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BIH Delay Releasing Information to Shareholders
Birmingham International Holdings have released an announcement to the stock exchange confirming a delay in releasing documentation to shareholders about the proposed placing of new shares, convertible bonds and deed of novation.
The announcement confirms that the information which was due to be released today to shareholders via a circular will be released instead on or before December 20 due to the company needing more time to finalise the contents.
Whilst there is no doubt that this announcement could be nothing more than confirming an administrative hiccup it does lead me to concern that BIH might be struggling to ensure that the proposals go through – which would have devastating consequences with relation to the way the company is funded as it was made plain in the accounts that there is no “plan B”.
With the EGM for the shareholders to vote on the proposals set for January 14 BIH will now have to work hard to ensure that this new deadline is met; failure to do so will no doubt ensure that the EGM is postponed and/or cancelled which would mean the company would have even more difficulty in paying one of the major creditors outlined in the initial announcement.
Tags: BIH, Carson Yeung, HKSE
I wonder if they delayed releasing the documents after reading your pervious blog entry “Delay no morw: an update”?
Why does this delay not come as a surprise, if we have read the proposed announcements, thanks to Dan, how is it that the shareholders have not received their information?
I doubt very much it is an administrative error but something more sinister. I can see the Administrator waiting to pounce… I hope I am wrong, but it seems the only way to go now. Any delay is only detrimental to the club and any potential investment or sell out, whether partial or wholesale.
KRO+DNM
Nail on the head Chris. Can anyone really say they’re surprised at this development? Whoever didn’t expect this delay, must have been living on the Planet Zog for the last year or so.
i think they are just dragging everything out until they get their hands on the last parachute payment
that’s a year away if they last that long
Did I see somewhere that the deal was subject to the consent of the HK police as the loan to CY is subject to the freezing order. If that is the case they may be not happy that an apparent asset is being moved around to make it less gettable at.
I still can’t understand why anyone would invest in BIHL or have anything to do with the clowns running the company. I think they are just playing a game with the attempt to get what they want from the HKSE. The reality is that they have no robust business plan, have managed the finances poorly and have little hope of investment. Time is running out for CY one way or another.
Admin all the way BYE BYE CARSON
You cant substantiate your loan either
It seems a little strange to me that with the way things are looking, financially within BIH and Birmingham City, that the Paladini offer is not being accepted. It seems the logical answer, a £15 million down payment plus a further £9 million depending on promotion and retaining Premiership status. I take it that was the offer? I can only think that Carson is hitting a brick wall with his attempts to bring investment in from a Chinese group. Apparently there are other UK based groups interested in buying the club, why don’t they show there hand?
if there were why would they join this circus and create an opportunity for yet more farce
because no will pay £32 million plus yeungs loans of £14 million for something worth £15 million at best
I think for us all to try and predict the ultimate outcome we have to try and imagine whats going on in CY’s mind. It would appear to me that if he is convicted he loses all that he owns in BCFC therefore any actions he taking now are based on the assumption that he is not convicted. The recent announced restructuring bides time to avoid administration as he loses everything at BCFC in this scenario also. He might as well try and sell or hold on to BCFC after the trial result.
CY has only one intention and that is to keep hold of BCFC. He has no interest in bcfc football wise and will not be too concerned at relegation. He will sell anything and everythig to keep us as a going concern. even if the fans end up playing for the first team. So all you budding football experts ensure your boots are kept clean. !?
comment edited for legal reasons
I think he does have BCFC’s interests at heart. Problem is, he is a little preoccupied at the moment concerning his liberty,
Dan, I thought I read a few days back that the listing of the shares on the HKSE had been held up and if that was the case, then the financial contingency plans would be delayed as they were dependent on the listing?
ALMAJIR;, Doomsday does appear to getting closer, ?.
As the spectre of admin looms yet agai,?. would that mean that most backroom staff could be layed of, ??/
Its a little like Dunkirk,only then so many came to the rescue If the worst happens i dont see a flotilla lined up just thousands waiting for the news
I think everyone goes, except enough people to keep the club running day to day.. like enough players to complete fixtures etc. The administrator is basically the Grim Reaper. It’s his job to sort out debts and find a buyer. There will definitely be no sentiment involved.
…every thing comes to those that wait…i see the light
he will hold on to the vary last moment get then sell its not in his intrest to sell or go
bust but will sell at the latest hour
I dont think Admin would cost many, if any jobs at Blues.
As has already been said, BCFC itself actually runs a tight ship and probably generates a little profit. Get rid of our extortionate directors and you may find that no-one else needs to be laid off. At the end of the day, Administrators want the business to continue so that debts can be paid off. No point in letting everyone go and reducing the flow of income.
Personally, I am rubbing my hands at the thought of Admin, cause I have no issue with league 1 football as long as these clowns are gone forever!
The administrator is bound by law to save every penny he can and has a duty to the creditors to pay them what he can and who has to be paid first and who gets nowt, he decides who gets the chop and who dose not. Jobs will go without a doubt if no one has an offer on the table that he say is the best achievable and more than matches what debt can be paid off otherwise. In a nutshell it will depend how quick a buyer can be found before jobs are lost.
I do not read to much into todays announcement, The 20th Dec is within the time scale set for the EGM (Jan 14) for the vote to go ahead. The delay may not even be down to CY who knows, we just have to wait 3 more weeks, we are the Blues ya know.
It’s cutting it tight – you know the shareholders have to have the information a certain amount of time before the EGM don’t you?
Yes Dan it`s 14 days, Hence why I said they are within the time scale 20th Dec to Jan 14, So any time after 4th Jan would be okay.
not doubting you zxcv, but you got a link to show that?
just google,” HOW TO CALL AND RUN A EGM”
That’s not providing me with a link is it?
Fourteen days written notice must be given or 21 days written notice if a special resolution is to be proposed.
Now I’m not an expert, but what does a special resolution entail? (also this is English company law, is HK company law the same)
either way… With the Christmas break they can’t really afford to postpone it much further
How to call and run a shareholders’ meeting | lawpack.co.uk
http://www.lawpack.co.uk/business/company-management/articles/... Cached
How to run a shareholders’ meeting – from notices to company resolutions, proxy to quorums. Business. … How to call and run a shareholders’ meeting
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How to call and run a shareholders’ meeting
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An excerpt from Lawpack’s Limited Company Formation Kit.
When you’re managing a limited company, most of the day-to-day running of a limited company is carried out by you and the other company directors. So you won’t really need to worry about holding shareholders’ meetings, unless a very important issue arises.
Occasions when you may need to hold a shareholders’ meeting are if issues arise concerning capital or changing the limited company’s constitution, which are issues decided by the shareholders.
In some cases directors and shareholders of a limited company will be the same people.
Limited company shareholders act officially as a group. This means that you can either call or arrange for the shareholders to sign a written company resolution or respond to an email.
Certain rules and procedures have to be followed in order to call and conduct a shareholders’ meeting:
Notice given for a shareholders’ meeting
Shareholders must receive advance warning of shareholders’ meetings:
•Each shareholder entitled to attend the shareholders’ meeting must receive notice of all shareholders’ meetings. Each shareholder should be notified of the date, time and place and full details of the proposed company resolution to be considered at the shareholders’ meeting. The notice may be sent by post or electronically. If the details are shown on the limited company’s website, the shareholder must be sent a letter or email drawing his/her attention to it.
•Each shareholder must receive his/her own notice of the shareholders’ meeting. The length of notice is now 14 days.
•It’s possible for shareholders’ meetings to be held at short notice, provided the requisite majority of shareholders have consented to short notice. This consent must be recorded and signed in writing.
•In most cases you will be able to hold the shareholders meeting immediately if you obtain the shareholders’ consent to short notice. (An example template of the Consent to Short Notice Form is included in Lawpack’s Limited Company Formation Kit.)
•Consent to short notice may be given: ◦in the case of an annual general meeting (AGM), by all the limited company members entitled to attend and vote at the shareholders’ meeting; and
◦in the case of general meetings, by a majority in number of the limited company members holding not less than 90 per cent in nominal value of the shares and having the right to attend and vote at the shareholders’ meeting.
Shareholders’ meeting proxy
Each limited company shareholder may appoint someone to attend the shareholders’ meeting on their behalf (a proxy), if they’re unable to attend. The proxy may attend and speak at the shareholders’ meeting and vote on a poll on the shareholder’s behalf. The proxy may now vote on a show of hands.
The notice calling the shareholders’ meeting should inform shareholders that they are entitled to appoint a proxy to attend, speak and vote in their place and that the proxy need not be a shareholder.
The proxy form must be lodged with the limited company within a specified period before the shareholders’ meeting is held (this period cannot be longer than 48 hours).
Shareholders’ meeting quorum
Shareholders act collectively, and not individually, so a certain number of shareholders must be present before a shareholders’ meeting can be held. This is known as a ‘quorum’.
Normally, a minimum of two shareholders present either in person or by proxy constitutes a quorum. But in the event of the limited company only having one shareholder, s/he will not unnaturally form a quorum.
Company resolutions are passed by a majority of the shareholders at shareholders’ meetings.
Voting at a shareholders’ meeting
Shareholders vote to make their collective decisions. The vote which takes place at the shareholders’ meeting can be made in one of two ways:
1.On a show of hands — every shareholder present at the shareholders’ meeting in person is entitled to cast one vote. Proxies are now entitled to vote on a show of hands.
2.On a poll — every shareholder present at the shareholders’ meeting shall be entitled to cast one vote for every share held. Proxies can vote on a poll.
The number of votes required to pass a particular item depends on whether the company resolution is an ordinary resolution or special resolution.
Ordinary company resolutions
Ordinary company resolutions proposed at a general meeting must be approved by a simple majority (i.e. more than 50 per cent) of the votes cast at the shareholders’ meeting, whether by a show of hands or on a poll.
Two examples of many types of limited company business which must be approved by ordinary company resolution include:
•Declaring a bonus issue.
•Removal of a limited company director.
Special company resolutions
Special company resolutions must be passed by a three-quarters majority of the votes cast at the shareholders’ meeting, whether by a show of hands or on a poll.
Examples of limited company business which must be approved by special company resolution are:
•Alteration to the Memorandum of Association.
•Alteration to the Articles of Association.
•Reduction of capital.
•A change of name. You also must send the appropriate fee to Companies House.
Some ordinary company resolutions and all special company resolutions must be filed at Companies House within 15 days of being passed. Sometimes forms and fees must also accompany the company resolutions.
Related Articles:
Issuing shares and share certificates
Issuing shares and share capital – Q&As
Published on: October 11, 2010
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Home > Business > Company Management > Company Management Articles >
Article Categories
BusinessStarting a Business
Running a Business
Company Management
Employment Contracts
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Purchase & Sales Agreements
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Tax Magazines
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Managed Divorce
Looking for news?
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How to call and run a shareholders’ meeting
Share on facebook Share on twitter Share on email Share on print More Sharing Services
An excerpt from Lawpack’s Limited Company Formation Kit.
When you’re managing a limited company, most of the day-to-day running of a limited company is carried out by you and the other company directors. So you won’t really need to worry about holding shareholders’ meetings, unless a very important issue arises.
Occasions when you may need to hold a shareholders’ meeting are if issues arise concerning capital or changing the limited company’s constitution, which are issues decided by the shareholders.
In some cases directors and shareholders of a limited company will be the same people.
Limited company shareholders act officially as a group. This means that you can either call or arrange for the shareholders to sign a written company resolution or respond to an email.
Certain rules and procedures have to be followed in order to call and conduct a shareholders’ meeting:
Notice given for a shareholders’ meeting
Shareholders must receive advance warning of shareholders’ meetings:
•Each shareholder entitled to attend the shareholders’ meeting must receive notice of all shareholders’ meetings. Each shareholder should be notified of the date, time and place and full details of the proposed company resolution to be considered at the shareholders’ meeting. The notice may be sent by post or electronically. If the details are shown on the limited company’s website, the shareholder must be sent a letter or email drawing his/her attention to it.
•Each shareholder must receive his/her own notice of the shareholders’ meeting. The length of notice is now 14 days.
•It’s possible for shareholders’ meetings to be held at short notice, provided the requisite majority of shareholders have consented to short notice. This consent must be recorded and signed in writing.
•In most cases you will be able to hold the shareholders meeting immediately if you obtain the shareholders’ consent to short notice. (An example template of the Consent to Short Notice Form is included in Lawpack’s Limited Company Formation Kit.)
•Consent to short notice may be given: ◦in the case of an annual general meeting (AGM), by all the limited company members entitled to attend and vote at the shareholders’ meeting; and
◦in the case of general meetings, by a majority in number of the limited company members holding not less than 90 per cent in nominal value of the shares and having the right to attend and vote at the shareholders’ meeting.
Shareholders’ meeting proxy
Each limited company shareholder may appoint someone to attend the shareholders’ meeting on their behalf (a proxy), if they’re unable to attend. The proxy may attend and speak at the shareholders’ meeting and vote on a poll on the shareholder’s behalf. The proxy may now vote on a show of hands.
The notice calling the shareholders’ meeting should inform shareholders that they are entitled to appoint a proxy to attend, speak and vote in their place and that the proxy need not be a shareholder.
The proxy form must be lodged with the limited company within a specified period before the shareholders’ meeting is held (this period cannot be longer than 48 hours).
Shareholders’ meeting quorum
Shareholders act collectively, and not individually, so a certain number of shareholders must be present before a shareholders’ meeting can be held. This is known as a ‘quorum’.
Normally, a minimum of two shareholders present either in person or by proxy constitutes a quorum. But in the event of the limited company only having one shareholder, s/he will not unnaturally form a quorum.
Company resolutions are passed by a majority of the shareholders at shareholders’ meetings.
Voting at a shareholders’ meeting
Shareholders vote to make their collective decisions. The vote which takes place at the shareholders’ meeting can be made in one of two ways:
1.On a show of hands — every shareholder present at the shareholders’ meeting in person is entitled to cast one vote. Proxies are now entitled to vote on a show of hands.
2.On a poll — every shareholder present at the shareholders’ meeting shall be entitled to cast one vote for every share held. Proxies can vote on a poll.
The number of votes required to pass a particular item depends on whether the company resolution is an ordinary resolution or special resolution.
Ordinary company resolutions
Ordinary company resolutions proposed at a general meeting must be approved by a simple majority (i.e. more than 50 per cent) of the votes cast at the shareholders’ meeting, whether by a show of hands or on a poll.
Two examples of many types of limited company business which must be approved by ordinary company resolution include:
•Declaring a bonus issue.
•Removal of a limited company director.
Special company resolutions
Special company resolutions must be passed by a three-quarters majority of the votes cast at the shareholders’ meeting, whether by a show of hands or on a poll.
Examples of limited company business which must be approved by special company resolution are:
•Alteration to the Memorandum of Association.
•Alteration to the Articles of Association.
•Reduction of capital.
•A change of name. You also must send the appropriate fee to Companies House.
Some ordinary company resolutions and all special company resolutions must be filed at Companies House within 15 days of being passed. Sometimes forms and fees must also accompany the company resolutions.
Related Articles:
Issuing shares and share certificates
Issuing shares and share capital – Q&As
Published on: October 11, 2010
Did you like this article? Share it!
Share on facebook Share on twitter Share on email Share on print More Sharing Services
How to Run a Limited Company
Running a limited company guide advert
A practical guide to the legal duties and formalities directors must follow. New edition for 2012.
.Read More.
Limited Company Formation
Limited company formation kit advert
Company templates
Share certificate
Expert guidance
From just £12.99
.Read More.
Ready-Made Company Minutes & Resolutions
Company minutes and resolutions advert
NEW FORMAT: Over 100 Word templates to help you easily record company minutes, company resolutions and board minutes.
.Read More.
Memorandum & Articles of Association
memorandum articles of association advert image
Solicitor-approved Memorandum of Association template and Articles of Association template. Download now.
.Read More. .
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VAT No. 627 5422 39
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If you can`t find it now dan you can get stuffed
Have you found it Dan, Your thing about cutting it a bit fine, well not really as either way they have got about 26/27 days have they not? from 20th Dec to 15th Jan, whatever the date is its loads more than the 14 days which was my point in the first place. What it indicates to me is by say the 20th Dec they know they have the time to still get this voted upon in time.
I’m not sure if you’ve realised this zxcv, but it’s Christmas on December 25 and offices tend to be shut a lot around that time.
I’m also not sure if you’ve realised this mate, but I might just happen to know more about what is going on than you do ;)
Just a thought, but are the shareholders privy to the same information as OP, if so they will already be aware of the changes proposed and what was put forward to the auditors.
If they are not how about sending them the same link we get? As I said, just a thought…
KRO+DNM
It dose not matter what they may or may not know, Its the rule to give 14 days notice, less notice can be given but it has to be with the required majority of s/h agreeing in writing.
Well give me their addresses and I will personally deliver their written notices, within any 14 day time scale.
We live in a hi-tec world, surely an e-mail would suffice, that is how we get our information.
KRO+DNM
zxcv- bloody hell mate i thought you were doing 24 days to christmas…………….. daniel cheap shot…….you know more………………………….caddis deal remember ( no money) we are all open occasionally get a bloody nose mate…………………………..
Mark
What people forget about Caddis is the money for that came from Foday Nabay’s departure to Fulham and Marlon King’s wages…
Is it unreasonable to think that B.I.H are banking on a “Not Guilty” regarding Yeungs trial, thus releasing his funds to bail them out coupled with his refusal to contemplate selling Blues before a re-listing of B.I.H ?
Phillip I think most of us have said that so much will depend on the trial result and I would doubt anything will happen before CY fate is known. He is BIH and he wont listen to anything or anyone and why should he when its his neck on the line until he knows one way or the other.
Phillip,
I would say so, it seems to be all about keeping bcfc till his trial is finished and maybe beyond that if he appeals a guilty verdict, though as dan says he would could still be barred as a director even during an appeal, but he may well be able to keep his shares unless seized by the courts which they haven’t been up till now.
BCFC now seems to be 99.9 % of BIHL’s income so he has to keep BCFC or he has no business as far as i can tell by the accounts.
Too much concern is being shown for the admin staff. Presumably it was down to them to make sure a player playing in the under 21s cup was eligable to do so, they failed so now we have to withdraw from the competition.
Sounds very amateurish to me.
Why don’t we just put them all against a wall and blow their brains out, Nothing like revenge is there mate.
why didn’t McLean mention it, most players know you can’t play in the same cup competition for two different clubs except the champions league and europa league which have windows of registration.
some players need to take responsibility too.
We are Birmingham City FC not a welfare organisation, office staff are of no concern to me especially when they do their job so badly.
Tony, you really are a tit at times.
Tony i doubt it was ‘the office staff’ more likely a manager would be responsible for this process as i presume they would have to have a position of authority to sign and submit forms to the league
sorry to say not the first time……………………..
These loans that keep appearing,are the contracts available to the public to be read,just thinking what’s in the small print,wondering if BLUES are mentioned if c`y is given the red card ?
If BLUES went into admin,who are the creditor`s that need paying,cy,bih,the bank & ?????
I’d guess that it’s commercially sensitive information so, no it wouldn’t be available.
Oh……Ok ,)
The old nudge“nudge`wink`wink contracts !!
No, commercially sensitive. IE it’s something that is realistically none of our business.
Strange ??
From what Dan and Colin Tattum have said over last few months i think there is doubt about who needs paying for the oustanding £14 million loans, and it seems to be a stumbling block in a sale.
Any new owner wants proof about who is owed the money so there are no skeletons in the closet coming back years later for their money.
lol why is that Dan?.
Because you say some crass, idiotic things.
Tony
Your posts used to make me laugh, I thought they were an alternative view. Unfortunately, they are becoming more and more extreme. Your attitude to the office staff (without knowing the facts) is truly shocking and in my book puts you in the CY, PP division of “don’t care about BCFC” you should be ashamed of yourself!
comment edited
The Admin staff deserve our support as much as the team do.
absolutely 100% agree…………………
We have made two recent short term signings. Both players are short of match fitness. To get the most of these deals both players need to play as often as they can to gain sharpnes. One of these players is a striker and we are short of goals . The under 21 game was an ideal way to get him playing and in the goals. Was the decision to play him such a bad one? If he fires a few goals for the first team on the back of improved fitness and confidence? Maybe our staff were looking at the bigger picture .
The bigger picture, you mean the rest of the kids had a promising cup run curtailed in order to give one player a game? errr I dont think so, its yet another example of the pathetic way the club is runfrom top to bottom.
My comment in answer to Mac was edited too.
No, yours was deleted.
Yes, the office staff, like the playing staff, like the fans are soldiering on and are administering the club under pressure but with distinction.
This disgusting company (BIHL) needs to be wound up.
Am sure a ‘skeleton’ company like this would not be allowed to ‘trade’ in this country.
One would hope not.