Shares in Yell Group Plc fall 56 percent after the phone directories company says it is considering options that may result in a dilution of existing shareholders' interests, as part of a capital structure review.
"Basically what the company is saying is that the equity could be worthless," Panmure Gordon & Co analyst Alex Degroote says.
Yell's shares, which have lost over three-fourths of their value in the past 12 months, are trading at about 1.21 pence on Wednesday morning.
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