Oct 20097:00 amRNSUPDATE ON COMPREHENSIVE REFINANCING PROPOSALS
27th Oct 20097:00 amRNSUpdate on Comprehensive Refinancing Proposals
23rd Oct 200912:29 pmRNSHolding(s) in Company
20th Oct 20095:13 pmRNSHolding(s) in Company
19th Oct 200911:36 amRNSUPDATE ON COMPREHENSIVE REFINANCING PROPOSALS
16th Oct 20095:41 pmRNSHolding(s) in Company
13th Oct 20094:16 pmRNSHolding(s) in Company
12th Oct 20097:00 amRNSBoard Appointment
1st Oct 20099:35 amRNSTotal Voting Rights
28th Sep 20093:39 pmRNSHolding(s) in Company
25th Sep 20093:38 pmRNSDirector/PDMR Shareholding
24th Sep 20094:39 pmRNSHolding(s) in Company
23rd Sep 20097:00 amRNSUpdate on Comprehensive Refinancing Proposals
22nd Sep 20094:38 pmRNSHolding(s) in Company
14th Sep 20094:38 pmRNSHolding(s) in Company
11th Sep 20094:16 pmRNSHolding(s) in Company
11th Sep 20094:12 pmRNSHolding(s) in Company
11th Sep 20094:10 pmRNSHolding(s) in Company
10th Sep 20093:49 pmRNSHolding(s) in Company
8th Sep 20094:29 pmRNSHolding(s) in Company
7th Sep 20095:15 pmRNSHolding(s) in Company
7th Sep 20095:14 pmRNSHolding(s) in Company
3rd Sep 20094:09 pmRNSHolding(s) in Company
2nd Sep 20094:56 pmRNSHolding(s) in Company
1st Sep 20095:00 pmRNSHolding(s) in Company
1st Sep 20093:24 pmRNSTotal Voting Rights
28th Aug 20093:18 pmRNSHolding(s) in Company
28th Aug 200910:16 amRNSHolding(s) in Company
27th Aug 20091:44 pmRNSHolding(s) in Company
26th Aug 20094:41 pmRNSHolding(s) in Company
26th Aug 20094:38 pmRNSHolding(s) in Company
25th Aug 20092:15 pmRNSHolding(s) in Company
21st Aug 20095:02 pmRNSHolding(s) in Company
21st Aug 20099:59 amRNSHolding(s) in Company
20th Aug 20093:59 pmRNSHolding(s) in Company
18th Aug 20095:24 pmRNSHolding(s) in Company
4th Aug 20092:29 pmRNSHolding(s) in Company
28th Jul 20093:00 pmRNSHolding(s) in Company
24th Jul 200912:47 pmRNSResult of AGM
23rd Jul 20097:00 amRNSFinancial report for the 3 months ended 30 June 09

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.