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Some investors complained of “daylight robbery” after Bowers explained that Hibu UK, a subsidiary of hibu Plc, had withdrawn funding to the group, which led to the directors calling in administrators.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.
- 1 Toddler throws a tantrum at the White House – in front of Barack Obama
- 2 Irish people are travelling home from all over the world so they can vote to legalise gay marriage
- 3 Picture of couple posing with beached dolphin 'that later died' causes outrage
- 4 16-year-old girl beaten and burned alive by lynch mob in Rio Bravo, Guatemala
- 5 Witch doctor arrested after forcing newborn baby to walk in Indian village
Toddler throws a tantrum at the White House – in front of Barack Obama
Maryland mother found pushing her dead child on a swing in a playground
16-year-old girl beaten and burned alive by lynch mob in Rio Bravo, Guatemala
Picture of couple posing with beached dolphin 'that later died' causes outrage
Nicola Sturgeon did want David Cameron to win the general election, report concludes
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
Report finds that Britain's wages are the most unequal in Europe
The day that Britain resigned as a global power
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
Gay marriage 'Bert and Ernie' cake bakery found guilty of discrimination in Northern Ireland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...