Birmingham International Holdings have announced yet another delay to details with respect to the placing of new shares, convertible bonds and deed of novation that were originally announced back in November.

The announcement confirmed to the stock exchange that further time was needed to finalise information contained within the circular and that they couldn’t release it for tomorrow as they had said previously, with a new date given of February 28.

As news goes this is bad for the holding company as it means that they will not be able to get the shares relisted for at least another month or so – and it means the working capital that they were hoping to raise to pay off debts will not be available any time soon. With a debt of around £2.5mil to be paid off by March there could well be a situation whereby BIH will need to raise further money from Birmingham City to ensure that the debt can be repaid.

However, I believe it is merely coincidental that the new date given is the same as the date the verdict is due in the Carson Yeung trial.

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Tags: BIH, HKSE