Hibu

Hibu, a most peculiar EGM, and RBS

In a previous blog post on the 28th Nov I discussed Royal Bank of Scotland (RBS) and the "unacceptable face of banking". It mentioned the case of HIBU, where RBS was one of the lenders, which had just been put into administration thereby apparently thwarting the calling of a General Meeting (EGM) by shareholders and the appointment of new directors. This was similar to the case of Torex retail some years before. In fact the HIBU EGM did actually take place but ...

RBS, Hibu and the unacceptable face of banking

There have been extensive media comments lately on the activities of the Royal Bank of Scotland in lending to smaller businesses, and what they did when those businesses got into financial difficulties. The articles printed focussed on two reports on the activities of RBS - a report commissioned by the bank by Sir Andrew Large, and one by Lawrence Tomlinson* who acts as a consultant to the BIS Department. Both reports, but particularly the latter one, were quite damning about the ...

Problem companies – Hibu, Vicorp and Avia Health Informatics

News today on three companies in financial difficulties. Hibu (formerly Yell) have announced that they have received a requisition for a general meeting of the company, which they apparently intend to convene. They reiterate that shareholders will get nothing from their proposed restructuring where the debt holders will gain overall control and state that the board “is unanimously of the opinion that the proposed resolutions are not in the best interests of Hibu and its subsidiaries nor its key stakeholders including ...