On Friday last week, the market value of Yell was 346 million pounds. On Tuesday the company revealed plans to raise 660 million pounds in new equity - and the share price went up. This is either a demonstration of the investment banker's art, as practised under Yell's new chairman Bob Wigley, or it's a realisation that the Yellow Pages business is not quite the dinosaur that so many suppose it to be.
The Great Debate UK
It's hard enough to persuade your bank manager to agree new terms for your overdraft, but when there are 300 lenders who are owed nearly 4 billion pounds between them, it's perhaps no wonder that Yell's refinancing seems to be taking forever.