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You can find the current article at its original source at http://www.guardian.co.uk/business/nils-pratley-on-finance/2013/jul/25/hibu-disappears-stock-market-yellow-pages
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Hibu: farewell to the business formerly known as Yell | Hibu: farewell to the business formerly known as Yell |
(2 months later) | |
Farewell, Hibu, we hardly knew you. Some 14 months after the change of name, the business formerly known as Yell is disappearing from the stock market. A debt-for-equity swap will eradicate current shareholders and leave creditors as the new owners of the Yellow Pages publisher. It has been a mighty fall. In 2007 Yell was a member of the FTSE 100 index worth £5bn. | Farewell, Hibu, we hardly knew you. Some 14 months after the change of name, the business formerly known as Yell is disappearing from the stock market. A debt-for-equity swap will eradicate current shareholders and leave creditors as the new owners of the Yellow Pages publisher. It has been a mighty fall. In 2007 Yell was a member of the FTSE 100 index worth £5bn. |
The capital restructuring, as chairman Bob Wigley coyly describes the shareholder wipe-out, gives Hibu and its 12,000 staff a chance to discover if co-existence with Google is possible. But the amazing part of the tale is how management thought the task was possible while carrying debts that peaked at more than £4bn. | The capital restructuring, as chairman Bob Wigley coyly describes the shareholder wipe-out, gives Hibu and its 12,000 staff a chance to discover if co-existence with Google is possible. But the amazing part of the tale is how management thought the task was possible while carrying debts that peaked at more than £4bn. |
In November 2007 former chief executive John Condron spent £800,000 of his own money on Yell shares at 416p. Investors who follow directors' purchases, take note: sometime the insiders are the last to notice the earthquake. | In November 2007 former chief executive John Condron spent £800,000 of his own money on Yell shares at 416p. Investors who follow directors' purchases, take note: sometime the insiders are the last to notice the earthquake. |
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