Angry shareholders in collapsed Yellow Pages publisher Hibu today won an important victory as they forced a general meeting to grill the board’s directors.
Hibu had to act after 5% of shareholders, the requisite amount, demanded the meeting but it is understood the dissidents, known as the Hibu Shareholder Group, have more support.
They are furious as their shares have been left worthless following debt-laden Hibu’s suspension from the stock market in July, while vulture funds are set to get a stake through a £1.5 billion debt-for-equity swap.
The board, whose chief executive Mike Pocock and chairman Bob Wigley have already announced they are quitting, said it was “unanimously of the opinion” that the meeting is “not in the best interests of Hibu” or its customers and employees.
The rebels are calling for the appointment of 10 new directors and demand Hibu’s directors reveal more about their decisions in the run-up to its collapse.