Slow-motion train wreck of a company HIBU has dropped 8.4% today at the time of writing.
If made an announcement on Fri 24 May at 4:52 pm. Announcements made after-hours on a Friday can be ominous, and this one is no exception. Management score “bonus” points for releasing it just prior to a bank holiday. Here’s the gist of their announcement (emphasis added):
the release of its financial information for the full year to March 2013 is now intended to be made on the same day as the announcement of the agreement on the principal terms of the capital restructuring … no material change to the operating performance of the business from the expectations previously communicated …
currently in default under the 2009 [debt] Facilities Agreement … The default can only be waived by the unanimous approval of all 2009 Lenders. As this is not considered likely in the current circumstances, a waiver request for this default is not being made. … A number of capital structure options are being considered and the Group confirms that the announcement of the chosen option will likely state that there is little or no value attributed to the Group’s ordinary shares.
The market has taken the news badly, although I don’t there’s anything in there that changes anything. Shareholders were pretty much hosed before the news, and they continue to be hosed now.
How much longer until checkmate, I wonder?