Often Partisan

BIH Confirm Listing Resumption Conditions

Birmingham International Holdings have confirmed to the Stock Exchange today that they have had five conditions laid upon them prior to the shares being relisted on the main board.

The announcement confirms that the Stock Exchange require a full investigation into the alleged misappropriation of funds from the company to be published and its impact to be assessed and remedied; publish all outstanding financial results and remedy all audit qualifications; demonstrate that the company has financial reporting and internal control systems in place to satisfy listing requirements; demonstrate that the company has 12 months worth of working capital; and finally, address the allegations made against the company to the Stock Exchange and inform the market of all material information.

This is quite a lot to be done and will not be quick; although with receivers in now there will be an independent face chasing results the accounts and misappropriation investigations aren’t going to be easy as they will involve a lot of detailed work. With this in mind I can’t see the shares being relisted before the end of the season. However, events with the receivers may overtake matters by then and the relisting of the shares may no longer be a priority.

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43 Responses to “BIH Confirm Listing Resumption Conditions”

  • Lee says:

    I can’t honestly see them ever being re listed again, yeung paying 81m for the club, going to jail, still backing Peter pann after having the company’s shares de listed with his ridiculous amateurish public rant on this page just shows the kind of men we’ve had to put up with, the only saving grace is the directors that have taken this action have shown there are honest and decent people in Hong Kong, just a shame we got dealt the two biggest bell ends

  • Kazakblue says:

    What remit will the receivers have, will they be able as an independent body be able to dig a lot deeper into the affairs of BIH, or will they have potential roadblocks forced on them by the powers that be in Hong Kong?
    As Daniel states above, it could take a considerable length of time to gather all the information, lets just hope and pray that the end of the road is coming closer to a favourable resolution for the Blues. KRO

    • AussieBlue says:

      Kaz, as receivers they are virtually without restrictions. They can protect and sell assets, claw back disputed funds and, if they find impropriety, report it to the authorities. It’s ‘come to confession’ time.

  • Peter Bates says:

    I hope the receivers see that bcfc is just a fashion statement to Carson yeung and peter pannu and that the club needs to be sold it will be interesting to see how many people are now interested because they will be dealing with Ernst and young and not people out to make money fair play to the people in bihl who took the decision to call in the receivers lets all hope it’s now the end of bihl and there involvement is gone forever also a thankyou to mr pavlakis I know he works for bihl but he does seem to have the club at heart lets hope for 3 points tonight kro

  • ChrisG says:

    I know this is like asking “how long is a piece of string” but has anyone any idea how long before the FL decide whether or not they will deduct us 10 points?

    • john says:

      We will only be deducted 10 points if we go into administration .and there is no talk of that yet. The receivers will investigate the financial state of the company (BIHL) and (I would imagine) the alledged misappropriation of funds, then if money is owed to creditors, that will be dealt with. That may facilitate the sale of the “property” if necessary, to recover the debt owed.

      • ChrisG says:

        Thanks John but according to reports yesterday there is a real possibility we could be deducted points, even though it’s BIH that have called in the receivers the FL are still investigating

          • ChrisG says:

            Er tv, newspaper, internet, take your pick

          • AussieBlue says:

            They are not reports, they are speculations.

          • Nick says:


          • Luke says:

            Regardless of whether you regard what reporters write as ‘reports’ or ‘speculative comments’, ChrisG is asking a valid question.

            You’d hope the FL will move quickly to confirm what John here says, and that there is no deduction. If there is a deduction (and even Dan isn’t 100% sure that there won’t be), it’d be better to know sooner rather than later. The result against Millwall could still come back and bite us on the bum.

            For the record, I think a reporter that speculates in a newspaper, on TV or online is making a report, albeit a speculative one. The validity/justification of those reports is then a matter for investigation. So, IMO, ChrisG’s use of the phrase “according to reports” is okay.

          • ChrisG says:

            Thanks Luke

          • AussieBlue says:

            No disrespect Luke and Chris but a reporter reports the facts, not rumour or speculation. I am a paid-up member of a Journalist’s Association and some of my articles are syndicated all over the world. If I am reporting, I report. If I am doing Op-Ed or personal analysis of a situation that calls for speculation ; that’s what it is; not reporting. Opinions and speculations are not reporting and need to be distinguished as such. Only the FL know if 10pts are going to be deducted or not , and they’re not saying. It’s a unique case.

          • Strettonbluenose says:

            AussieBlue – no disrespect to you personally but when I am knowledgable about a subject my experience is that, using your criteria, very, very few of your journalistic colleagues write “reports”. “Spin intended to sensationalise” is the politest description I can come up with.

  • John says:

    This latest announcement gives me a more hope that the club will be sold sooner rather than later. If the future of BIHL depends heavily on the shares being relisted, then the condition stating that the company needs to show that it has 12 months of working capital is key. We have been led to believe that BIHL are broke. The only way for them to show that they have this capital is to sell their assets.. of which they have only one :-)

  • Tony E says:

    Could those requirements spell the end of BIHL as a company listed on the HKSE?

  • Ian Ambrose says:

    Am Deaf, I blame to David Sullivan and David Gold both unprofessional often accept with carson yeung, peter pannu and memeber team 1st place from 2009 mean Carson and Peter is action,fake,behave and fraud like gang poker team OUT OF ORDER to Carson and pannu!!!… Nothing wrong blues fans peoples support and bring top players birmingham city 2nd in country in England Great British… Should sell Blues club will someone takeover at blues WHY WHY WHY carson and peter want 24% shake ??? Let us down Blues fans and manager!!..Own land policy rules in ENGLAND NOT rules policy in CHINA???? I dont understand why in china .NOW 100% BLUES MUST SELL THIS CLUB SOMEONE WILL TAKEOVER AT BLUES NOW…Bigger blues fan around bring here HAND OFF CARSON and PANNU!!!!… Nothing wrong blues fan and player/manager….

  • Brian says:

    Who has the priority HK Stock Exchange or the receivers, can the receivers say the listing is not important to them and sell BCFC or do they need HK Exchange permission.

    • chris says:

      i’ve seen listed firms in the past de-list so i guess that if you follow the correct rules and regs the receivers could de-list the company from HKSE.
      i also guess that would be well down the road, once all the accounting is finished and if they can’t meet all the conditions set by this HKSE announcement

  • Marky mark says:

    Lets not get to excited, E&Y remit will be to stabilise the business, get the company re-listed, address the debt, secure working capital for the next 12 months and get a system in place were the current directors can operate together.

    If they can achieve all this remains to be seen, it may be they decide the best course of action is to sell BCFC.

    This is what happens when you run your business like a train crash, the incompetence of many was always going to catch up with them one day, at least we know we are in the hands of people now who can be trusted and are transparent, lets hope they make the right decisions

  • mark blake says:

    There was a lot of inaccurate negative reporting in the Evening Villa, Central news, Midlands Today and local radio yesterday. They jump to conclusions just to get a headline. I noticed that there was a lack of constructive comments together with no serious interest in the news coming from HK. Imagine if them lot from Aston Village had the news that RLs empire had gone into administration. No doubt we would have had endless radio shows dedicated to it. Its a poor state of affairs that the club that holds the name of the city does not receive the same local media support as those over at the witton sheds.

    • TR7 says:

      I know , totally agree , just wait until Villa string a few results together , you won’t be able to move for headlines heralding the second coming ,Sky will be waxing even more lyrical than they usually do about The Sleeping Giant , Massive Club, This great , famous historic ground etc etc , we’ve got heap loads of unwarranted , undeserved diatribes of praise for The Midlands biggest and best club to put up with . And don’t get me started on the F A Cup ! It’s written in the stars ! Prince William will be there , 6 o’clock NATIONAL news , on and on , trust me . . . .

  • Adam True Blue says:

    If and its a big IF, the Receivers (EY) decide that Birmingham City FC needs to be sold and they sell to the highest bidder, will the highest bidder still have to meet the FL’s Owners and Directors Test or do the Receivers have the final say?

    • AussieBlue says:

      Would have to be the FL mate. Receivers are just disposing of the asset. From past observation, unless you are the Boston Strangler or Lord Lucan; it should all be fine!

  • Tony says:

    One thing has to be understood the fee E&Y

  • Adam says:

    I know most of you will disagree but I really do think its time for a protest. I’m not saying that we shouldn’t support the team, by all means still pack out stadiums etc but we need anti-board chants, banners and an angry atmosphere towards to board. I think we need to put pressure on for the club to be sold, I don’t think it will be a quick process but i think we can help by pushing. We need a home game where we can protest in HUGE numbers before, during and after the game. Lets make our message clear and hopefully it catches the eye of potential buyers. Long shot but what have we got to lose? Its either sit by and watch the club go to sh*t or try to help. Just my opinion…hope you all agree :)

  • The Francis Fake says:

    I feel that by putting the company into receivership that the current board have realised that it will be nigh on impossible to meet the conditions required by the the Stock Exchange to obtain a re-listing, and as a result the inherent value associated to the listing of the company being listed is now worthless. Therefore, BCFC now becomes the only realisable asset to shareholders. Hopefully, a sale can now be done without worrying about clearing up the BIHL mess and also trying to extract an additional value from the listed entity. Although this is great news I thought this season was going to fizzle out into one of cementing mid-table mediocrity, now I am fearful of another relegation battle. The Millwall result now could be very significant.

    • chris says:

      win vs millwall and its a 14 point gap lose as we did and its 8 now pressure may mount and we’re close over the next month whether we are looking down again instead of up

  • Paul Harrison says:

    Let’s not get too uptight about the Millwall result.

    Even with a 10 point deduction, we still have 16 games to get some points on the board in order to avoid relegation; the Millwall result will not relegate us.

    If there is a points deduction then we will surely not take that lying down. Although I recognise the law in this country is not purposive, as much as anything else, the rules around deductions were set-up to try and stop teams taking advantage of other teams (going into Administration whilst owing cash to others and generally seeking an advantage by avoiding debts which others have paid). BIHL are imploding but the only ones suffering are some shareholders, BCFC and its fans.

  • David says:

    I see the Birmingham Vile has just “lifted” this item and it’s made one of its 5 things lists out of it but this time it’s correct. KRO

  • Dave Mann says:

    That’s true chris and defeat will keep the gap to 8, draw its 9, and win its 11 so it’s a very important game …. IF and it’s a big IF we get deducted 10 points then a win tonight puts us 1 point clear of the bottom three, a draw or defeat puts us in the relegation zone!! .. Just a thought but if we out and play with that mentality that were fighting for our life’s then we might get a more spirited performance than that garbage last Tuesday !! Kro

  • Trevor Honnor says:

    If they deduct points from the club then I would consider that a disgusting act by the football league!

    Yes there are rules that must be followed and this is the same for all clubs. The current situation at Blues is that the people holding it together have done so since 2011 IN SPITE of the board and the criminals on it.
    The day to day running of the club has been far removed from the board and the company that owns Blues. With zero help from them we are continuing as a going concern and based on recent events (better football, better results, bigger crowds, and E&Y) the club is definitely starting to feel more stable.

    If being sold means we can improve further and if E&Y taking over means this can happen quicker then GOOD!

    If there are any humans at the FL who actually care about football and have respect for the job being done within Blues, then I doubt that we will be deducted 10 points. If they are robotic & lifeless characters who read from a rule book then who knows?

    My understanding, from what I have read is that Blues have been keeping the FL informed every step of the way.

    Hopefully some sense will prevail in this instance.

    • Tmsblues says:

      The bcfc back room team do a great job and the club is well managed financially . It is meeting it’s responsibilities to the league players suppliers and fans alike. So there is no reason for admin or liquidation. The league therefore have no grounds for points deductions.bcfc is a going concern otherwise Demi would be gone for £5m for sure. It’s a different story at bihl though which was not well run. With EY now appointed who as accountants will have checked that their fees are secure before entering the portals, then it will be well run. and their priority will be to sell the club the holding company’s worthwhile asset ( rather like gray is to blues) to sort out the company in Hk. They won’t be bothered with hkse issues they will put the sale sign up and sell to the best offer . Simples !

  • the Francis Fake says:

    The main reason why the Football League originally brought in the 10 point deduction rule was to punish clubs that may have gained an advantage over their peers following a write off of their debt as there were some circumstances whereby clubs benefited by receivership/administration. Blues situation looks unique if no creditors lose out and can prove the reasoning behind the decision to call in the receivers is one of governance and not financial. My worry is that the football league would deduct the points purely on the principal of the holding company being in receivership irrespective of Blues situation and they may be pressured by other clubs to punish us. The timing of the ruling is also potentially important as we need clarity asap and before the end of the season so that the players know exactly what is at stake.

  • rhees says:

    Good times a head I think earnest young will defo sell the club

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