Announcement

hibu plc

("hibu" or the "Group")

Announcement

Update

hibu plc would like to advise that 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.

There has been no material change to the operating performance of the business from the expectations previously communicated.

Capital Restructuring

Discussions with the Co-ordinating Committee of the Group's lenders are progressing and an announcement of the principal terms of a restructuring plan for the Group's debt will be made when appropriate.

Risk Statement

hibu's risks and uncertainties include strategic and operational risks faced by hibu's businesses; debt and financing risks faced in funding Group operations and the financial reporting and related risks faced in reporting hibu's results. Readers are advised to read pages 22 to 29, page 116 and notes 1 and 16 to the financial statements included in Yell Group plc's 2012 annual report (Yell Group plc changed its name to hibu plc on 27 July 2012) for the financial year ended 31 March 2012, a copy of which is available on hibu's website at http://www.hibu.com. 

The majority of hibu's debt matures in April 2014. The Group has been in negotiations with a Co-ordinating Committee of the lenders (the "CoCom") under its facilities agreement dated 30 November 2009 (as amended) (the "2009 Facilities Agreement") to represent the interests of the 2009 lenders (the "2009 Lenders") during the process of determining an appropriate new capital structure. The Group obtained certain waivers with, CoCom support, from the 2009 Lenders to enable, among other things, substantive discussions to take place around a balance sheet restructuring.

The Group is currently in default under the 2009 Facilities Agreement. The 2009 Lenders' facility agent may, and must if directed by two-thirds of 2009 Lenders, demand immediate repayment of all amounts due. 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. Notwithstanding this, the Group remains in active and constructive dialogue with the CoCom.

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.

About hibu

hibu helps communities thrive by facilitating millions of connections each year between consumers who want to find products and services locally and the merchants who provide them.

hibu helps consumers find local businesses and shop in new, innovative ways. Its dedicated online hibu markets provide comprehensive, convenient access to local goods and services. hibu helps merchants compete in the digital world with a broad range of marketing and commerce solutions delivered online and through hibu's direct sales teams. Building on its heritage as a premier directories provider, hibu continues to offer a full range of print- and distribution-based marketing services.

hibu operates in the UK, US, Spain, Argentina, Chile, Peru and US Hispanic markets. In the year ended 31 March 2012, hibu had 1.2m SME customers and total revenues of £1.6 billion.

For further information about hibu, visit hibu.com.

Enquiries

hibu - Investors RLM Finsbury

Andrew Clatworthy Andrew Dowler or Charles Chichester

Tel: +44 (0) 118 358 2838 Tel: +44 (0) 207 251 3801

hibu - Media

Jon Salmon

Tel: +44 (0) 118 358 2656