Yellow Pages group Hibu's shares slide on warning

AP News
Posted: Sep 19, 2012 8:01 AM
Yellow Pages group Hibu's shares slide on warning

LONDON (AP) — Hibu PLC, the publisher of the Yellow Pages directories, loses a third of its market value after it warned that restructuring could leave investors with worthless shares.

Shares were down 34 percent at 0.45 pence in midday trading Wednesday in London.

Hibu, formerly known as Yell Group PLC, is working to build up its digital directories and services but the print sector remains the largest but fast-dwindling part of the business.

The company said it was having "constructive discussions" with lenders, but said some options being considered "may attribute little or no value to the group's ordinary shares."

Hibu operates in Britain, the U.S., Spain, Argentina, Chile and Peru, and had revenue of 1.6 billion pounds ($2.6 billion) in the year ending March 31.