Often Partisan

BIH Share Placing/Deed of Novation Analysis

Birmingham International Holdings yesterday told the Hong Kong Stock Exchange plans to raise money by a combination of a share issue and two convertible bond issues along with a deal that would see Birmingham City’s debt to Carson Yeung wiped out.

Before I go any further I think it should be taken into account that I’m not an accountant or a lawyer; I’m working on information I have picked up from other sources plus my understanding of what has happened before and thus anything I say should be treated with a measure of scepticism.

This Document is 31 pages long. What does it mean in simple terms?

In simple terms, Birmingham International Holdings is doing what it can to ensure it has money in the bank (cashflow) and that immediately due debts are paid. It is doing this in three stages; firstly offering 1.26billion shares out to at least six independent parties at a price of HK$0.05 a share. This placing is fully underwritten, which means that the shares will definitely be sold (barring one huge caveat which I will come to) netting BIH HK$62million (around £5million). As the announcement states:

Given (i) the Group’s net liabilities position as at the date of this announcement, and (ii) the Group’s working capital requirement, especially in light of the cash requirements to maintain and run a football club in the Championship Division of a professional competitive football league, the Board considers that the Placing can improve the gearing ratio and strengthen the Group’s financial position and provide working capital to the Group to meet future development needs and obligations.

The company needs money to ensure it can continue the running of the football club and whilst I don’t expect any money to come this way from this announcement it reduces the potential for reliance on BCFC for funds.

Secondly, it has agreed a convertible bond with a company called U-Continent worth HK$50million which can be exchanged for a further 1.66billion shares, with a third stage to come as a second convertible bond agreed with the same company for a further  8.33bn shares which can be exchanged for HK$250million – both of these bonds maturing over the next two years. These are also fully agreed (also barring one huge caveat).

The huge caveat mentioned is that it has to be agreed by the shareholders in the company at an EGM on January 14, and by the Hong Kong Stock Exchange. Furthermore, if the shares are not relisted by the end of a 90 day period, the placing agreement falls apart and thus no money will be brought into the company and the debt of HK$28million will have to be repaid by other means.

The other part of the document deals with a “deed of novation” which will in effect wipe out the debt owed by the football club to Carson (which currently stands at around £15million) and convert that into shares owned in BIH in a “debt conversion bond”.

The debt to Carson being wiped out has to be good news doesn’t it?

One of the chief problems with anyone looking to buy BCFC has been the money owed to Carson. Any deal for the club was for the value of the club with the loan to be paid off on top; so with that removed it drops the price required for the club. However, it also makes the purchase of the club cleaner as the loan between Carson and the club is problematic; there is no paperwork for the loan and as detailed in a recent announcement the money that made up the loan didn’t come directly from Carson. Thus anyone looking to buy the club had the worry that even if this debt was written off someone would come looking for their money down the line; this deed of novation will negate that worry and “clear the slate” as it were – without the need for the club to go into administration.

This deal hasn’t been agreed in anything more than in principle as of yet – it has to be okayed with the Department of Justice of HK as the restraint order cover the loan and has to be agreed by the Shareholders at the EGM – so it’s not quite there yet. The announcement states:

The Company is in negotiations with third parties regarding a possible disposal of an interest (being less than a controlling interest) in BCP and/or BCFC (the “Disposal”). Against the backdrop of Mr. Yeung’s ongoing court case in Hong Kong, it has come to the attention of the Board that some potential buyers’ interest in BCP and/or BCFC are deterred by the financial links between BCFC and Mr. Yeung. By virtue of novating the Debt from BCFC to the Company, the value of the Company’s interest in BCFC to prospective buyers may be increased.

Which intimates that the sale of a part of the club is somewhere down the line. Before anyone says it, I’m almost 100% sure that doesn’t involve Gianni Paladini and I’m also almost 100% sure that any party looking to buy a stake in the club is probably also HK/Chinese based.

One thing that is of interest and maybe could be answered by Peter Pannu is how his “consultancy fee” will now be paid (if it is continuing to be paid) as at this moment in time it’s paid against the loan made to the club by Carson. If that loan gets wiped out and the consultancy fee has to be continued to be paid then it will need to be booked against something else – possibly the loan to the club from the holding company.

Who is this U-Continent who is investing in/lending BIH money?

We first saw U-Continent back in August and a search of the HK company registry showed it was owned by a BVI company called U-Continent Holdings. The announcement from yesterday states that “Yung Yue Zhou” is the beneficial owner, but this is clearly a typo as it goes on to state that Mr Yung stepped down from the board on June 4 2012 – which was the date Yang Yuezhou stepped down.

Not much is known about Yang. I met his brother in Shenzhen, PR China in August and whilst I wasn’t told much I was told that Yang had been looking for a listed vehicle in HK so that he could move into property investment. I am yet to be convinced that he has any interest in owning a football club any more than any of the other people connected to BIH are barring Carson.

Yang pulled out of the initial deals set up via his Inkatha vehicle back in August 2011 fairly soon after, investing in a company called Computech Holdings (08081) and enlarging that company into selling loans, and investing in fish farms. Interestingly, Yang divested his entire stake in Computech last month.

Will the Shareholders vote for this?

On the one hand, bearing in mind how badly people’s holdings are going to be diluted one would wonder if it would be akin to turkeys voting for Christmas. However, there remains the possibility that if this doesn’t go through the holding company could be in real trouble. I have sent messages to Liu Xingcheng (11.66%) and Vico Hui (4.21%), who are respectively the second and third largest shareholders in BIH currently for their views and will report back when I get a response.

Is this announcement good news for Birmingham City?

This is a complex question and I don’t think it’s a simple yes or no answer. On the face of it, it does seem to be good for the club in the short term as it should ensure the short term cashflow issues are resolved and it should ensure that the holding company’s finances are a bit more secure. However, for anyone looking for a return to British ownership of the club I think it’s bad news as it means that the club and the holding company are now less likely to go into administration (meaning it can’t be picked up cheap by someone here) and there does seem the possibility of further Chinese investment – some may view that as a bad thing.

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108 Responses to “BIH Share Placing/Deed of Novation Analysis”

  • BlueMac says:

    Please, for the love of all things Blues, not another Chinese/HK owner. Eastern owners seem to have developed a recent habit of trying to change the name or colours of football clubs.

    • Jack says:

      I don’t think it counts as a habit if one person does it.

      You might as well say that South African paralympians have a habit of shooting their spouses.

  • mark says:

    out of the flying pan into a even bigger fire never wish what you wish for just thought………………Carson come back…………..

  • kneesupmotherbrown says:

    thank you , almajir , for keeping us informed .

  • StaffsBlue says:

    Is Peter Pannu’s “consultancy fee” solely for Birmingham City football club, or BIH as a whole? If it’s a fee solely to do with BCFC, then, if the club is sold, does the consultancy and subsequent fee then stop and if not, does it matter to us who pays it?

  • chris says:

    though it sounds like Yeung’s debt being taken off the club’s shoulders is good news, i still think he will add that amount to the price he wants for the club.
    the fact he will get 1.4% more of the club does not equate to recouping that £15 million in a £30 or £40 million deal, so it won’t happen.
    I feel this is all about attracting an investor not new owners, with yeung still having the major vote, so the like of a british baed owner/investor standing for that scenario is none existent.

  • bluedean1875 says:

    I disagree with you Dan. I think this paves the way for a “clean sale of the club” as reported by Mr Knowles in yesterdays mail. The valuation of the club after all this is roughly £21-£31 million which just so happens to be the only bid on the table. Coincidence??

    • almajir says:

      Didn’t I say in the article it makes for a clean sale?

      • bluedean1875 says:

        Err no you said this and I quote “Which intimates that the sale of a part of the club is somewhere down the line. Before anyone says it, I’m almost 100% sure that doesn’t involve Gianni Paladini and I’m also almost 100% sure that any party looking to buy a stake in the club is probably also HK/Chinese based”

        part of the club and a stake in the club is not the same as a “clean sale” ie a full takeover!

        • almajir says:

          I don’t think you know what is meant by a clean sale.

          • bluedean1875 says:

            A bit patronising but here it is from the dictionary:- a clean sale ” a complete clear out of what was there before” a “clean break”. In fact no trace of BIH or any current investors/ board members.What’s your definition?

          • almajir says:

            A clean break from previous debts is what I meant Dean. The debt between the club and Carson was very problematic and if that can be binned it makes the club a much more attractive prospect.

  • glyn rees says:

    If the shares are only 5p then when they are re-floated(if they are floated) could an aggressive takeover not then take place. The other thing OP is why would anyone want to pump millions into Bihl it is not a going concern no matter how you look at it and that’s OP for putting it into simple term you must of been up all night Kro4ever

  • Mickey07 says:

    Amongst all of this rubbish thats carrying on out in the Hong Kong circus will there be any money to buy new players in jan??or will we have to go with what we have got??

    P.s. no more Chinese or Hong Kong owners please,just go away and never return to these shores please….

    • almajir says:

      Mickey – no,there will be likely no money for the club.

      • Mickey07 says:

        Well basically it’s “as you are then”,I can’t see any good news in any of this at all…it’s all very well sorting out all the nonsense in Hong Kong but if there is no money for new players in jan then what’s in it for us as fans and supporters??whats the bloody point?

        • chris says:

          The point is yeung keeps blues under his control and it will stay that way for the foreseeable future.
          this alloows him to get through to the summer when zigic, murphy, mullins and ambrose will be off the wage bill so the club / bihl will be more viable.
          It may also get him through to the conclusion of his trial and his aim will be to be back as chairman no doubt.
          Paladini or any other prospective buyers have no chance of buying the club except through an hostile takeover.

          • Big Bill says:

            And the “Carson staying in Control” thing is BAD news for those of us Blues Fans who want the chinese OUT of our club completely. This is yet another smokescreen to baffle everyone that everything IS and WILL be OK. Meanwhile we slip further down the table. The deluded person who thought he could set up Football Academies half way around the world, and then fill half (or more) of the Blues team with the best of them bit off more than he can chew. The legal and other costs of the latest 31-page document “adventure” will have to be found from somewhere. Any guess who will be paying to keep this joker’s dream alive? Rant Over. I Hope we get an English Buyer SOON.

          • almajir says:

            Can we have less of the casual racism please? Thanks

          • Big Bill says:

            Sorry gaffer. You are right to tick me off.

    • StaffsBlue says:

      I don’t think anyone really expects signings in January. But, I’d be interested to know if it stops us having to sell anyone?

  • Martin Grainger says:

    How many shares are already in existence? Looks like 10billion, rising to 20billion will be issued if this goes through. It sounds like an awful lot to someone who has no clue how many are already in existence.

  • zxcv says:

    Hi Dan thanks for that report, I didn`t realise the second bond was for so much, If the total for both is HK$300 million what would you think there total holding would be as a percentage.

    • zxcv says:

      ps Hk$300mill is about £25 million I think, would you consider that to be a lot if as you say they have no interest in owning bcfc. They could be the long term owners with that size holding.

      • Berkshire blue says:

        The second bond is quite interesting. If you look towards the end of the announcement you will see a table that shows that only a fraction of the bond is assumed to be converted to shares which I think is due to limitations on the size of the shareholding that the subscriber can hold. The question then is why is the size of the second bond and the maximum convertible shareholding associated with it (over twice the current number of shares in the company) so large given these limitations?

  • Art Watson says:

    Dan,

    It seems to me that the club is being set up to be sold to an HK buyer -do you know who the buyer is likely to be and timescales.?
    .

  • Paul says:

    ALL THIS IS MAKING MY HEAD HURT, SO BELOW IS A REMINDER OF HOW IT USED TO BE !!

    KRO

  • Atahualpa is a BlueNose says:

    Interesting developments.

    This announcement indicates that BIHL and not BCFC, are uppermost in CY’s thoughts at the moment. Whoever “borrowed” the money to Blues (the £15m), seems anxious to ensure it will not simply get swallowed-up with the fallout after CY’s court case is concluded.

    Even if BIHL have agreed to a partial disposal at this date, there is nothing stopping a provisional discussion having taken place for a full takeover once BIHL are on their feet again. They’re obviously looking for another cash cow and realise it is not going to be Blues. These organisations coming on-board, it’d be nice to know what they might be thinking as regards to BCFC. It is not in the realms of the improbable that CY may have ‘convinced’ a few folk that, in essence, the club is a solid investment and with some resources, could offer a great return if we got promoted to the EPL.
    He may have also explained that ideally, he would have wished to have been at the helm but that fate and destiny intervened. It’s a gamble, but one with odds that are not too unfavourable.

    With more big-hitters like Zigic and Mullins leaving next summer, the out-goings are absolutely minimal. Buying the club for £25m and investing £10-£15m over the next couple of years, why that sort of outlay could result in a return of £90-£100m per season if we were to stay up. How many would wish to hitch themselves to that wagon?

  • DoctorD says:

    You only have to look at the £900m that BT are paying over three years from 2015 to show Champions League matches in the UK to realise the enormous sums of cash sloshing around English football.

    But those pots of gold are distorting the game entirely — and it’s what makes people like Carson Yeung think that investing in an English professional football club is a sane idea.

    Having said that, I’m no fool — and if Yeung can persuade his pals to invest in our club on the basis that we might one day share in that huge wealth, who am I to complain?

  • Bluenosesol says:

    I understand that a party with a previous interest in the club had stated that contrary to popular belief, the last thing a prospective buyer wishes to see is the club in admin. This is due to the financial and commercial mire and the complexities in resolving ahead of a sale. in fact at a point whereby this party was interested, they would probably become disinterested if the club went into admin!!

  • ...sappy sad says:

    …………..so B.I.H.are now safe for a while so everything is alright ….the major asset in this whole farce is Birmingham city football club….we the fans are sick of wealthy people talking big and ending up failing for one reason or another, so what about the biggest asset what has been done in this agreement for Birmingham city f.c..and Birmingham city,s biggest asset the team ,..POLLYANNA CHU…are you big enough to take this club and make it as big as Manchester united ,…..you are a billionaire but can you succeed where men have failed ..I challenge you buy this club …..make 50,000 fans love you ,…..

  • TonyE says:

    Please no more Chinese/Hong Kong owners and also no more Pannu. Who in their right mind would purchase 25% stake in the club and presumably allow these remarkably astute business men to continue running it…into the ground.

  • Mario says:

    “New” owners coming soon or the same in different clothes????!!!

  • Frankie says:

    Looks like Carson has protected his interests somewhat, with this mythical ’15 million loan’ being ‘converted.
    I have always been mystified as to when (IF) this loan was made to Birmingham City and what is so it was used for.
    No documentation AGAIN ….

  • mark says:

    Been saying it for a long time!

    The eventual investors will be associated to him even if in the outset we are not aware of it at some point later on he will be linked to them and furthermore regain full control of our club.

    Its just a big fit up to avoid administration and stop him being sacked off by the football league.

    The only chink of light is our club won’t need ten more points to stay up and may be able to sign some players for actual money in January!!

    • StaffsBlue says:

      It’s good that we won’t ride headlong into admin… but money to buy players? I can’t see it. Maybe the odd £50-100 grand, but what will that buy? Not anyone better than we have.

      I think, with Will Packwood staying at Bristol Rovers until January now, we won’t be reverting to 3 at the back anytime soon. On a positive note, Dariusz Dudka did well for the development side again and apparently, scored a cracking half volley. I’m hoping he’ll be fit enough for the Blackpool game.

  • The Francis Fake says:

    I think it is important to understand the motives of the individuals involved in the proposed transactions. Nobody in their right mind writes off £15M unless they have no other alternative. I would imagine that CY is facing a situation whereby BIH would be faced with administration and he loses everything unless he agreed to such an arrangement. If this goes through the required approvals then he still holds a shareholding above an important threshold of 25% in BIH. It appears that the re-listing of BIH is a key factor to these arrangements and possibly to any sale. A re-listing can only be possible when all the accounts have been submitted, however, these have been delayed due to the weak nature of the financial position. I would think now that these new arrangements can be included in the accounts that it improves the likelihood of a re-listing.
    You have to ask why any individual or entity would want to invest into a “busted flush” like BIH. It seems unlikely that the individual involved here is not motivated by owning a football club over the longer term, therefore, he/it must perceive that on conversion of the convertibles into shares that he can make a profit on the shares from a future sale.
    I personally am pleased that we are less likely to go into administration as I feel this would lead to certain relegation, but, if the shares aren’t relisted I think we will definitely go into administration. BCFC is definitely more saleable now that CY’s £15M as gone and that has got to be a big positive.

  • Peter bates says:

    If there is no money going into bcfc from bih then why cant the club go into administration becauze we are allegedly broke with no assets left within the club

    • almajir says:

      Because that isnt how administration works, basically. We’re paying the bills. Until we can’t pay the bills any more, we will remain out of administration

      • Bluenosesol says:

        Dan, so we may have eradicated our debt, but with Ziggy’s wages at £65k a week, all our other players wages and all other outgoings,and the ST money already spent, we dont have a war chest and hence we could be forced into admin if we outspend our income?? Our outgoings must exceed £1.5m per month??

  • StaffsBlue says:

    With CY’s debt now gone… we don’t owe anyone anything… and we’re obviously making enough to tick over week to week, so why would we go into administration? Surely, you have to have huge, crippling debts to be forced into admin? Or maybe I’m way off the mark.

    • steve says:

      I understand what you’re saying Staffs,but if that was the case only CY could have put us into administration. I don’t think that would have happened. If admin was such a big threat,who else could send us into it ?

      • StaffsBlue says:

        As we don’t owe anyone else, there was never any real threat of admin imo. As I said, you have to be in a lot of debt to be forced into it.. i.e. the Taxman.

        • steve says:

          There is a piece in the Daily Mail saying the the money raised from the share issue is to pay off all debts.

    • chris says:

      Staffs, businesses or individuals can apply to the court for a ‘winding up’ petition on a company if it can’t pay, fails to stick to a payment plan or refuses to pay its debts of more than £750.

  • gerard says:

    can you clarify re re listing of shares -90 day period-when this start and expire -from which date to which date, look forward your reply to my e-mail thanks

  • StevieW says:

    Guys just remember as Dan says this is an agreement in principle not a cast iron cert.

    As always with our beloved club something as straight forward as this never happens.

  • Bluewave says:

    With all of this talk of Blues needed to be purchased / taken over / new owners. I like to think that Birmingham City FC is put into the hands of football people. Such as our old boy wonder, Trevor Francis. Did he not say when he left Blues he would come back one day in some capacity, to run / own the beloved Blues? I know its wishful thinking, but Trevor would be a great figure head chairman for us, heading a board of big investors. Just like Neil Quinn did for Sunderland a couple of years ago. The fans would relate to Trevor and he would ensure the board have the best interests in ensuring Blues become a force, it should be in football. Come on lets see if Trevor would consider this? What does everyone think?

    • almajir says:

      No chance mate, he hasnt got the money

      • Andy says:

        Would anyone really want TF as owner/chairman. He was a footballer 30 years ago but certainly not a business man since. I think that if we do ever shake off our buddy Carson that we would be better served with some actual business minds like when the Golds and Sullivan came in during the 90s….. But us beggars can’t be choosers now, can we! KRO

  • Euston 9.18 says:

    BLUES I think have had new owners for months.

    Where has the money for Caddis & this Polish midfielder come from ?

    Investers …Mmmmmmmmmmmmmmm !!!!!!!

  • Gary says:

    When was reading about this last night I thought some good news at last then I come in from 13 hours at work to read nothing will actually change I’m totally sick & tired of the whole thing now I can understand why a lot of fans are staying away it’s just one big pee take of blues fans don’t think we will ever be rid of these idiots that have dragged our club to its knees.

  • Mario says:

    It’s time to boycott the club I’m afraid to say. This stinks yet again we are being conned the gambler will never release the club from his little mitts. There will be no new owners this is all another smokescreen and Carson will still own this club and pannu will still be here in two years time

  • Chris W says:

    Firstly Dan, thanks for condensing the original document and putting it into simple terms we can follow. You either have some very good friends to call on for help or are truly a sage.
    The loans to CY being written off have to be good for BCFC or are their some underlying motives behind his reasoning? Hopefully not, but can he really walk away and lose both his £15m and , if the clubs is sold to whoever for around £25/30m, up to a further £50m if the accrual purchase was for the often quoted £81m.
    Though BCFC will not see little if any money to improve the squad, will it mean we will not have to sell come January? Will there be options to bring in loans?
    With CY’s case likely come to a conclusion around the same date of the EGM where will it leave CY’s shares should he be found not guilty and if his loan is converted into shares will that not push him over the 30% margin as the major shareholder, thus causing more ramifications?
    From a layman’s viewpoint, I would think the other shareholders would be very foolish not to accept this as it seems the only way they are likely to walk away with some credibility and some cash.
    Though not the news we were hoping for I feel this has to be a positive step toward a sale optimistically next summer.
    Once again thanks for all your efforts in writing Often Partisan and keeping the fans informed, up to date and in many cases educated.
    KRO+DNM

  • LetsbyAvenue says:

    :-)

    Bloomin’ brilliant precis and analysis AJ.

    THANK YOU

    For your work and your time.

    I’m a 100% nerd on Footie blogs and Footie Twits, and whilst I don’t cover all the 92, all the time, I can say with confidence that you are an exception in Blogland.

    NO OTHER CLUB has a writer so committes and dedicated.

    Thank God you are a Bluenose AJ.

    ………………….

    One flippant and one worry comment on this current blog.

    Worry —- My worry/concern is, and has been for a few weeks, more like months actually — is about BIHL.

    I don’t draw comparisons, in this case, with Leeds, Pompey etc…but with Southampton.

    It was Southampton’s ‘parent company’ going under that made the authorities move very quickly to wrap them up—like lightening when compared to the slow torture of Pompey.

    BIHL, even if this plan succeeds, cannot go under or falter or we will be Southampton Mk 2

    That’s my worry…my flippant idea is…”fish farms”— :-)

    Remember — ages ago you ran a cartoon from a Chinese/HK media that depicted Carson sitting on a water tube trying to catch fish in a pond with a broken net?

    “..Yang pulled out of the initial deals set up via his Inkatha vehicle back in August 2011 fairly soon after, investing in a company called Computech Holdings (08081) and enlarging that company into selling loans, and investing in fish farms…..”

    :-)

    :-)

    Not about Carson’s fate

  • StaffsBlue says:

    According to the Daily Mail “U-Continent ends up with 26 per cent of the equity, the investors who coughed up £5m will have 14 per cent with Yeung holding 27 per cent.” No idea if these figures are correct.

    http://www.dailymail.co.uk/sport/football/article-2506267/Birmingham-City-likely-stave-administration-Carson-Yeung-pledges-raise-5m.html

    • zxcv says:

      staffs, Thanks for the link very interesting report. I asked Dan this very question yesterday at (1.35pm ) I considered this a very appropriate question to ask, obviously Dan must have missed my question, or thinks it doesn’t warrant a reply lol.

      • almajir says:

        Probably missed it. You do know I have to work as well as respond to stuff on here dont you?

        • zxcv says:

          How dare you go to work when you have a blog to run, (only joking). Dan as I said yesterday, and I was only stabbing in the dark so to speak I didn’t think the second part of U-continent deal would be so big (8.33bill shares) My thought was that this must gives them almost an equal stake to CY. So in actual fact we will have a new equal owner when this is all eventually done and dusted, and I just wanted your thoughts, and then of course this report came out that staffs posted this morning to con firm my thoughts. it gives U- con about 26% holding and cy about 27%. This would of course mean either one of them could possibly buy the 14% of the so called unknown investor to gain total control.

          • almajir says:

            Well, your thoughts on gaining total control are a little iffy; there is a magical figure of 30% which if passed triggers a regulation whereby you have to offer to buy everyone else’s shares. Thus no one will pass that unless they absolutely want it all (and they won’t).

            I’m not sure how it will work out (if it will work out). I’m waiting for a little bit more info from someone who knows more than me.

    • almajir says:

      Sounds about right, but I would need to ask someone who knows what they are talking about to check for sure

      • zxcv says:

        The buyer would only need 29.9 % to gain total control Dan and it is my guess that CY may have already agreed a deal, But even if he hasn`t it wont be to hard will it to gain the shares needed when its only so few. Not sure but didn’t Sully only have 29.9 %.

        • almajir says:

          Gain total control of what? I think you’re mixing stuff up here mate – when Grandtop first bought into Blues they bought 29.9% of BCFC – and they had absolutely no control – so I think you’re in error.

          To have absolute control you need over half of a company, ie over 50%.

  • SW16girl says:

    Mr Yang served as Deputy Chairman and Executive Director of Birmingham International Holdings Limited from August 30, 2011 until June 4, 2012. This isn’t a new name – simply an old one being recycled. I suspect the same may be true of at least some of the money

    • almajir says:

      Isn’t that exactly what I said in the artice ref Yang?

      Also… don’t be so sure on the money aspect…

      • SW16girl says:

        Can’t see you reminded people that it was that Mr Yang here although it is clear if you look back from your previous articles – I couldn’t see anyone else had picked up on it though. Why do you think Mr Yang is returning in one form or another to BIH having resigned about a year ago?

        • SW16girl says:

          Sorry I just realised – was the reason he resigned because the original deal didn’t go through and him being on the board was just part of that failed deal? My question about why you think he has come back now still stands – i’d be interested in what you think is in it for him

          • almajir says:

            Your surmising of why he quit the board is cogent.

            What’s in it for him? I would hazard a guess that money is in it for him.

  • Peter bates says:

    So carson is owed nothing by the club well the club had nothing in the first place thanks to cy and pp he has took the loan as shares because it suits carson yeung its not for the benefjt of the the club please go now and let people who might actually care about the club have it kro

  • Blues girl says:

    Amajir,any idea how much longer the trial is likely to go on for?

  • BhamCityJulian says:

    What the complaints? BCFC are debt free so the main obstacle to sales had been removed. CY has lost £15m by converting his loan into worthless shares; the shareholders of BIH have lost £50m+ from Grandtop’s original purchase of the club.

    If someone is investing now it’s clearly not to asset strip but to make a quick buck by us being in the Prem and that’s a journey we want to be on again

  • mark says:

    What a kind gesture by carson to clear 15mil of debt…….how nice

  • mark says:

    Bloody hell what else can we moan about-………..administration is a million miles away………carson saved our club………

    • zxcv says:

      And he won us the cup……….

      Oh no he didn`t ………………….

      Oh yes he did……………………..

  • StaffsBlue says:

    Blimey… you can tell the panto season is upon us. :-)

  • mark says:

    any dream will do………………….;-)

  • mark says:

    i had a dream standing at our stadium will return the working class will return…………………….

    • BhamCityJulian says:

      What about the Bourgeoisie? We have a historical claim in the club too during the time before prawn sandwiches were served

  • ray says:

    I doubt if any set of football fans anywhere have ever been subjected to the prolonged torture that BCFC fans have been with Carson Yeung and his Chinese Unfortunate Attachments . Yet we are still going. God Bless us all and God deliver us from our Chinese connections. Let Paladini be our rescuer. At least he is a genuine Blues supporter!

  • BhamCityJulian says:

    Don’t believe the Paladini hype. IMO he’s in it for ego trip and his backers smell a quick killing by getting the club on the cheap. Where was he when SGG were looking to sell? Answer: nowhere

    • Agent McLeish says:

      Wasn’t he Chairman of QPR at the time?

      • StaffsBlue says:

        That’s what I thought… and you can’t be involved in more than one club at a time (unless in different countries, like the Watford owners.)

      • BhamCityJulian says:

        Well if he was Chairman and had shares he could have sold them and bought BCFC. If he wasn’t A shareholder of QPR he could have just resigned and bought BCFC. He did neither because IMO he had what he wanted there

  • Will says:

    Is the announcement of a board meeting in HK on the 26th November of any significant importance?

    Says accounts will be released could it include any other announcements I wonder?

    • almajir says:

      No, it just means the accounts should be out at the end of the month. I would expect nothing else – that way you won’t be disappointed if nothing else happens

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