Anyone who thought yesterday's announcement of an agreement with its bankers would end the volatility in Yell's share price will have to think again.
After an initially positive reaction to the news yesterday - more than 300 banks had to back a restructuring of the Yellow Pages group's loans - the company's shares slipped back by the close.
Today they have dropped another 20% - down 9.73p to 40p - as investors digested the implications. Yesterday's deal paves the way for a £500m rights issue, perhaps to be announced with its half year figures next Tuesday. But there is now nervousness about the details of the cash call, and whether it will be enough to see the company through. It does, after all, have around £4bn of debt, even if some of the terms have been relaxed under yesterday's deal with its bankers.
