Often Partisan

EGM Analysis

Birmingham International Holdings yesterday evening announced the results of the Extraordinary General Meeting, held in the Shangri-La hotel in Kowloon yesterday. As expected, the resolutions went through unanimously allowing the holding company to proceed with their plans to place new shares and to novate Carson’s loan to BCFC.

The full results announcement is online here. Before reading my analysis please note I’m not a trained accountant or lawyer and that I am reliant on what people have advised in addition to my logic. I will cite facts where I can and where I am speculating I will openly say so – I invite you to treat the speculation with the scepticism it deserves.

Unanimously Approved? Full Steam Ahead

All resolutions were passed with 100% approval by the votes submitted. However, that doesn’t mean that all the resolutions were approved by all voters. In the three resolutions where Carson was allowed to vote, 1,934,681,377 of 3,887,753,440 shares voted on the resolution – a turnout of around 49.76%. In the four resolutions where Carson was not allowed to vote, 911, 759,511 of 2,864,831,574 shares voted on the resolution, a turnout of around 31.83%.

Effectively this means that percentage wise, less than one in three votes were cast by shareholders who weren’t Carson that were able to be cast on the resolutions. Whilst some may have abstained and some may have been ignorant of what was happening it has been drawn to my attention that the second largest shareholder, Liu Xingcheng was once again blocked from voting his shares. This time it was due to a charge being placed on them by Kingston Securities on January demanding him pay a margin call of HK$45.5M (around £3,6M). I understand from conversations prior to the EGM Mr Liu would have voted against the resolutions.

What does it mean anyway?

With the resolutions passed the holding company has now applied for the suspension on trading of shares to be lifted as of 9am HK time, Friday February 7. As all conditions that were laid on the company to be met prior to suspension being lifted have been fulfilled – namely that BIH have informed the Stock Exchange that Carson’s arrest has no effect on the company and that Carson has stepped down; all outstanding accounts have been published by BIH; that an internal review by an independent advisor has been conducted to confirm that the company is being properly run; that the liquidity issues have been addressed by BIH; and that documentation has been published by BIH showing what the intend to do with the club.

The shares being relisted on the stock exchange mean that the company can openly look to raise money on the markets via rights issues, can attract investment in the company to undertake new ventures and in the long term potentially makes it easier to sell the club.

So what are they going to do with the club?

To quote BIH’s statement

The Company continues to be in discussions with an Independent Third Party regarding the sale of up to a 24.00% equity interest in BCFC (the Potential Disposal. As at the date of this announcement, the Company has not entered into any formal or binding agreements. Further announcements will be made as and when appropriate.

In other words, we’re at the same position we were before. We don’t know who is interested in buying the club and if anyone is, there are no advanced negotiations at this stage. However, I think a paragraph at the end of the report bears closer inspection.

The Subscriber and its beneficial owners do not have any present intention or plan to dispose of its interests in the Company within 24 months after Resumption.

As Carson Yeung is a beneficial owner, that says to me he has no intention of selling his own shares in BIH. This is backed up by a piece in Sing Tao where Carson angrily told reporters at the EGM he would not sell his stake and if anything would increase it.

Image courtesy @1875bluesHK

So nothing has changed?

It would appear that for now, that is indeed the case. Despite stepping down from the company Carson is very much holding onto his stake and it appears that BIH are in no rush to sell BCFC. Furthermore, as much as people think boycotting the club will bring it into administration, by getting these proposals approved BIH have secured the short to medium term future in itself and by extension in BCFC also. In short – until Carson wants to sell and he finds a buyer who is willing to pay what he wants, the club is going nowhere. All we can hope for is the investment into the company Peter Pannu told reporters he was looking to attract and that some of it will filter down to BCFC.

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110 Responses to “EGM Analysis”

  • JohnR200 says:

    Some interesting information, thanks Dan. I think there is a little more cause for optimism now and the chance we might get some investment. I’m very interested to see what the new chairman does. I was impressed that he responded very quickly to emails sent to him by a couple of fans. If he communicates with the fans that’s a good start .

  • Sue noble says:

    Anybody else sick to death of this crap? I don’t care if Carson has resigned I don’t care if he goes down, I don’t give a monkeys about whether pannu is in England Hong Kong or wherever, all of this is just taking the spotlight off the team and the fact that we are dying a slow lingering death which will possibly see us as another Portsmouth and it’s Yeung and Pannu who are to blame, delay no more

    • thongs says:

      Ssshhh Sue…Ssshhhh…now calm down dear. Tell me how do like to relax? A country walk? A evening canalside outside a pub? A glass of red? Maybe a massage or deep bath? Shall we do these things together? Take our minds away from the world and its madness? Shall we Sue? Shall we?

    • Julian Glass says:

      CY is now an irrelevance. He has gone from BIH/BCFC and his ‘friends’ on the board will be marginalised and rendered powerless. BCFC is not for sale so his shareholding is irrelevant too.

  • StevieW says:

    Almost groundhog day. Boycotting will become a pointless exercise now as they would just furnish the club with running money from HK from their trading. In addition it would kill the club moral wise.

    So is the answer then to sit back and take whatever comes? This just seems like a completely hopeless situation for all of us wishing for better fortunes with a new owner.

  • fingles says:

    It seems the best we can hope for is investment in BIHL which will filter down to BCFC and as such give us a chance of some success, albeit limited. Staying in the Championship looks like success at this point in time.

    Treading water until a sale can be brokered. Although who is going to pay £32m is beyond me.CY seems to live in some kind of fantacy land.

    • StaffsBlue says:

      Unfortunately, I think staying in the Championship is the best we can hope for until this lot do one.

  • darren says:

    The best we can hope for now is carson is found not guilty and he spends money again. Otherwise i cant see him selling the club ever, and will just keep it ticking over until we are in the conference.

    i have posted before on this site to boycott the club, i know have seen the light and realise this will make no difference. Continue the protests, support the club and enjoy the matchdays for what they are / dont expect any miracles, hopefully in a few years time it will be our turn to rise from the ashes again.

    i have some great memories in the lower leagues in my youth, maybe it is time to enjoy these again.

    KRO

  • RonJ says:

    I agree Sue. A football club is not like an investment in M&S. It needs constant attention and funds on a regular basis. It cannot stand still if it does it will certainly become less competitive and sink as you have demonstrated. The hairdresser needs to go now as what investor in their right mind would put their hard earned money in the hands of a ………..

  • Enckelman says:

    Is Carson aware most of the fans wants him and his company to leave?

    • almajir says:

      I think he is aware of the antipathy, yes.

      • Enckelman says:

        Surely that wanting to increase stake comment was in the heat of the moment, why would he want to invest more money into a club that does not want him?

        • Julian Glass says:

          His words were an act of defiance

        • chris says:

          imo because he wants the majority of his and his investors money back.
          imo he may well be very scared of those investors depending who they are, so he may well have to cling on and hope for promotion in future years to recoup this money.
          imo he wants an investor to help the club back to the prem, it’s his only way out as no one in their right mind would pay £30 or £40 million for the club in it’s current state.
          though who in their right mind would buy 24% of the club with no voting rights / shares in bihl,
          money down the drain it seems to me.
          my fear is this will go on for years

          • Julian Glass says:

            Very good point Chris about the 24%. Is it a coincidence there’s a 24% block at BIH too which has come from the subscriptions I think. Is this what the investor gets as well as BCFC share the latter of which are currently voting but can’t be effective used to overrule BIH

  • Julian Glass says:

    I think CY’s departure from BIH/BCFC and the relisting is a turning point. BIH has gone from an company run in an amateur way with inadequately skilled/incompetent/niaive directors/officers to the opposite.

    No wonder CY is fuming. He has traded in £15m for an extra 2% shareholding. However he now has a better chance of the shares increasing in value than when he was at the helm. With the use of ‘springboard’ I think the new strategy is to put money into BCFC rather than take it out. They can develop this plan now and have four to five months to get the investment ready for the close sesson

  • DoctorD says:

    OK I’m going to try to be super-optimistic today.

    1. Relisting of BIHL on the Hong Kong Stock Exchange has got to be a good thing.
    2. Carson Yeung, for whatever reason, seems to be committed to the club.
    3. Pannu appears to be bringing in people with financial nous and professional qualifications.
    4. China is one of the world’s richest and fastest-growing economies.
    5. It looks like we will avoid administration.
    6. The accounts are up to date.
    7. We’ve got Charlton on Saturday and I have a funny feeling we’ll thump them.

    • almajir says:

      I like it

    • Blue Stuey says:

      I more than like it! I love it! Let’s be positive, support the lads and get behind them between now and the end of the season. We are stuck with this lot from HK for the foreseeable future. That doesn’t mean we stop protesting, of course we want change. But lets do what we do best and get behind LC and the team he has somehow managed to assemble!

      • Streetly Blue says:

        Furthermore – if people want the club sold – then instead of boycotts and trying to find excuses not to go to the games – how about packing the place to the rafters game after game – not only does it support the team – but if there are any buyers out there that would meet any price Carson would want – THAT is the way to get their attention. A club that has a large consistent following and whose fans don’t use an weasly excuse of not going because they don’t want to give the owners any money. We’re Blues fans and we should support the team on the pitch first and foremost

        • Paul Carter - The Voice Of Reason says:

          Spot on

        • Steve Aerobic says:

          He isn’t selling the club Streetly, its been obvious for a long time, no buyer is being sought just additional investment. I think everyone is missing the point, his intention, as he has stated, is to increase his share not to sell the club!

          • Streetly Blue says:

            I agree Steve, i was just trying to make the point that those that think boycotting the club will make him sell would be better supporting the club so showing external parties that we have a large loyal following and hence a club worth investing in. KRO

  • Peter bates says:

    More flannel why doesnt peter pannu tell the fans the real reasons for holding onto the club if as sveryone can see the club makes no profits and is teetering on the brink why want something of nothing I said before who would go into business with these people apart from cys family delay no more and sell the club mr yeung your still the big noise in the company

  • Frankie says:

    So to sum up ..
    No Change !

  • Julian Glass says:

    Pannu said the club is a ‘springboard’ for BIH. Make of that what you will. A vanity subsidiary to further BIH oil and gas plans or expansion in PRC or something more tangible.

    CY has gone from BIH/BCFC. It’s hard to take in but it’s true

  • AAAA says:

    If.you read that paper on the picture it says there are several interested parties in buying the football club. I don’t think they will sell till gas coal and oil comes good for them.

  • Aussiebrum says:

    From the limited research I’ve done on Hong Kong Exchanges and Clearing Limited (the company owning the HK Stock Exchange) they have a list of roughly 650 approved short selling stocks, which is all companies excluding the many delisted or suspended stocks.

    In English, this means on re-listing short selling of the stock will be an option. Logic says if you want to force the vendors hand you enthusiastically short the scrip, obviously covering as needed and re-shorting it.

    The combination of active shorting and known capital raising (diluting the current owners holdings) is a disaster for Carson and PP. It’ll be destroying the value of their shareholding.

    And if an aggressor wanted all he/she needs to do is rent the holding of some of the 50% of shareholders that didn’t vote, allowing control to pass with a small shareholding. On the basis about 45% of the un-dilluted shares are currently loyal to Carson, one might be able to get control if they could purchase 5% of the 50% of shares currently loyal to Carson (if they buy say 20% of the other shares and can rent 20 – 25%).

    If some of the other shareholders are unhappy, and we know they have lost so much money, renting out or selling their shares has to be a possibility.

    Or at least that’s what I’m hoping.

  • Peter bates says:

    Carson yeung has not gone from bih he has put people in his place he still runs the show and will continue to do so they will all dance to his tune lets not forget that

    • Julian Glass says:

      He might think that but they’ll be marginalised. The CEO carrys out the wishes of the board or he’s out and the board’s strategy may or may not align with CY’s.

      PP knows which side his bread is buttered on. My Pavkakis will persuade his father in law that the new BIH strategy is correct (because he’s a professional) and his son won’t have the skill to fight the political battle ahead. It all points to CY being powerless.

  • Chris W says:

    Once again you make it nice and simple for us who find all the intricacies of being a Bluenose.
    A lot can be read into the actual wording but all in all it can be so simple.
    Basically until the trial verdict not much, if anything is going to change.

    The re-listing will, or should take place on Friday, if my times are correct around about 1:am GMT.
    It has been mentioned that CY is looking to increase his shareholding, am I correct that this can only be done with a not guilty verdict and it was also mentioned in earlier documentation, but also the value of all the shares is reduced due to the creation of more shares?

    Again thanks for your insight, lets see if PP actually keeps his word and there is significant Investment forthcoming, what we don’t want is the investment to come in the way of financial loans, but we do need it to filter to BCFC.
    KRO+DNM

    • almajir says:

      I don’t think being found guilty will preclude him buying shares. I will need to check that though.

      • chris says:

        even if he can’t purchase then the people he has just put on the board of bcfc can, plus his son.
        who is to say the money they have taken as wages , expenses etc won’t now be used to purchase more bihl shares

  • Paul Carter - a lover of BCFC he says:

    I think Carson has played a blinder here. Publicly steps down so potential investors perceive that the alleged money launderer has gone. Gets the shares relisted by meeting all the remits put upon him so the company looks like a regular trading business. Increases the chances of a sale which potentially increases the value of his shares.

    Dan am I wrong?

    • Julian Glass says:

      Converts £15m into an extra 2% shareholding. So he expects BIH to be worth £750m then? Yes playing a blinder.

  • dave mann says:

    Doctor D you make it all sound calm and under control with your 7 points of notice and to be #
    fair its hard to argue with any of them but as blues fans we just want better than what weve
    got now and new owners not new investment is what most if not all supporters want but that
    looks ages away.KRO.

  • Peter bates says:

    Even if carson yeung goes to prison he will still have his shares in bih and still be the owner of bcfc so nothing will change we as supporters and fans need to continue to make it clear we want cy pp and everyone connected to bih are not wanted delay no more sell the club

    • Julian Glass says:

      BIH is the owner.

      • almajir says:

        And Carson controls around a fifth of that (with the newly placed shares). He might not be on the board but you better believe he still has some modicum of control.

        • Julian Glass says:

          Did his 29.9% even get him a discount on his box?

          • Paul Carter - a lover of BCFC he says:

            Julian why do you think Carson is out of the picture?

            Surely he just removed himself from the limelight whilst retaking his majority shareholding?

            Nothing will be done at Blues without his say so.

        • Julian Glass says:

          Controls the shares yes but the power?

          • mark says:

            and the power…..

          • Julian Glass says:

            You breach a confidence if you want but he deserves better. Look at his CV. CY’s business skills can be doubted by Mr Pavlakis has an impressive professional career. If I choose to believe him then I believe its in the best interests of BCFC or it could be a lies. I choose to believe him.

  • Peter bates says:

    Dan just out of interest in your opinion do you think bih we be relisted on stock exchange

    • keith sykes says:

      according to panos pavlakis it will relist… his words not mine when i asked him the question on Facebook

    • Julian Glass says:

      Keith, with respect you shouldn’t be disclosing publicly what he has said in a private conversation with you without his permission. He’ll clam up if you do.

  • Julian Glass says:

    I’m with the DNM campaign but the battleground has now changed. The emphasis has to directed to the new board, in particular the new chairman, with a view to getting a response explaining their plans for BCFC.

  • dave mann says:

    there plans cant be that much different from carsons thoughts so no change there then,
    still the same old s..t but a few new faces with no money as usual to help the club out.
    DNM. KRO.

    • chris says:

      even if they had some money it has to pay off debts first (excluding Carsons loans which are now nullified) or at least some of those debts.

      • Julian Glass says:

        Debts only have to be paid off when due so you can invest beforehand just as long as the cash is there when you need it to pay off the debts

  • ErnieD says:

    The announcement is all if’s and maybe’s, so far we have kept going on the sale of assets and loans….we only have one asset left (the keeper) the cupboard is empty….all relies on further investment and summer season ticket sales. With this lot in charge i’m not confident that either will raise much…

  • dave mann says:

    you say what he said keith and fair play to you for telling us, anyway who cares what
    pavlakis thinks or says, hes a nobody to the fans and will remain a nobody!!!!DNM& KRO.

  • mark says:

    Certainly means he going no where, and if he is angry IMO he will increase his share…..

  • mark says:

    So tomorrow is a important day for the re-listing…….

  • Gaz says:

    I don’t care who owns shares in BCFC and BIH just as long as I still have BCFC to support. Too much emphasis is being placed on personal feelings towards individuals who didn’t get us relegated. The players got us relegated and true to our luck the majority shareholder was placed under arrest shortly after. I believe if this hadn’t happened then promotion back to the Prem would have been financed by the owners. We have had worse owners than this in the past and I don’t remember such hostility then so what’s going on now?

    How the worms will turn if CY is found not guilty and invests 40m in the club out of his own pocket. Even then the moaners still wont pay money to watch a game unless we are winning.
    Forget CY, forget PP, they are just people.
    We still have a club to support and be proud of and this is only possible because they didnt just wind up and run away. Its hardly down to the supporters who stay away and only want to support big players and success. 15k at a home game just about pays the wages never mind buys players.

    • Paul Carter - The Voice Of Reason says:

      No person in the world should be able to stop a true fan from following his club.

      Well said Gaz

  • bluenoseb says:

    Carson’s angry, ah boo hoo poor you. Welcome to the f*cking club, how most blues fans have been feeling towards you for going on 3 years now , and with more protests arranged the feeling until your gone isnt going change and only going to build more hatred the longer your here sinking us into an oblivion. DELAY NO MORE

    And as for blues being a “springboard” to other business ventures is it really? When you bought us we were a premier league team and didnt have any other links to your future business’s then just through your failure and inept way of running a football club has this materialised. Now the fact of the matter is the only thing you got going in any way shape or form is blues. But owners are supposed to run a club best way they can to better that club to the best of thier abilities not bleed the club dry, run it into the ground then dig your heels in so far that the club is not even half the club it used to be in every sense of the word. CARSON YEUNG if you had any dignity and really cared for this club like you portray you do then you would sold this club years ago to someone who can take forward, not let us slip further and further into the sh*t and for that i hope you rot in a cell and get the heart and soul ripped out of your life the way you have done to blues!

  • Atahualpa is a BlueNose says:

    The most intriguing part is, why was Liu Xingcheng charged with a payment demand for the huge amount by Kingston Securities?

    As it was the second time he was effectively negated when it was known that he would vote against PP and CY, and he has a healthy holding in BIHL, there is something not right there..

  • lettuce says:

    It seems to be that CY stepping down has nothing to do with anything except it bein a prerequisite for releisting.

    I dont think anyone should read anything more in to it than that.

    The replacements in theory seem to be more business savvy on paper, so that can only be good.

    BIH being a Springboard to other businesses to me sounds like the purchase of the club was only ever a vehicle to get BIH listed quickly in the first place and possibly has is of no interest to them apart from being an added “play thing”.

    I think CY was enjoying himself with BCFC, and I do think he had intentions of making a proper go of it. I dont think any other “interested” party cares a jot about BCFC, it is just there to serve another purpose, and they only keep it going because they have an investment in it and cant afford to get delisted again.

    Until they achieve whatever it was they set out to achieve with the listed company, they will not sell up. Nothing we can do about that and we will have to accept it.

  • Peter bates says:

    Wether bih and cy keep hold of the club the word is trust and they need to win fans over and I dont think they can because nobody trusts them

    • Gaz says:

      Is it about trust? Have the owners taken anything that wasn’t theirs to take, sold us down the river or driven us into oblivion?
      I think its about confidence and stability. We have gone through uncertain times and I believe we have now turned the corner still on the rails.
      The whole atmosphere needs to change and this has to spill onto the pitch to help the players which in turn gives us our rewards for doing so. Our home record over the last couple of seasons has been dreadful and I think this is down to the negative atmosphere and uncertainty in the crown spilling over into the players. They sense the negativity.

      The load has been lifted, so lets get behind the team and the club as we cant win anything by moaning and complaining.
      KRO

  • Dave1875 says:

    comment removed – try being civil

    • Julian Glass says:

      Just expressing my view. I can’t help it if see things differently and am working from home so I can spout of readily. If I’m wrong so be it as She Who Must Be Obeyed says it won’t be the first time.

      FTAOD – I would be as pleased as punch if BCFC were bought by a respected British company or businessman so I’m pro-DoNotDelay. I just get the feeling BIH know that there has to be investment in BCFC now and the EGM outcomes are the catalyst for this.

    • Julian Glass says:

      … and I was complimentary about you interview too.

  • stuart dale says:

    i do think theres a lot of negativity here sure carson yeung has had his problems however pannu has kept us going paid the bills and we still go into every game competitively yes we need investment but this will be forthcoming one way or another keep the faith it aint that grim

  • glosblue says:

    As I see it, the last few days has stabilised BCFC & Administration now seems very unlikely. What we need to do is give the TEAM our full support for the rest of the season. We didn’t lose any of our actual players during January and the replacements for those recalled by their parent clubs seem to be ok so lets finish off the season comfortably in mid-table security. At one time that seemed an unlikely dream and all the talk was of Administration, 10-pt reduction & inevitable relegation. If by some fluke we had made the play-offs and actually got promotion (extremely unlikely I know) we would have had to try and buy a completely new team with no money to do so. We have to do what we’ve done so many times over the 50 yrs I’ve been a supporter and consolidate, develop our youngsters, and possibly pick up 1 or 2 good players over the summer if money becomes available and build for a return to the Premiership in another year or 2. Meanwhile, no more talk of boycotts, give the team our unqualified support and KRO forever or to the end of the road whichever comes first!

  • Peter bates says:

    I am not saying dont support the team I am saying the trust went and it will take more than talk for the fans to trust bih or anyone connected with it

  • Gaz says:

    OK!!l Lets get on the players backs a bit more, get relegated, drive the club into administration and blame the board. Maybe support West Ham, do the same again to Sully and Gold and drive them into selling up to another sucker. They come back any buy the Blues for a massive knockdown price only to be driven out in a few years time by brainless morons who call themselves rational supporters.

    • chas says:

      Jesus, Gaz. Have you and I ever been seen in the same room at the same time ? I am getting worried now . :-)

    • Carlos says:

      You’re making yourself look a bit silly now Gaz ;-)

      • chas says:

        Carlos, how is he doing that ? He is one of the few who gives his (My/Our ?) opinion in a concise, clear way without resorting to insults.

        • Carlos says:

          Sorry Chas, just an observation, thought my comment summed up the content of Gaz’s post without being insulting. In my opinion of course.

          • chas says:

            Have an apology back, Carlos. I wasnt meaning YOU had been insulting, I was referring to earlier posts. Daniel has pulled a Poster up already today for it.

  • Peter bates says:

    I will always support the players and the team whatever league their in but I dont trust the powers that run the club and I never will and I dont think I am alone in that may I also say I personally dont cate what happens to carson yeung I want bih to sell the club to people who genuinely care

  • Storyteller says:

    Gaz, I make you 100% right!!

    Liverpool , Leeds, Newcastle , Cardiff, Soton, Norwich, Rangers, manure, wolves, hull, Blackburn, pompey, at some point have all hated their board, in fact, even Chelsea fans , I think only manc fans are 100% behind the board , have any of these fans deserted the team????? I’ll give you one , Coventry!!! But the rest, no, and neither should we.

    Really , how close have we been to administration??? No where near , never have been, total tabloid tosh.

    Would I get rid of this board yes , in a heart beat, but I can’t , does CY want to sell?? No, so they are staying, did he pump money in , money he didn’t have?, did we have top players and a cup in our cabinet? Yes. will he put money in again???? Well he just might.

    But if he does or doesn’t , and I think he will, the club is only a springboard for investment if it is in the premiership, I think that is exactly what he will try and do, but whatever he does , we support Birmingham City , the players , the badge, the club.

    • chas says:

      Well, that makes at least 3 of us with an optimistic outlook.100% agree.

    • Shirley Blue says:

      Apart from the Man U fans that got together to form FC United of Manchester as a direct protest against the Glaziers. Hardly 100% support for them was there? Also half of Old Trafford wearing yellow and green scarves for a good while after they took over and some still do.

    • Big Bill says:

      The thing that is REALLY REALLY wrong is the statement about “springboard to investment ” ELSEWHERE.

      Surely, as football fans, we want ALL profits from our club to be ploughed back into our club to make it improve and NOT subsidise some Company Moguls who want to use that cash to fund THEIR other interests to make them more money.

      If anything, I would like BIHL’s other dealings to help to fund BLUES, and NOT the other way round.

      We could “just about” accept Blues as being CY and PP’s “plaything”, but “funds provider” for other ventures…… a big fat NO!!!

  • Peter bates says:

    I respect every opinion on this site but lets look at facts cy said alex mccleish would get 40 to 80 million to spend did not happen ppsaid no firesale of players there was he also said we dont need to zell players he sold redmond and butland they cant be trusted

  • Shirley Blue says:

    There are a lot of genuine, hardcore Birmingham City fans who no longer go because they feel the club has been taken away from them by these people. The worrying statement from Pannu was when he said that they will continue to “sustain” the club like they have done for the last two or three years. That doesn’t sound like they plan to try and improve matters with any investment.

  • Ken Charlery says:

    Haven’t posted for a long time, read every day. Best site by a mile.
    Haven’t been down since Charlton at home, just got fed up, and when you break the circle it’s easy to break again, think OP alluded to that in a post. I am like a lot of fans of every club in every league, it doesn’t matter who is running the show if the team is successful the fans will come back. If that’s with CY so be it, yes some people will refuse to go because of the owners but how many of those would stay away if things turn around on the pitch.
    Never been to an away game this season so I know I have probably missed the best performances

  • matt says:

    No fan has stopped going because of carson yeung if you believe that your deluded! It’s all results related the same as any football club! As usual dan pisses on the fireworks! Yes this i great news for all of us the wheels are in motion after 3 years of nothing of course it’s good news! get a grip and ignore the grim reaper soon to be made redundant! kro!

    • chas says:

      Agree Matt. I stopped going because of the crap, boring football that we had to watch under McC and I got out of the habit. I have been offered a free ticket for one match and I am undecided whether to take it up or not, but I don’t want to be in the middle of a load of mouthy Fans making the game irrelevant, so I probably wont go.

  • brainchildblue says:

    In my view Peter Penn did a splendid job and you have listed above the amount of work he did to correct all the problems before the re listing. Hk is very regulated and panniers had satisfied the authorities that the whole group is in order.the previous board under Vico left the group in shambles.

    Pannu thank you for saving the club please help us sell now and you would have done your bit and we are very greatful.

    PP the best

    now we need to support the club.

    If we all get off the computers screen and do our part the team will be fine.

    • Julian Glass says:

      Peter Pannu has been here from day one. Despite a couple of skeletons in the cupboard the previous board left us solvent with a decent balance sheet. He’s been here as things went awry. We can now see why Michael Dunford went

  • Lover B says:

    Stuart Dale is spot on..let’s go and support the team… stop complaining. Keep some faith in Pannu as we can see when there is something to say and is important he lets us know. I prefer that than just coming out to talk when there is nothing to report.

    It is obvious PP was away in HK for a year to sort out the mess in HK and the job is done there. Once can see is not an easy job. The whole group was close to bankruptcy and now is rescued by Pannu… Carson is not 450M HK dollars richer as of today on paper. if he converted at 0.03 his loan in to a share today it is trading at 0.11 so 200mHK will be today at about 650M, a cool 450M HK profit in one day… and can be sent to the club..

    This cant be bad for the club.

    The investors had also double their investment in one day converting at 0.05

    with all these extra money I think Pannu was right when he said future is “bright”

    I trust him , his vision and his toughness and his no nonsense quest to get things done and to ignore trash sometimes we throw at him. I was critical of him before but I have change as facts are clear. … He is just a worker and he has worked hard for us.

    Next thing to watch out for is the 28th court date and the outcome

  • Will says:

    Listed Company Information

    EXCHANGE NOTICE – RESUMPTION OF TRADING
    Trading in the shares (stock code: 02309) of Birmingham International Holdings Limited will be resumed at 9:00 a.m. today (7/2/2014).

    From HK Stock Exchange

  • an olden says:

    Is there any posibitity that in the event of a verdict of guilty , a sentence of a fine of immense proportions could be imposed that would be a serious problem that could only be satisfied by his selling his shares . Financial penalties are in some legal situations unlimited ?

  • StevieW says:

    Share price down 34% on the day. I got the infor from http://www.hkex.com.hk/

  • brainchildblue says:

    We are not busted too right now and with out any money…All the more credit to P


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