glad most of us got out when we did - big dip down to 68p today!
glad most of us got out when we did - big dip down to 68p today!
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Yep, but its tested new highs like it did with 59p.
Gonna be dangerous trying to call the bottom of the drop however.
RI on its way - think this was called earlier in the thread
http://news.bbc.co.uk/1/hi/business/8270300.stm
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Yeah i knew it wouldnt take long. Slap myself on the wrist for taking profits slightly to early, deffo dont wanna be around for this though.
im quite tempted to get back in - if this falls into the 40/50p range im jumping on! (hopefully ntg will have sorted itself out by then so i have some capital!)
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no - i sold out when this hit 80p. i figure the RI will drive the price back down to under 50 - thats the time for me to get involved.
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Thats what i mean... are you saying getting in on the dip of talks of RI and then being involved in the RI.
Or waiting for the RI to be done and dusted and jump on the train on the way back up.
Im option 2. Going to have to keep a close eye on this once its all said and done.
ok, heard a rumour that yell is going to be making an announcement in the next few days.
IMO, only 1 of 2 things could be said.
1) details of rights issue -> share price goes down due to dilution
2) announce a debt restructuring plan -> share price goes up.
anyone heard anything similar or completly different?
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I think news might have leaked regarding the refinancing, SP has gone crazy
İlubber Lang
CHAMP19NS
well, i just got back in at 48p.
Thu, 29th Oct 2009 12:42
By Tom Freke and Zaida Espana
LONDON, Oct 29 (Reuters) - A 500 million pound ($822.2 million) rights issue for British directories company Yell may be delayed until 2010 if Yell has to go to court to force lenders to agree a refinancing package.
Yell said on Thursday it had given lenders an extra day to sign up to amendments to its 3.9 billion pound bank loan, and may otherwise begin court proceedings to clinch a deal via a scheme of arrangement, which would take several weeks to arrange.
'Most probably we will go down the scheme of arrangement route and we won't be able to do a capital raising until 2010,' a banker close to the deal said.
Simon Whittington, an analyst at UBS, said in a note the lender approval process could run into the new year, delaying the equity issuance.
About 90 percent of lenders by value supported the proposals, Yell said, short of the 95 percent required.
The extension, to 1700 GMT on Thursday, is the third Yell has offered its lenders, who need to approve changes to the loan so the company can issue shares and reduce its debt.
Shares in Yell, battling an advertising slump and a structural shift from print to online publishing, have fallen more than 20 percent this week, and at 1141 GMT were trading at 45 pence, almost 3 percent lower than the opening price.
Under a scheme, which would need to be approved by a London judge, lenders would be asked to vote again but the company would require approvals from only 50 percent by number and 75 percent by value of those that vote.
'We are now very near the point where the board may have to draw a line under the current process and move to a scheme of arrangement,' John Davis, chief financial officer of Yell, said in a statement.
Yell would also have to seek a loan waiver to avoid an event of default, several bankers said.
Debt-laden listed companies, such as Ladbrokes and Barratt Developments, have sought hundreds of millions from equity investors in recent weeks. However, there are doubts about how long the flow of money will last.
CORRAL CREDITORS
Yell has a large group of creditors, comprising about 300 different banks and funds.
Some funds have rules that prevent them from recommitting capital, meaning they cannot agree certain amendments to loan terms.
Yell said on Thursday about 3 percent of its lenders could not agree to the proposed loan changes.
A scheme of arrangement is one way Yell can overcome these 'hold outs', restructuring experts say.
'Schemes are a well established and powerful restructuring tool,' said Richard Tett, a
restructuring partner at Freshfields Bruckhaus Deringer. 'The downside is that the process involves court hearings and lengthy documents, so it typically takes two to three months and can be quite expensive.'
'Where there is a diverse lending group it can be difficult to corral creditors into a deal,' said Phil Bowers, a restructuring partner at accountancy firm Deloitte.
Bowers said options such as a scheme of arrangement -- or, in more extreme circumstances, a company voluntary arrangement or pre-pack administration, -- can be used to encourage lenders to back a deal.
'A consensual solution is the aim but a robust 'plan B' can be useful to help such a deal come about,' he said.
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i think maybe a week of rises before an RI is announced (IMO)
NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE
UNITED STATES
YELL GROUP PLC
UPDATE ON COMPREHENSIVE REFINANCING PROPOSALS
Yell is pleased to announce that it has received acceptances in excess of the 95% threshold required as part of its refinancing proposals.
Yell now intends to continue with the second, inter-dependent part of its comprehensive refinancing proposals which, as announced previously, is the intention to raise at least £500 million of equity. The company plans to approach its major shareholders and announce details of the equity raise as soon as practicable.
John Davis, Chief Financial Officer of Yell, said: "We are delighted that our proposals have been so overwhelmingly approved. We have over 1,000 lenders' commitments, and collecting their acceptances has been a huge logistical exercise. We are naturally very grateful to all our lenders for what is virtually unanimous support and look forward to announcing details of the planned equity raise in the near future."
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Anyone still playing the yell game? im quite excited about this one (mid term)
highlights of recent RNS
* Announces a fully underwritten share issue by way of a firm placing
* To raise gross proceeds of approximately 660 million pounds
* 330 million pounds will be raised, gross of expenses, through a firm placing of 785.9
* 330 million pounds will be raised, gross of expenses, through a 1 for 1 placing and open offer
* Issue price of 42 pence per new ordinary share represents a 12.5 percent discount
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bring back an old thread, but since i bought back in november, and after the RI, yell was sitting at about 40p for absolutely ages and hasnt moved. Now, brokers have upgraded them to "stable" since they seem to have sorted their debt position (temporarily) and over the last few days have gone from 40-53p (30%). anyone else still in? im not sure whether to walk away, or stay in for the long term. is my money better off elsewhere?
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