Hibu shareholders preparing for legal action over 'unfair" treatment Approaches have also been made to Vince Cable, Business Secretary, to launch an investigation into the conduct of the board and the events surrounding the need for a financial rescue but there is said to be little enthusiasm or grounds for an official inquiry. A statement added: "We believe the company has deliberately and intentionally misled shareholders to believe the company was acting in their best interests." Chief executive Mike Pocock has told shareholders that the restructuring and debt reduction programme would enable the group to focus on consolidating its leading position in the provision of marketing solutions for its million small and medium sized business customers. Costly expansion over the past decade in a rapidly changing business directories market, ended in a crisis that has resulted in creditors including US private equity group Blackstone, Deutsche Bank and the George Sorus hedge fund effectively taking control. The deal has been approved by a group of lenders holding almost 40pc of Hibu debts but needs the formal approval of at least 75pc of creditors and legal clearance.