Updates

Yell

December 2009

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Yell has proved the doubters wrong and completed a placing and open offer to raise Â£660m before expenses (Â£575m net). Half the money is being raised through the placing and the other half through an open offer on a 1-for-1 basis, both at 42p.The new money has enabled Yell to revise its bank covenants, extend debt maturity through to 2014 and gives it 20-30% headroom on covenants at reasonable terms. Debt after the fundraising drops from Â£3.8bn to Â£3.2bn and is expected to reduce the ratio of net debt to EBITDA in FY10 from 6.5x to 5.2x.Together with the placing, Yell released its interims, which indicate that current trading is stabilising. Q2 organic revenues and EBITDA fell 16% and 24%, respectively, slightly&nb ...

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Education Development International - Forecasts upgraded again

Zetar

Yell (February 2010)

Yell - Outlines plans to raise Â£500m (October 2009)

Yell (August 2009)

Yell (June 2009)

Yell Group - Rising on high volume (April 2009)

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