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our manifesto

11/11/2013

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Hibu Shareholders Grouping Limited (HSG) members have requested that a General Meeting of 
shareholders in hibu PLC be held and this is to be held on 4th December 2013 in Reading.
This meeting is asked for so that many of the questions which have been in the minds of 
shareholders can be answered by the present board of directors.
Shareholders have not been fully informed of what has been going on in relation to the affairs of 
hibu PLC or other Group companies.
They are informed that there is no option but for a scheme of reconstruction to be completed which 
will cause hibu PLC to enter into administration as insolvent and similarly some other group 
companies but a new holding company will be formed and trading continue under the control of 
creditors of the Group.
These proposals, which have not been fully explained, will not provide anything at all for existing 
shareholders in hibu PLC.
It may be that there is now no option but to follow the route which the present directors have 
embarked upon after making massive write downs of value of intangible assets and failing to meet 
covenants with creditors.
HSG, in ignorance of the true facts, has 10 members standing for office as director of hibu PLC at the 
General Meeting and the board of hibu PLC do not think they are sufficiently experienced to take up 
office as non-executive directors but, in case it appears to hibu PLC that it is likely that a material 
number of them will be appointed then it is expected that hibu PLC will be placed into 
administration.
The HSG candidates have said that it is not their intention to delay, obstruct or interfere with the 
proposals which have already been made and they are perfectly well aware that if hibu PLC is 
insolvent they must act in the interests of all stakeholders, including all creditors and employees.
The HSG candidates are not intending to delay or prevent the implementation of the Financial 
Restructuring but they are intending, within whatever is proposed for that, to ensure that they :
1) Investigate fully, and try to understand, the actions of the Board which have so catastrophically 
destroyed the company’s creditors’ and shareholders’ value. 
2) Examine, and try to understand, the proposed Financial Restructuring and the processes 
undertaken by the Board to verify that all potential restructuring options were indeed considered 
and investigated thoroughly for the benefit of all stakeholders before the present proposals were 
adopted.
3) Protect the positions of the Groups employees and pension holders in any proposed actions in 
relation to restructuring.
4) Retain and appoint (as necessary) capable and experienced executive and management teams to 
move the Group forward and implement where practicable strategies which have been placed on 
hold by the current Board.
5) Consider, and potentially re-engage in discussions with the Co-com in an endeavour to secure, a 
long term funding strategy which does NOT exclude some stakeholders.6) Are open, honest and transparent in their communications with shareholders while accepting and 
discharging their legal responsibilities to ALL stakeholders.
7) Ensure that, if any irregularities or misconduct are found, the full weight of the legal system is 
engaged to pursue those responsible.
8) Work with the government and its advisors in keeping the Group as a global leader in the digital 
classified advertising marketplace.
To avoid perceived conflicts of interest HSG will appoint new Directors so that HSG can remain as an 
operational entity to seek the protection of shareholders in the future.
Hibu Group depends, for its future, upon all of its employees, customers, shareholders, suppliers and 
other creditors. Not one of these groups should be excluded from any considerations of the future of 
the Group to which the HSG candidates are so committed that they have invested a great deal of 
their own time and money in the hope that there is something left, after the depredations of the last 
couple of years, to salvage.
HSG candidates are not intending to try and rubbish the efforts of the present board of directors 
since they each have been appointed. Their results speak for themselves.
HSG candidates believe that IT IS IN THE BEST INTERESTS of shareholders as whole, employees, 
participants in the pension plan, customers, suppliers and creditors of all kinds for the HSG 
candidates to be appointed as directors of hibu PLC and they invite all other shareholders to vote for 
their appointment. 
Hibu Shareholders Grouping Limited. Incorporated in England and Wales no 8667752
Registered Office: Stanley House, Lowergate, Clitheroe BB7 1AD
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