What is happening was slowly going up, past week down 25% Good entry or further down.

I hope the Septics get the $700 billion loan through in the next few days otherwise I can see the FTSE tanking.

Yell asks lenders to back debt term amendements

Harry Wilson, 20:24, Monday 14 November 2011

Yell has asked its lenders to agree to amendments on the terms of the directories' company's 2.6bn debt pile as it looks at way to reduce and refinance its burden.

A lenders memorandum sent out on Monday by Yell set out a series of proposals, including a debt buy back and increased flexibility on its loan covenants designed to help it reduce its indebtedness.

Lenders have been asked to agree by the end of the month to give the company 20pc of headroom on a net debt-to-earnings covenant until 2014 so that it will have more flexibility to refinance its loans with new bond issues, including sales of high-yield debt.

As part of its plans, Yell wants to buy back 108m of its loans at a discount to their par value in order to cancel them and reduce its debt pile. This process is expected to begin immediately if, as expected, lenders agree to the amendments to the loan terms. They will then be asked to declare the price at which they are prepared to sell Yell's debt.

"Yell's new strategy offers real opportunity for value. Yell is building a unique position in the online market, with real potential for growth and cash generation," said Neil Woodford, a fund manager at Invesco (NYSE: IVZ - news) , a shareholder in Yell.

Last week, Yell reported its interim results for the six months to the end of September, which showed a 12pc year-on-year decline in revenues to 787m.

Revenues from its core print directories business fell by nearly 20pc to 551m, while its digital services operation reported a 149pc increase in revenues to 63.6m.

Mike Pocock, chief executive of Yell, described trading conditions as "increasingly difficult", but said the company's performance was "in line" with expectation.

Yell shares closed up 2.9pc at 3p

i havent looked properly at yell for a few months - i am just amazed they are still trading from their reading hq (if they are still there) - the debt pile will not go away and what a disaster the spanish acquisition was - far too much paid even then - then everything started going wrong - and the yellow book - handy for propping a door open.... i like the comment above 'inline with expectation' lol - good job he didnt set his sights high or even more bother - cant see anyway out for dell despite various rumblings - if lenders dont play ball thats it game over surely - yell got caught on the hop a while back and still paying for it - if they get out of this be nothing short of a miracle - last i knew there employees extremely fed up - gl to anyone in or considering

typo above not dell but yell!!

sp up 58% today is YELL coming back from the dead?

15/11/2011 BUY Bob Wigley purchased 2,610,000 shares.

Yell announces that its Chairman, Bob Wigley, has today acquired an interest in Yell's senior debt of US$ 1million face value for an amount of approximately 200,000 and bought 2,610,000 Yell shares in the market, at a price of 0.0385 representing 0.11% of Yell's issued share capital. This takes his holding in the company to 3,147,407 shares, representing 0.13% of Yell's issued share capital.



Bob Wigley said:

"When I became Yell's Chairman, I was convinced that, with the right leadership, Yell's business had huge potential and that it could manage its debt structure. Having now recruited a world class management team and finalised exciting plans to realise that potential, I am convinced about the strength of the company. I am now backing my conviction by making a further substantial investment in the company."

Incredible.

Missed this and premier. Any company that crashes I will buy, for the director buys. Lol

15 Nov'11 - 09:24 - 69 of 90 edit
YELL 4.10p +0.60p
Large volume this morning 12M, on news of company trying to buy back some of its debt and renegotiate loan terms ...........

guardian.co.uk, Monday 14 November 2011

Yell seeks to buy back debt and renegotiate loan terms

Yell Group, the telephone directories business struggling under a 2.6bn debt pile, is hoping to spend 160m buying back its own bonds and is looking to renegotiate the terms of its loan for the second time in two years.

The Yellow Pages borrowed heavily to fund European expansion but has seen its print revenues decline steadily against tough competition from Google. As chief executive Mike Pocock attempts to turn Yell into an online business, and revenues continue to decline, the company is in danger of breaching covenants unless lenders agree to increase headroom.

The company said in a statement to investors: "None of the alternative strategies available, for example running the existing business for cash or selling off part of the business, provide any real chance for Yell to be able to repay its debt.

"In each of these alternatives, given its dependence on print, the business remains in terminal decline with major adverse consequences for cash generation and for the ability to raise new capital."

Yell said on Monday it would meet the 31 December covenant test, when debt must be no more than 5.99 times pre-tax profits. Earnings stood at 513.6m at full-year results in March, meaning its debt at the time of 2.77bn gave a debt to earnings ratio of 5.38:1.

The covenant has already tightened sharply from June, when it stood at over 7.50:1. By Christmas 2012 it is due to drop to 4.85:1, before ending at 3.66 in June 2014, when the loan is due to be repaid. Yell is asking for headroom of 6.25:1 this December, 6.00:1 in December 2012 and 4.50:1 by June 2014.

Lenders are being asked to approve the plan by 30 November. For the plan to be agreed, two thirds of lenders by value must vote in favour. As a carrot, Yell is promising that if leverage exceeds 4.60:1 by March 2013, lenders will receive a fee of 2% of their holding.

The company is also offering to increase the amount it spends buying back its own corporate bonds by over 50m to 159.5m, and to reduce its revolving credit facility to 30m from 173m.

Pocock was hired to run Yell at the beginning of January, joining chairman Bob Wigley, a well known city dealmaker and former head of European operations at Merrill Lynch. Wigley steered the company out of immediate trouble in 2009, helping to reduce debt from 4bn in 2009 with the help of a refinancing and a 660m cash call.

Long-standing chief executive John Condron left in 2010, after 30 years with the company. He led the company through its demerger from BT in 2001, and a period of international expansion and private equity ownership under Apax Partners, after which Yell joined the stock exchange.

lol what a day here!!! amazing - i did note the director buy price was only 3.85p though - i would imagine this buy was factored into his package with yell - nice publicity stunt - clever in fact - gla

only chance here is ms involvement imo

dc htt still cheap lol

seriously that is not a tip just a joke - i bought there today more out of curiosity then anything else - but it is a strange share thats for sure!

sp moving up perhaps bank debt re-negotiations will prove successfull.

At long last; announcement just released that debt re-purchase starts tomorrow.

Perked things up a bit.

Todays adquisition marks a new way of thinking on management to become a leader in the emerging local eMarketplace, and improved their own website on need of that.

Yell acquires Moonfruit for £18m

Yell has confirmed the acquisition of Moonfruit Limited, the UK DIY website and online shop builder.

The total cash consideration for the acquisition is approximately £18 million, funded out of Yell's cash reserves. Retention bonuses of up to £5.2 million will be paid to key Moonfruit management after two years, provided that they remain exclusively employed by Yell.

The deal is a significant move in Yell's ongoing transformation from its established position in providing print and online advertising for small and medium-sized enterprises (SMEs) to become a leading player in the emerging local eMarketplace.

.

Another one down the pan, would think I will be dead and buried before this recovers if it ever does!!! A bit less for my family to inherit more to the point a lot less for me to enjoy whilst here.

it never ceases to amaze that so many of you guys are perpetually caught like rabbits in headlights .... the warnings here (and elsewhere) have been signalled loud and clear for months, but still you hang on to your shares as if they are liferafts ..... for goodness sake, if it's not already too late, learn to bite bullets as well as to bank profits

.

sp 1.45 pence - Yikes! (=that's four for sixpence.)

cynic - while I don't hold this skinned rabbit, I think I understand my own motives with other buys. We Brits like to support the guy, who against the odds wins through. We distrust the man that is Success all through life, believing he's ill-equi to deal with disaster "when" it befalls.
-The Logic in buying Yel is simple - kick the backsides of Dirs, so they know there is no tomorrow - they should be on 4-months' notice and others should be prepared to jump-in. It's not a difficult business to understand and that advertising has gone into the Internet should be seen as an opportunity for YEL to cut costs and do likelwise......sure I know they have a website, but it's DULL- certainly not a bright yellow, representing the dawn of a new age. Indeed it's much like a printed copy without the convenience of being able to stand on it (Remember the ads?).
+They should do a series of viral ads and IF they want my input, pay me for the next phase of their campaign.... which will be surprisingly cheap. (there's a thought!)
A modest fee (20% of Boards Gross salary) and a bonus based on the sp rise ( in a year's time) will do nicely.... and if shareholders vote for it, I'll stay on as chairman untill my ideas too become overtaken...in 9years, maybe.

However, I suspect this bunch of old-fathers are Dull enough to believe the Market will rescue them and someone will come and offer £1 a share and they will retire in Glory.
-This is reminiscent of Woolworths, where the 14 Directrors couldn't even be bothered to visit their stores on a weekly basis (ideally staying there!), so they were out of touch with the buying Public. (I lost a "small car" on WLW).

Sadly YEL punters take the same view as Dirs....and are hoping Markets+Directors (and their hangers-on) will have a really good recovery, back to levels 5-years ago. But the truth is that no-one needs YELL - folk use the internet search which isn't YELL and their purchase of Moonfruit (Web design, DYOR), shows they haven't understood the solution to the problem.

Recovery?
Some hope.