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[Article] UK bus company has shares drop 97%

10-06-2004 5:41pm

#1

Victor

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http://www.breakingnews.ie/2004/06/10/story151639.html

Henlys stock down 97% after delistment talk
10/06/2004 - 10:12:47

Shares in UK bus and coach company Henlys lost nearly all of their value today after the board warned the shares would be delisted.

The move is part of a planned financial restructuring that would leave the stock virtually worthless.

The board intends to apply for the shares to be delisted once the restructuring goes through.

Henlys share price hit 600p four years ago but it has been dogged by problems ever since.

Losses at its US bus division Blue Bird have been compounded by the collapse of its Transbus joint venture with Mayflower this year.

A statement issued to the London stock Exchange today said: "The board's aim is to achieve a restructuring which preserves the group's principal operating businesses in North America.

"Due to the concentration of debt at the parent company level, it is likely that any such restructuring will involve a substantial dilution of shareholders' interests and attribute little or no value to the company's shares."

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