Often Partisan

BIH Delay EGM For a Second Time

Birmingham International Holdings have once again delayed an EGM to obtain shareholder approval for a new convertible bond. A circular was due to be dispatched to shareholders today with details of the EGM but it has now been put off until October 10.

The announcement made to the stock exchange and signed off by Vice-Chairman Victor Ma Shui-Cheong confirms that the company needs more time to finalise documents for shareholders. This will lead to a further delay in the attempts of BIH to bring in fresh money – making it harder for them to diversify their business and sell the club.

September is a big month for BIH – their end of year accounts for the year ending June 2014 are due out on September 30 and their auditors have been in Birmingham to confirm details with staff there. There has been rumours that managing director Peter Pannu will be quitting BIH at the end of the September as his consultancy contract and managerial contract at BCFC both come to an end and apparently will not be renewed.

It will be interesting to see if Pannu does indeed leave the company on September 30 and what effect that would have on the proposed EGM.

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