Hibu Share Discussion Threads

[ep0ch] 04/12/2013 13:17

I could have sworn I saw a unanimous show of hands from share holders on every single vote ...

[ep0ch] 04/12/2013 13:16

I could have sworn I saw a unanimous show of hands from share holders on every single vote ...

[13matt13] 04/12/2013 10:03

Thanks Belcher,

You & the greedy 10 have put an early end to Hibu shareholders.

You have acheived absolutly nothing other then losing any hope for shareholders in your pursuit of the directors jobs and salary at HIBU. You even failed at that.

"I call the shots" you have to call the right shots you, shameless low life.

What is going to happen to the members money??? where are the accounts (that you promised us members) so we can see where the money has gone?????? IT was for a legal fight so lets see the accounts on hsg BB?????

Transparency & Trust is not with your modus operandi.

It isnow the start of a new ERA for HIBU without us

[13matt13] 04/12/2013 09:31

Thanks Belcher,

You & the greedy 10 have put an early end to Hibu shareholders.

You have acheived absolutly nothing other then losing any hope for shareholders in your pursuit of the directors jobs and salary at HIBU. You even failed at that.

"I call the shots" you have to call the right shots shameless low life.

What is going to happen to the members money??? where are the accounts (that you promised us members) so we can see where the money has gone?????? IT was for a legal fight so lets see the accounts on hsg BB?????

Transparency & Trust is not with your modus operandi.

[themoocha] 03/12/2013 09:21

IF YOU ARE A SHAREHOLDER AND WANT TO VOTE PLEASE BRING YOUR PHOTO ID AS WELL !!!!!

[freddie ferret] 02/12/2013 17:15

Right, I will be setting this thread up on a moderated basis shortly, but not yet.

[john168] 02/12/2013 11:20

This is a daylight robbery of British people who invests their money in the stock market.
Businesses let throw Yellow pages into bin they are not British they donot serve your services.
Thomson local or BT directory got all information you need.

[saj190] 01/12/2013 22:12

It is important for you to attend the meeting which STARTS at 9.00 am, on Wednesday, 4th December, 2013, at the Royal Berkshire Conference Centre at the Madejski Stadium in Reading ..... Registration begins at 8.00 am for the meeting to start promptly at 9.00 am. Please be at Registration by 8.00-8.30 am....Warning: The meeting will NOT wait for stragglers or those in a queue to be allowed entrance, so do not rely on a smooth road or rail journey.

[saj190] 01/12/2013 22:07

PLEASE ATTEND TO VOTE FOR THE RESOLUTIONSReading Central Railway StationIs located in the city centre, almost 4 miles from the venue.There is a small M&S food hall in the station, with other smaller shops. For cafes and cty centre shops, exit on Forbury Road, and with your back to the station, walk straight on, down any opposite road. Shops are literally 2 minutes away.Taxi CabsMany black cabs at and diving around the station, parked in the road leading to the Garrard Street car park, and in Friar Street. Approximately £6 cost.By CarSat Nav Postal Code - RG2 0FLI have enquired and been told that parking at Madejski Stadium for conferences is free.Fyi, if we want to go into town and celebrate! There is a Park & Ride service, so you can leave your car and take the Madejski Stadium bus into town. Bus fare to town one way is £3/£4.Note that parking in town is very expensive, around £17 for the day, and permits are required to park cars on the street within a mile of city centre.The Venuehttp://www.rbcc.org.uk/Royal Berkshire Conference CentreMadejski StadiumReadingBerkshireRG2 0FLTel:0118 968 1333Site gives these directions:"CARFrom M4 Junction 11, take the A33 to Reading through the traffic lights.Straight ahead at the mini roundabout, at the second roundabout turn left, at the next round about take second turning up the hill towards the stadium. Follow the road around the stadium over the two mini roundabouts and pass the hotel entrance on your right. Car parking is available in the blue car park in front of the Mega Store, entrance to conference centre to the right of the Mega Store.BY TRAIN TO READING, THEN BY TAXIOnce arriving at Reading Central Station, leave the station out of the main entrance taxi rank is located to the right hand side.MADEJSKI BUSESFrom Bus stop "SI" located outside of Reading Central Station, this bus service operates every 8 minutes to and from the Madejski Stadium/Royal Berkshire Conference Centre."I understand the Madejski Stadium buses start early (around 6.00 am - person unsure) and finish running at 8.45 pm. The correct change might be required.Also, Google Maps tells me (I don't know for sure) you can take bus number 50 from Station Road, off Forbury Road and opposite railway station. 4 miles from town, so would take 25-35 minutes.HotelsApparently, there is a Millennium Madejski Hotel which is linked to the conference centre, tel[phone], but very dear – asking around £170/night. Reading is expensive to stay in overnight – cheaper to stay outside Reading and travel in, if you want to be close to the venue the night before.

[13matt13] 01/12/2013 16:50

Chris/Ceebsy,

I did not expect you to reply to my last post as you cannot defend your actions against hsg members. Your Shameless.

Not surprised most of the hsg disenters posts have been deleted by you a few weeks back, thats yours modus operandi.

You should take note of what Barry said in the Independent.

"Barry Dearing, the lawyer for the dissident Hibu Shareholder Group, said: "If they've got nothing to hide why don't they stand up like men and face the people who put them into office? This is Britain. You stand up and be counted."

[themoocha] 01/12/2013 15:52

Reading Central Railway Station
Is located in the city centre, almost 4 miles from the venue.
There is a small M&S food hall in the station, with other smaller shops. For cafes and cty centre shops, exit on Forbury Road, and with your back to the station, walk straight on, down any opposite road. Shops are literally 2 minutes away.

Taxi Cabs
Many black cabs at and diving around the station, parked in the road leading to the Garrard Street car park, and in Friar Street. Approximately £6 cost.

By Car
Sat Nav Postal Code - RG2 0FL
I have enquired and been told that parking at Madejski Stadium for conferences is free.

Fyi, if we want to go into town and celebrate! There is a Park & Ride service, so you can leave your car and take the Madejski Stadium bus into town. Bus fare to town one way is £3/£4.
Note that parking in town is very expensive, around £17 for the day, and permits are required to park cars on the street within a mile of city centre.

The Venue

hxxp://www.rbcc.org.uk/

Royal Berkshire Conference Centre
Madejski Stadium
Reading
Berkshire
RG2 0FL
Tel: [phone]

Site gives these directions:

"CAR
From M4 Junction 11, take the A33 to Reading through the traffic lights.
Straight ahead at the mini roundabout, at the second roundabout turn left, at the next round about take second turning up the hill towards the stadium. Follow the road around the stadium over the two mini roundabouts and pass the hotel entrance on your right. Car parking is available in the blue car park in front of the Mega Store, entrance to conference centre to the right of the Mega Store.

BY TRAIN TO READING, THEN BY TAXI
Once arriving at Reading Central Station, leave the station out of the main entrance taxi rank is located to the right hand side.

MADEJSKI BUSES
From Bus stop "SI" located outside of Reading Central Station, this bus service operates every 8 minutes to and from the Madejski Stadium/Royal Berkshire Conference Centre."

I understand the Madejski Stadium buses start early (around 6.00 am - person unsure) and finish running at 8.45 pm. The correct change might be required.

Also, Google Maps tells me (I don't know for sure) you can take bus number 50 from Station Road, off Forbury Road and opposite railway station. 4 miles from town, so would take 25-35 minutes.


Hotels
Apparently, there is a Millennium Madejski Hotel which is linked to the conference centre, tel [phone], but very dear – asking around £170/night. Reading is expensive to stay in overnight – cheaper to stay outside Reading and travel in, if you want to be close to the venue the night before.

[themoocha] 30/11/2013 09:19

Knigel. Know you from hhr. Thank you for your support. A true investor. TM

[knigel] 29/11/2013 18:47

How on earth do you know that the holding company would still not have been put into admin and the meeting cancelled anyway - whether this resolution was put to the meeting or not? You have been asked to confirm you are a HSG member twice - do it or lose face. Although I sold a while before suspension in some ways I wish I had held some shares just to see for myself all the hard work the entire HSG membership (there are more than 10 you know) have been undertaking the last few months to try to get answers - to ensure no company can ever get away with this shareholder destruction again. I suspect this thread will be gone soon now that the shares are being delisted but I wish to register my support to all Hibu shareholders - hold the line and even if it takes a long time, I am sure you will eventually get justice and answers. Good Luck!

[ceebsy] 29/11/2013 18:37

Over the last 2 weeks matt, you have called me personally, low life, a bully, a megalomaniac and other things, and you accuse me of being unbalanced! lol!!

I won't bother answering you, not worth the time or effort.

[13matt13] 29/11/2013 17:33

Hello Chris/Ceebsy,
Good to see you've resurfaced on the public bb so that shareholders can get some response ( apology ) from the chairman of HSG for his actions which have resulted in hibu going into administration and shareholders losing out totally.

Putting your unbalanced egomania to one side, can you answer this question ? Why didn't you remove that one resolution demanding ten HSG directors be installed on the hibu BOD . hibu BOD made it blatantly clear that they would go for administration before the EGM if you persisted with this. If you'd listened to other voices than just yourself and your ten cronies and dropped this resolution, we would still have had the EGM and the chance to raise those other important questions, and force hibu to confront them. The media publicity that would have been generated by these questions at the EGM would have pressured the Business Secretary into opening an enquiry.

We also had financial contributions from members which I, and I think most of us , thought were to finance legal advice from a PROPER corporate lawyer, what's happened to that ? What gave you the right to decide not to take this path when so many wanted to , we weren't ever given the chamce to vote on strategy ? There wasn't even a vote on it for HSG members. The only voting opportunity we were given ( and didn't you work hard and put a lot of effort into this one ) was to vote you and the ten in as hibu directors. We then got instruction from you that you wouldn't be able to do anything for shareholders once you became a director because of Company law !!!!

This was a really bad decision on your part that led to a great opportunity for shareholders being missed and now we're not even « suspended « shareholders. If you hadn't run HSG like your own personal school playground with you as bully boy and ten side kicks monopolising the bb with their multitude of aliases browbeating any voice that took a view, or raised a plan ,that didn't accord with yours, we might actually have got something going here.
As for going back in the playground of the HSG bb , thanks for the invitation but your tone to your members in post below and will explain why I won't be taking up the offer.
Stay on the public bbs Chris where there's an more even playing ground and some free speech and not everyones going to support and bolster your ego cult like on the HSG..

"There are of course, members from here who are joining in the dissident movement but again that is to be expected. We know who at least one of them is thanks to a bit of IP address tracing and HSG friendly admin staff on the public boards (and they are currently out of the country at the moment so it must be really bothering them" Chris to his hsg members.

[ceebsy] 29/11/2013 10:50

13matt13 if you are a member please log onto our website and copy the comments I have put under the forum heading I have created titled "13matt13"

Everyone will then be able to see whether or not you are an HSG member.

Many thanks

[freddie ferret] 28/11/2013 17:25

hibu plc Financial Update
Date : 29/10/2013 @ 10:40
Source : UK Regulatory (RNS & others)
Stock : Hibu (HIBU)
Quote : 0.17 0.0 (0.00%) @ 05:00
HOME » LSE » LSE » Hibu share price

hibu plc Financial Update
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Alert

TIDMHIBU

RNS Number : 6293R

hibu plc

29 October 2013

29 October 2013

hibu plc

("hibu" or the "Group")

Financial update for the six months ended

30 September 2013

Financial headlines(1)

-- Group revenue of GBP584m decreased by 12%

- Digital services revenues grew by 19% to GBP99m

- Digital directories revenue fell by 6% to GBP127m

- Print and other directory revenues fell by 19% to GBP358m

-- EBITDA(2) of GBP107m was down GBP45m
-- Free cash flow of GBP88m increased GBP1m
-- Constructive discussions on capital structure continue

Operational headlines(3)

-- Total digital revenue increased from 33% to 39% of revenue
-- Digital services

- Customer numbers decreased by 2% to 433,000

- Annual digital services revenue per customer increased by 17% to GBP464

- Live customer websites increased by 3% to 408,500

-- Digital directories

- Advertisers fell by 12% to 671,000

- Annual digital directory revenue per advertiser increased by 1% to GBP365

- Visitors increased by 6% to 37m in September

-- Yellow Pages

- Yellow Pages advertisers reduced by 21% to 377,000

- Yellow Pages revenue per advertiser decreased by 3% to GBP802

Forward looking statements

This news release contains forward-looking statements regarding hibu's intentions, beliefs or current expectations concerning, among other things, hibu's results of operations, revenue, financial condition, liquidity, prospects, growth, strategies, new products, the level of new directory launches and the markets in which hibu operates. Readers are cautioned that any such forward-looking statement is not a guarantee of future performance and involves risks and uncertainties, and that actual results may differ materially from those in the forward-looking statement as a result of various factors. These factors include any adverse change in regulations, exchange rates, unforeseen operational or technical problems, the nature of the competition that hibu will encounter, wider economic conditions including economic downturns, the final outcome of addressing hibu's capital structure and changes in financial and equity markets. Readers are advised to read the Risk Statement below. hibu undertakes no obligation to update or revise publicly any forward-looking statements, except as may be required by law.

Nature of report

This document does not constitute a half year report, second interim report, preliminary announcement or interim management statement (as defined in the Listing or the Disclosure and Transparency Rules) in respect of the six month period to 30 September 2013 or any part of that period. The consolidated financial information contained herein is unaudited and does not constitute statutory financial statements within the meaning of section 434 of the Companies Act 2006.

As noted in RNS announcements made by the Group on 25 July 2013, hibu plc will be placed into administration if the restructuring takes place as agreed with the CoCom. The directors therefore are not able to make any assertions regarding the basis of the presentation of the financial information for the six months to 30 September 2013. The financial information does not include all adjustments that would be required if the businesses or the Group in its current structure were unable to continue as a going concern. The financial information is not audited and only serves as a trading update of the businesses on a like-for-like basis in comparison with the six months ended 30 September 2012, presented in such a way that stakeholders can understand the results.

The preparation of the consolidated financial information requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial information and the reported amounts of income and expenditure during the period. Actual results could differ from those estimates. Estimates are used principally when accounting for doubtful debts, depreciation, retirement benefits, acquisitions, impairment testing and taxation.

Where change at constant currency is stated in this document it states the change in the current period compared with the previous period as if the current period results were translated at the same exchange rates as those used to translate the results for the previous period. Figures reported at constant exchange rates are stated at the same exchange rates as those used to translate the comparative figures for the previous period. Exchange impact is the difference between the results reported at constant exchange rates and the results reported using current period exchange rates. The average effective exchange rates for the six months to 30 September 2013 were $1.54: GBP1.00 and EUR1.17: GBP1.00 as compared to $1.58: GBP1.00 and EUR1.25: GBP1.00 for the same period last year.

Readers are advised to read the Risk Statement below.

Risk statement

hibu's risks and uncertainties include strategic and operational risks faced by hibu's businesses; debt and financing risks faced in funding Group operations and the financial reporting and related risks faced in reporting hibu's results. Readers are advised to read pages 22 to 29, page 116 and notes 1 and 16 to the financial statements included in Yell Group plc's 2012 annual report (Yell Group plc changed its name to hibu plc on 27 July 2012) for the financial year ended 31 March 2012, a copy of which is available on hibu's website at

The majority of hibu's debt matures in April 2014. The Group has been in negotiations with a co-ordinating committee of the lenders (the "CoCom") under its facilities agreement dated 30 November 2009 (as amended) (the "2009 lenders") to represent the interests of the 2009 lenders during the process of determining an appropriate new capital structure. The Group obtained certain waivers, with CoCom support, from the 2009 lenders to enable, among other things, substantive discussions to take place around a balance sheet restructuring.

The Group is currently in default under the 2009 facilities agreement. The lenders' facility agent may, and must if directed by two-thirds of lenders, demand immediate repayment of all amounts due. The default can only be waived by the unanimous approval of all 2009 lenders. As this is not considered likely in the current circumstances, a waiver request for this default is not being made. As announced on 25(th) July 2013, the principal terms for the restructuring of the Group's debt have been agreed in principle with the CoCom subject to clearance from the UK Pensions Regulator. The members of the CoCom together represent approximately 30.3 per cent of the Group's financial debt. The restructuring will be implemented through schemes of arrangement that will require the approval of lenders that hold at least 75 per cent of the debt. Closing of the transaction is expected to take place in the first quarter of the next calendar year.

The financial restructuring will not result in any payment being made to shareholders or leave hibu shares with any value. The Group therefore announced on 25 July 2013 that it had suspended the listing of hibu's shares and the trading of those shares on the London Stock Exchange. The restructuring will result in a Group reorganisation that will lead to hibu plc and some other Group holding companies being placed into administration. The listing of hibu's shares will be cancelled when hibu plc is placed into administration.

Also, as announced on 25 July 2013, the Group changed its accounting reference date to 30 September. As a consequence, the accounting period that commenced on 1 April 2012 covers the 18 months ended on 30 September 2013.

The Group is cash generative and the directors believe that the lenders will receive a higher recovery on their loans through a restructuring that allows the business to continue to operate as a going concern rather than by any other course of action. Therefore, the financial information has been prepared on a going concern basis and does not necessarily include all adjustments that would be required if the business were unable to continue as a going concern. At 30 September 2013, the Group held cash balances of GBP265m.

The Group net liabilities of GBP1,428m include goodwill and other acquired intangible assets totalling GBP446m which is supported by the Group's strategic plans. It is clear that the Group faces challenges and material uncertainties that may affect the carrying value of these intangible assets.

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 twelve months to 31 March 2013, hibu had one million SME customers and total revenues of GBP1.3 billion.

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

Enquiries

hibu - Investors RLM Finsbury
Andrew Clatworthy Charles Chichester
Tel: [phone] Tel: [phone]

hibu - Media

Jon Salmon

Tel: [phone]

(1) Results are for the six months ended 30 September 2013, unaudited and compared with the same period in the prior year. The changes in revenue, revenue per advertiser and EBITDA are stated at constant currency. Revenue percentage changes, including revenue per customer, are also adjusted for rescheduling and acquisitions.

(2) EBITDA is profit before interest, tax, depreciation, amortisation and exceptional items.

(3) Operational metrics continue to be refined to more accurately measure the underlying performance of the business. Where adjustments have been made, which this quarter includes adjusting for the Moonfruit acquisition in June 2012, the prior year comparatives have been adjusted to ensure that they are on a consistent basis.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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[freddie ferret] 28/11/2013 17:23

hibu plc Restructuring Update
Date : 27/11/2013 @ 16:00
Source : UK Regulatory (RNS & others)
Stock : Hibu (HIBU)
Quote : 0.17 0.0 (0.00%) @ 05:00
HOME » LSE » LSE » Hibu share price

hibu plc Restructuring Update
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TIDMHIBU

RNS Number : 1040U

hibu plc

27 November 2013

27 November 2013

hibu plc

Restructuring update

As previously announced, hibu plc and its subsidiaries (the "Group") have agreed the terms of a financial restructuring of the Group with the Co-ordinating Committee ("CoCom") of the Group's lenders. This will involve all of the Group's operations being transferred from the current holding company, hibu plc, to a new holding company structure to be controlled by the Group's lenders.

As a first step to facilitating this transfer and the financial restructuring as a whole, the Board of hibu plc has today appointed certain partners of Deloitte LLP to act as administrators to hibu plc only. No other Group companies have been placed into administration.

This action will have no impact on the day to day operations of the rest of the Group. There will be no effect on hibu's employees, customers, partners or suppliers, all of whom interact with the Group subsidiaries, not hibu plc. All contracts, trading terms and financial obligations of the operating companies of the Group and trading partners will continue to have the same effect.

Bob Wigley commented:

"With today's announcement, we move one step closer to securing a capital structure for hibu which would enable the business to survive and prosper and to safeguard the prospects for our 12,000 employees. Our business will continue to operate as usual and will not be affected by the administration of the holding company, a planned step in the restructuring process. Our enhanced digital product offering is growing fast and increasingly finding new customers following our recent marketing campaign."

The key aspects of the proposed restructuring are:

-- A new group holding company owned by the Group's lenders will become the owner of the operating subsidiaries of hibu plc. The existing holding company of the Group is being placed into administration. There will be no payment made to the current shareholders of hibu plc as the shares in hibu plc do not have any value.

-- The new group will have a considerably stronger financial position, with significantly lower debt, lower interest charges, significantly extended debt maturity and capital repayments that are aligned with the operating performance of the new group. This new financial structure will allow the business of the new group to thrive for the benefit of its stakeholders.

-- The restructuring remains subject to (i) clearance by the UK Pensions Regulator in relation to the arrangements for the future funding of the Group's UK pension plan and (ii) the Group's lenders approving the Schemes of Arrangement necessary to implement the financial restructuring.

As a consequence of hibu plc being placed into administration, the administrators will shortly be writing to shareholders announcing their intention to adjourn the General Meeting of shareholders scheduled for 4 December 2013.

Following the appointment of administrators to hibu plc, the listing of the hibu plc's shares is expected to be cancelled with effect from 08:00 on 28 November 2013.

- ends -

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 twelve months to 31 March 2013, hibu had one million SME customers and total revenues of GBP1.3 billion.

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

Enquiries


hibu - Investors Deloitte

Andrew Clatworthy Email: [e-mail]
Tel: [phone]
hibu - Media

Charles Chichester, RLM Finsbury
Tel: [phone]
or
Jon Salmon, hibu
Tel: [phone]


This information is provided by RNS

The company news service from the London Stock Exchange

END

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[freddie ferret] 28/11/2013 17:02

hibu plc Update on capital restructuring
Date : 25/10/2012 @ 07:00
Source : UK Regulatory (RNS & others)
Stock : Hibu (HIBU)
Quote : 0.17 0.0 (0.00%) @ 05:00
HOME » LSE » LSE » Hibu share price

hibu plc Update on capital restructuring
Print
Alert

TIDMHIBU

RNS Number : 4841P

hibu plc

25 October 2012

For Immediate Release 25 October 2012

hibu plc

("hibu" or the "Group")

Update on capital restructuring

In July 2012, hibu announced that it was seeking to form a co-ordinating committee of the lenders (the "CoCom") under its facilities agreement dated 30 November 2009 (as amended) to represent the interests of those lenders during the process of determining an appropriate new capital structure. The CoCom was formed, and with its support, the Group obtained certain waivers in August and September from its lenders to enable, among other things, substantive discussions to take place around a balance sheet restructuring. The Group remains in active and constructive dialogue with the CoCom.

As is customary in capital restructurings, the Group has decided that it is appropriate to suspend all further payments of principal and interest to the Group's lenders until such time as a restructuring of its balance sheet can be concluded. In view of this decision, a number of waivers, consents and amendments are being sought from the wider lending group in the coming days so that the restructuring discussions can proceed as efficiently and effectively as possible. The CoCom, which holds, manages or has a beneficial interest in c.24% of the debt under the 2009 facilities agreement, has unanimously agreed to support these waivers, subject to credit committee approval. In addition, the Group has decided to cancel its undrawn and unavailable revolving credit facility.

As a result, no payments are expected to be made to any term loan lender under the facilities agreements dated 30 November 2009 (as amended). Similarly, no payments are expected to be made to any lender under the facilities agreements dated 27 April 2006 (as amended) other than certain incentive related payments relating to amendments sought from those lenders.

The waivers, consents and amendments will require the approval of lenders under the 2009 facilities agreement holding two thirds of the debt by value under that agreement and the approval of lenders under the 2006 facilities agreement. A meeting is scheduled for later today at which the requests will be presented to the lenders. The Group currently intends to launch one or more schemes of arrangement under Part 26 of the Companies Act 2006 to give effect to necessary arrangements if insufficient lenders vote in favour of them.

This decision impacts only the lenders under the aforementioned facilities agreements and in no way impacts payments to our employees, partners, suppliers, trade or other creditors or any other counterparty. The Group retains healthy cash balances and therefore the decision is not driven by liquidity considerations, but rather a desire to ensure fair and equitable treatment of all financial lenders consistent with the overall balance sheet restructuring that is anticipated.

This is an important step in the restructuring process which began earlier this year. The Group, working together with the CoCom, aims to present a restructuring proposal to its lenders by the end of January 2013 and to complete a successful restructuring of its debt obligations before the end of the first half of calendar 2013.

As previously stated, a number of capital structure options are being considered. The Group can confirm that the options being considered are likely to result in little or no value being attributed to the Group's ordinary shares.

ENDS

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 consumers find local businesses and shop in new, innovative ways. Its dedicated online hibu markets provide comprehensive, convenient access to local goods and services. 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 year ended 31 March 2012, hibu had 1.2 million SME customers and total revenues of GBP1.6 billion.

For further information about hibu, visit hibu.com.

Enquiries


hibu - Investors RLM Finsbury
Andrew Clatworthy Andrew Dowler or Charles Chichester
Tel: [phone] Tel: + 44 (0) 207 251 3801


This information is provided by RNS

The company news service from the London Stock Exchange

END

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