HIBU – still bad

HIBU issued an RNS today, sending shares up 3.6% to 0.29p. HIBU announced that it will pay off the 2006 creditors at 39% of face value on 11-Dec-2012. However, the 2009 debt remains, and the critical wording is:

As previously stated, a number of capital structure options are being considered. The Group can confirm that the options being considered are likely to result in little or no value being attributed to the Group’s ordinary shares.

So the news does not benefit HIBU shareholders, and a positive reaction to it is erroneous.



About mcturra2000

Computer programmer living in Scotland.
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