Share Name Share Symbol Market Type Share ISIN Share Description
Hibu LSE:HIBU London Ordinary Share GB0031718066 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 0.17p 0.00p 0.00p - - - 0.00 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Media 1,347.4 -1,997.2 -77.1 - 4.05

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28/11/2013
17:25
freddie ferret: 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 Print 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 http://www.hibu.com. 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: +44 (0) 118 358 2838 Tel: +44 (0) 207 251 3801 hibu - Media Jon Salmon Tel: +44 (0) 118 358 2656 (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 MSCLLFVIIILAFIV
28/11/2013
17:23
freddie ferret: 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 Print Alert 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: hibu@deloitte.co.uk Tel: +44 (0) 118 358 2838 hibu - Media Charles Chichester, RLM Finsbury Tel: +44 (0) 207 251 3801 or Jon Salmon, hibu Tel: +44 (0) 118 358 2656 This information is provided by RNS The company news service from the London Stock Exchange END MSCPGGRPGUPWGAM
28/11/2013
17:01
freddie ferret: hibu plc hibu response to OFT Date : 26/10/2012 @ 08:26 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 hibu response to OFT Print Alert TIDMHIBU RNS Number : 6211P hibu plc 26 October 2012 For Immediate Release 26 October, 2012 hibu plc hibu response to Office of Fair Trading final recommendation hibu plc ("hibu") welcomes the announcement by the Office of Fair Trading today that it has decided to recommend to the Competition Commission that it considers releasing hibu from undertakings given to the Commission in April 2007, when it was Yell Group plc. These are in relation to hibu's UK print classified directory business. The decision by the Office of Fair Trading follows a period of public consultation since August on its provisional decision that the Competition Commission should consider releasing hibu from the undertakings. That is now its final recommendation to the Competition Commission. hibu has consistently maintained that there is a substantial body of evidence that the undertakings are no longer appropriate. It now looks forward to working closely with the Competition Commission to assist its own review. Ends Notes to Editors 1. The OFT is required by s.162 Enterprise Act 2002 to keep under review any undertakings given to the Competition Commission following a market investigation and to consider, from time to time, whether, by reason of a change of circumstances, any set of undertakings is no longer appropriate and should be varied or terminated. The OFT will advise the Competition Commission on such matters as it considers appropriate. 2. Responsibility for deciding to vary or terminate any set of undertakings lies with the Competition Commission. The decision by the Competition Commission will be made in light of the advice from the OFT. 3. Yell Group plc - the previous company name for hibu plc - gave undertakings to the Competition Commission on 4 April 2007 following the completion of the Competition Commission's report on its market investigation into the supply of classified advertising directory services (published on 21 December 2006). The undertakings note that the Competition Commission recommended that the undertakings be reviewed by the OFT after a period of three years from the date of acceptance of these undertakings. This period ended on 4 April 2010. 4. The undertakings required Yell to comply with a number of restrictions, including a price control of RPI-6% until March 2008 on the prices charged by Yell in the UK for its classified Yellow Pages print advertising; a price control of RPI was then be applied from that date onwards. Other remedies included the permitting of volume discounts provided they were published and available to all advertisers; lifting of a block on Yell publishing local - or "second tier" - directories, but subject to certain restrictions; and Yell to be allowed to publish themed guides - on particular topics - provided they contain only a limited number of classifications. 5. On 13 February 2012, the OFT announced that it was conducting a review of the undertakings given by Yell to the Competition Commission on 4 April 2007. On 10 August 2012, the OFT announced its provisional recommendation to the Competition Commission that hibu be released from its undertakings. 6. There is no fixed timetable in which a review of undertakings must be completed. However, the OFT and Competition Commission will endeavour to conduct each review as quickly as possible. 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 hibu - Media Andrew Clatworthy Jon Salmon Tel: +44 (0) 118 358 2838 Tel: +44 (0) 118 358 2656 Mobile: +44 (0) 7801 977340 RLM Finsbury Andrew Dowler Tel: + 44 (0) 207 251 3801 This information is provided by RNS The company news service from the London Stock Exchange END MSCPGGAPUUPPUMQ
28/11/2013
16:55
freddie ferret: hibu plc Restructuring Update Date : 07/12/2012 @ 13:21 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 Print Alert TIDMHIBU RNS Number : 0438T hibu plc 07 December 2012 For Immediate Release 7 December 2012 hibu plc ("hibu" or the "Group") Restructuring update On 25 October 2012, hibu announced it had decided 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. The Group has been in negotiations with the external lenders under its 2006 facilities agreement under which there is approximately GBP65m outstanding. These negotiations have now been concluded and hibu is pleased to announce that it has reached agreement on the terms of a settlement of the 2006 debt claim. Under this settlement, the external 2006 lenders will receive a payment in cash equal to 39 per cent of the total amount outstanding to them under the 2006 facilities agreement. This payment, which is expected to be made on 11 December 2012, will be in full and final settlement of all their claims under the 2006 facilities agreement. The settlement with these 2006 lenders is an important step in the restructuring process. The Group has previously announced that it is seeking an extension to a number of waivers under the 2009 facilities agreement so that the restructuring discussions on the remaining GBP2.185bn of debt can proceed as effectively as possible. hibu and the Co-ordinating Committee of lenders under the 2009 facilities agreement (the "CoCom") have reached agreement on an overall timetable and next steps and, in particular, have agreed to move forward as quickly as possible to agree terms for a financial restructuring. The Group is aiming to agree terms with the CoCom during January 2013 and launch the restructuring process shortly thereafter. Accordingly, the Group would like to encourage lenders under the 2009 facilities agreement to give their consent to the waiver request published on 22 November 2012. The deadline to vote on this request is 14 December 2012. The CoCom has unanimously agreed to support the waiver request. 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: +44 (0) 118 358 2838 Tel: + 44 (0) 207 251 3801 This information is provided by RNS The company news service from the London Stock Exchange END MSCUGGQGPUPPGWM
28/11/2013
16:21
freddie ferret: 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 Print Alert 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: hibu@deloitte.co.uk Tel: +44 (0) 118 358 2838 hibu - Media Charles Chichester, RLM Finsbury Tel: +44 (0) 207 251 3801 or Jon Salmon, hibu Tel: +44 (0) 118 358 2656 This information is provided by RNS The company news service from the London Stock Exchange END MSCPGGRPGUPWGAM
28/11/2013
14:27
freddie ferret: hibu plc Announcement Date : 24/05/2013 @ 16:52 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 Announcement Print Alert TIDMHIBU RNS Number : 5886F hibu plc 24 May 2013 hibu plc ("hibu" or the "Group") Announcement Update hibu plc would like to advise that the release of its financial information for the full year to March 2013 is now intended to be made on the same day as the announcement of the agreement on the principal terms of the capital restructuring. There has been no material change to the operating performance of the business from the expectations previously communicated. Capital Restructuring Discussions with the Co-ordinating Committee of the Group's lenders are progressing and an announcement of the principal terms of a restructuring plan for the Group's debt will be made when appropriate. 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 http://www.hibu.com. 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 Facilities Agreement") to represent the interests of the 2009 lenders (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 2009 Lenders' facility agent may, and must if directed by two-thirds of 2009 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. Notwithstanding this, the Group remains in active and constructive dialogue with the CoCom. A number of capital structure options are being considered and the Group confirms that the announcement of the chosen option will likely state that there is little or no value attributed to the Group's ordinary shares. 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 1.2m 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: +44 (0) 118 358 2838 Tel: +44 (0) 207 251 3801 hibu - Media Jon Salmon Tel: +44 (0) 118 358 2656 This information is provided by RNS The company news service from the London Stock Exchange END MSCAIMATMBATBMJ
28/11/2013
14:16
freddie ferret: hibu plc Interim Management Statement Date : 25/07/2013 @ 07:01 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 Interim Management Statement Print Alert TIDMHIBU RNS Number : 0999K hibu plc 25 July 2013 For Immediate Release 25 July 2013 hibu plc ("hibu" or the "Group") Interim management statement for the three months ended 30 June 2013 Financial headlines(1) -- Group revenue of GBP297m decreased by 11% - Digital services revenues grew by 22% to GBP49m - Digital directories revenue fell by 5% to GBP65m - Print and other directory revenues fell by 19% to GBP183m -- EBITDA(2) of GBP56m was down GBP15m -- Free cash flow of GBP23m decreased GBP17m -- Profit after tax increased by GBP3m to GBP2m -- Constructive discussions on capital structure continue Operational headlines -- Total digital revenue increased from 32% to 38% of revenue -- Digital services - Customers increased by 8% to 449,000 - Annual digital services revenue per customer increased by 8% to GBP435 - Live customer websites increased by 5% to 430,000 -- Digital directories - Advertisers fell by 12% to 723,000 - Annual digital directory revenue per advertiser declined by 1.9% to GBP345 - Visitors declined 16% to 41m in June -- Yellow Pages - Yellow Pages advertisers reduced by 21% to 200,000 - Yellow Pages revenue per advertiser decreased by 1.4% to GBP781 (1) Results are for the three months ended 30 June 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. 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. 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 http://www.hibu.com. 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 today, 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 32.8 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 fourth quarter of the current calendar year. The financial restructuring will not result in any payment being made to shareholders or leave hibu shares with any value. The Group has therefore decided to suspend the listing of hibu's shares and the trading of those shares on the London Stock Exchange with effect from 07:30 BST today. The listing of hibu's shares will be cancelled upon completion of the restructuring. The restructuring will also result in a Group reorganisation that will require hibu plc and some other Group holding companies to be placed into administration. Also as noted in another RNS announcement made by the Group today, the Board of Directors has given consideration to both the implications of the share suspension and the significant effect of any financial restructuring on the future shape of the Group, including the fact that hibu plc, which is the Group's ultimate holding company, is expected to be placed into administration as part of the financial restructuring. As a consequence, hibu has given notice to the Registrar of Companies that it is changing its accounting reference date to 30 September. As a consequence, the accounting period that commenced on 1 April 2012 will now cover the 18 months ending 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 June 2013, the Group held cash balances of GBP222m. The Group net liabilities of GBP1,477m include goodwill and other acquired intangible assets totalling GBP469m 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 enables consumers to find local businesses and shop in new, innovative ways whether online, on the move or in store. 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 Andrew Dowler or Charles Chichester Tel: +44 (0) 118 358 2838 Tel: +44 (0) 207 251 3801 hibu - Media Jon Salmon Tel: +44 (0) 118 358 2656 This information is provided by RNS The company news service from the London Stock Exchange END IMSDDGDRDDDBGXS
28/11/2013
14:10
freddie ferret: hibu plc Restructuring Update Date : 17/10/2013 @ 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 Restructuring Update Print Alert TIDMHIBU RNS Number : 7263Q hibu plc 17 October 2013 For Immediate Release 17 October, 2013 hibu plc ("hibu" or the "Group") Restructuring update As hibu moves into the next phase of its restructuring the Board of hibu plc announces the appointment of an operational Chief Restructuring Officer. Simon Freakley, Chief Executive Officer of Zolfo Cooper LLP, has completed his role as financial Chief Restructuring Officer. Mr Freakley was engaged in December 2012 to support hibu's financial restructuring and to assist with stakeholder management, working alongside the management team. Having successfully supported the Board through the negotiation of the restructuring with hibu's lenders, the company is now entering the implementation phase of this proposal and so Mr Freakley's role is now complete. The implementation phase has now begun and an operational Chief Restructuring Officer, David Eckert, has been appointed to work with the company to execute its business plan. Mr Freakley will work with Mr Eckert to ensure a smooth handover. Mr Eckert specialises in revitalising companies. Over the past 30 years, he has served as CEO of international companies in a wide range of industries, was VP and Partner of consultants Bain & Company, and has been a member or chair of numerous public and private boards of directors. He is an economics and engineering graduate of Northwestern University, with highest distinction, and earned an MBA from the Harvard Business School, where he was a Baker Scholar and a Loeb Rhoades Fellow. Commenting on this new phase of hibu's restructuring, Mr Freakley said: "I am delighted that a restructuring plan has now been agreed with the Co-ordinating Committee of hibu's lenders. I look forward to working with the new operational CRO during the handover process and would like to take this opportunity to thank the Board and the management team for working with me over the last nine months. I wish the Group all the very best for the future." Mr Eckert commented: "I am excited to be working with all the talented people at hibu. I look forward to helping the company build on its position as an industry leader to create a secure and successful future." 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 Media Investors RLM Finsbury hibu Charles Chichester Andrew Clatworthy Tel: + 44 (0) 207 251 3801 Tel: +44 (0) 118 358 2838 This information is provided by RNS The company news service from the London Stock Exchange END STRGGGAWUUPWUAM
28/11/2013
14:08
freddie ferret: hibu plc Request for a general meeting of shareholders Date : 23/10/2013 @ 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 Request for a general meeting of shareholders Print Alert TIDMHIBU 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 GBP1.3 billion. For further information about hibu, visit corporate.hibu.com. Enquiries hibu - Investors RLM Finsbury Andrew Clatworthy Charles Chichester Tel: +44 (0) 118 358 2838 Tel: + 44 (0) 207 251 3801 This information is provided by RNS The company news service from the London Stock Exchange END MSCFEFFMEFDSEDS
28/11/2013
14:08
freddie ferret: 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 Print 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 http://www.hibu.com. 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: +44 (0) 118 358 2838 Tel: +44 (0) 207 251 3801 hibu - Media Jon Salmon Tel: +44 (0) 118 358 2656 (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 MSCLLFVIIILAFIV
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