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OP Video Podcast – AGM News
After the news from the BIH AGM yesterday, it’s easy to believe that Carson has once again flexed his shareholder muscles and shown EY he’s not going without a fight. The question is have EY anticipated this move and set up a trap for him? I discuss in my latest video.
Tags: BIH, Carson Yeung, Ernst and Young, HKSE
30 Responses to “OP Video Podcast – AGM News”
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Thanks for taking the time to inform us!
Very interesting theory but would there would need to be more evidence that they are acting in concert other than the fact that they have voted the same way in a few resolutions?
As I said… they have outstanding court cases. I wonder what else they have…
Thanks for all the hard work and explaining things. It does sound like you could be right …..lets hope so. I certainly feel a bit more optimistic than yesterday. KRO
It does seem strange that EY would seek a mandate at an agm knowing CY would seek to derail it unless they had an ulterior motive. Let’s hope they have their next move and are ready to pounce.
Good insight. Hope you havent given the game away and I doubt you have. There must be many more steps before CY is out of the picture and a sale is clear to go ahead.
Dan good vid with some interesting speculation, it will be interesting to see what EY do next as the ball is firmly in their court. Lets hope they have enough evidence to give a convincing case to the courts unlike that lame attempt that jailed CY which, as you say may be over turned.
Spot on Daniel, that’s all just spot on. And good to see your looking well on that pod cast.
As I said yesterday earnest and young would have known the outcome when setting the mandate.
So they must have something in mind only they know what but they are not stupid,so we will just have to let them play it out I think.
Thanks again dan
Cheers Dan, keep up the good work. Happy New Year.
Thanks for another interesting update, here’s hoping that EY can tie them up in knots. Happy New Year to everyone KRO
Thanks Daniel. However,the drama goes on and the fees continue to rise-with the ongoing process in full speed without much glimmer of the riddance of CY. You said it yourself Dan that it wouldn’t surprise you to see Carsen walk free and with his shareholding with his close aide chipping in what realistic hope in a conclusion that will appease us fans of BCFC – not great. Walking free and a determined ‘no’ to sell his shares leaves us still battered and bruised.
Hi Dan,
I’m no lawyer or legal expert but could Carson just play dumb and claim it’s a coincidence the votes went the way they did, if your theory is assumed to be correct?
As much as I hope you’re right, I don’t get how E&Y could use the colluding together against the benefit of the company argument in law, when Carson is entitled to vote in any way he wishes…
If a vote doesn’t go the way you want it to, you surely can’t just claim the people who voted against you colluded together as there would be no point in a vote and nothing would ever be binding as somewhere down the line you could use collusion to get what you want anyway…is the principle of ownership not, the more shares you have the more power you have?
I may have totally missed the point and over thinking this but I think I might have a point ( I could equally be as far away as Villa are from Prem survival too ;) )
KRO
John, Could I just ask you one question Can you tell me what is Carson and U-Continent being charged with in the forthcoming court case due around April I believe.?
Hi John,
You make some very interesting and valid points and I also share your concerns.
In my view assuming Carson wins the appeal case he would be in a very strong legal position which would lead to his rightful ownership of BIHL.
Assuming this happens he will then have a number of options which you couldn’t contemplate but paying him off could be one option.The reason I say this is because I think as a business man he has lost all credibility and he would struggle to get any legitimate financial support in Hong Kong.
The problem with this option would be the cost ,which would be substantial and off putting for any potential buyer.
Zxcv,
I’m not aware of a date for that case has been made, however, it’s a case of BIH suing U-Continent colluding with Carson on the sneaky sneaky.
Like I said in my post above though, I don’t see how in law they can use the refusal of a mandate as evidence.
Everyone might be able to see what is going on but as major shareholders they have all the power and can vote how they like….I can’t see how you can use collusion as evidence. I don’t see how you can prove collusion of a vote to change an outcome.it might be obvious and sneaky but people know how to play the system :/
I am not a lawyer or legal expert so if I’m being honest I don’t really know what will why could happen etc. I am just guessing.
John
Link for you – the Takeovers Code http://en-rules.sfc.hk/net_file_store/new_rulebooks/h/k/HKSFC3527_1489_VER21.pdf
Pertinent point, Rule 26, Note 1 (page 212)
As I said in the video, it’s not proof positive BUT it’s an indication.
Dan you are Ace.My heart sank at the news Carson had blocked any share issue but due to your digging you have made me feel much better. Happy New Dan and here’s hoping for a better new year for the blues.
I am so glad I am not a lawyer as I swear this whole Carson thing is just a myriad of problems whereby, new ones seem to be propping up all the time.
Carson surely has to have legal advice on every single action he is taking as I can’t believe any ‘normal’ person ( not a lawyer etc) would know how to continue this game of cat and mouse such is the amount of rules etc!
John I wondered if you knew of the charges against U-continent
HCA1648/2015
This relates to BIH suing U-Continent for knowingly entering into a deal with BIH while acting in concert with Carson Yeung but without disclosing that to the HKSE.
The full text of the announcement to the HKSE made on July 21 with respect to this case is here.
So all I am pointing out is could this add weight to the charges no one is saying its more proof.
John its also worth remembering an awful lot can Happen between now and April, and your right you would think his Lawyers would advise him to do the right thing, you get my drift ? .either way I suspect it will go to April if a deal can be done and not much before if at all.
Our problem is it seems to me is that the Chinese shareholders believe that we are against all Chinese . we are not , we are against shareholders who haven’t a clue of how finely tuned everybody at a football club has to be to be a success , and shareholders that keep doing and saying things that keep up setting that fine tuning are not wanted by blues fans , this is a sport not industry , and should be treated as a sport , everybody at the club has to be as one , and Carson does not fit into that category , so any shareholder that backs Carson will not see great wealth created by the club , or success ……kro
You are a clever man,Dan,very interesting theory,thanks for all your dedicated updates and insight on all things Blues, Happy New Year to you and yours
I’d love to think your argument is true but I have no idea how you would prove Carson Yeung and Wang Lei are acting in concert. I mean, all things being equal, there’s only a 25% chance of that happening: CY could have voted yes or no, WL could have voted yes or no.
Is it not true that we are all caught up in an endless maze which simply has no exit. Many commenters make very good logical points about our plight regarding CY and court cases/hearings galore etc-well thought out and commendable. Our future surely does not rely on TTA and the two year exclusivity time scale or EY with their business acumen- it is as it has always been with the decision by CY as to whether to sell or not. If he walks free or not , I expect his stance not to sell will centre around vengeance.
I’m sure CY thinks he only did good things for the club — a top nine finish and a League Cup. He’ll feel relegation wasn’t his fault
Good point- I am sure he does feel that. After all he did back McLeish with expensive loan salaries especially Martins who secured our major trophy.
It is a very good point , while he was owner we finished 9th in the Premiership and won the league cup , we put together a very good team and he will say he gave Mcleish all the support and it’s is fault we got relegated … Carsons problems happened after relegation and he will think that saying he his innocent that he can’t be responsible for the last 4/5 years when he was under arrest and not allowed to fund the club due to his finances being frozen ….. That’s what he will be thinking but I’ve got my own reasons for him to give up and let Blues go and start a fresh , I don’t think I will go into to much detail about what I think off him but it’s not pleasent . Kro
Unfortunately, this once again shows that unless and until we are totally rid of this corrupt machine, BCFC cannot move forward. It would appear Carson is a cancer on the club.
I`ve been saying for a long,long time that CY is not going down without a fight. I foresee him being around for years to come and i doubt there`ll be a takeover in the medium term.