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The remaining investors in WYG had a torrid time of it this week as it published the terms of its (latest) debt-for-equity swap, which saw them lose more than 85% of the value of their shares, alongside a separate effort to raise 拢30m and put the company on a sustainable financial footing for the future.

Accordingly the firm鈥檚 shares lost three quarters of their value between Thursday night and Friday morning, when the news was announced. And they鈥檝e continued to fall since, with the 1.71p price on Monday giving the 拢150m-turnover firm a market value of just 拢1.3m. They鈥檝e now lost 99.97% of their peak value.

The City doesn鈥檛 like debt-for-equity swaps because investors bear the brunt of whatever problems have forced the firm into that situation. This time the banks themselves got just convertible shares, meaning they also give up ownership (at least for the time being). However, after the credit crunch hit, many firms were forced into similar actions - most notably a number of the major housebuilders, to the point where it became relatively routine.

Chief executive Paul Hamer has been credited with a near-miraculous turnaround of the firm, securing the bank support that made the first debt-for-equity swap possible.

WYG鈥檚 most recent city update said it had lost 拢29m in nine months, on revenue of 拢122m. It still has a good name, and plenty of customers, but there鈥檚 no life鈥檚 looking bleak for its original shareholders.