Hibu shareholders hit out at Yellow Pages 'conspiracy'
Wednesday 04 December 2013
Shareholders in collapsed Yellow Pages publisher Hibu have accused the directors of a "conspiracy" to let the main company go bust while preserving the value of its subsidiaries for lenders.
“It stinks,” Barry Dearing, lawyer for the Hibu Shareholder Group, told the meeting, which the existing directors, including chairman Bob Wigley and chief executive Mike Pocock, refused to attend. Dearing seized control of the meeting in Reading, and shareholders appointed 10 new directors.
Phil Bowers, partner at administrators Deloitte, who chaired the meeting, said he was “happy to engage in dialogue” with the new directors, while insisting they have no executive powers because hibu was put into administration last Wednesday. The subsidiary companies have continued to trade.
Some investors complained of “daylight robbery” after Bowers explained that Hibu UK, a subsidiary of hibu Plc, had withdrawn funding to the group, which led to the directors calling in administrators.
Shares in hibu have been left worthless after being suspended in July when the company finally collapsed under £2.3 billion of debt.
More than 60 shareholders, mostly middle-aged private investors, came from as far as Doncaster and Leicester to the meeting at the Madjeski Stadium. Hibu directors have always insisted they acted in the best interests of the company and shareholders.
The food poverty scandal that shames Britain: Nearly 1m people rely on handouts to eat – and benefit reforms may be to blame
US Navy christens huge $3 billion destroyer ship USS Zumwalt that appears as a fishing boat on enemy radar
Nigel Farage fatigue? Half of voters ‘immune’ to Ukip’s appeal
Scottish independence: It is the English who should be on their knees, begging the Scots to vote ‘No’
Nigel Farage on Have I Got News For You: Ukip leader ridiculed over expenses and party 'fruitcakes'
Refugee facing deportation from Sweden saved by fellow passengers refusing to let plane leave
- 1 Poveglia: 'World's most haunted island' up for auction...is anyone brave enough to buy it?
- 2 Refugee facing deportation from Sweden saved by fellow passengers refusing to let plane leave
- 3 Naked yoga: the bare truth - it's already big in the US, and has now landed here
- 4 24 people applied for the 'world's toughest job', here are their interviews
- 5 Scientists warn we've hit 'peak beard': The more people grow facial hair, the less attractive it is
iJobs Money & Business
£40000 - £50000 per annum + BONUS + BENEFITS: Harrington Starr: A leading, Cit...
£35000 - £50000 per annum + Bonus + Benefits: Pro-Recruitment Group: You must ...
£45000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: Corporate Acti...
£350 - £400 per day: Harrington Starr: An opportunity has arisen at a FCA regu...