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BIH Announcement – Special Deal Reached with U-Continent
Birmingham International Holdings have announced to the Stock Exchange that they have struck a “special deal” with U-Continent, the second largest shareholder in the company and have rescinded all legal action against them.
The deal, which is announced here is much the same as the one made with Carson, and is essentially rewarding U-Continent’s affirmation that they will do nothing to prevent the upcoming EGM by rescinding the writ taken out against them.
This leaves one deal left to be done – with Peter Pannu – and my understanding is that this is also close.
Tags: BIH, Carson Yeung, EGM, Ernst and Young, HKSE, The Takeover, U-Continent
44 Responses to “BIH Announcement – Special Deal Reached with U-Continent”
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So once those 2 deals are struck the sale commences or the stocks go live then any potential sale?
So we are still looking at 6 months realistically
No. There is more to it than that – there is this “restructuring” business mentioned in the announcement. My take (and what I’ve been told) is that everything will be set up so once the EGM is held, the ownership of the company will be altered and the shares can be immediately relisted – which could be more like 3 months than 6. We’ll see I guess.
might be a crazy question Dan can`t you get on WM radio phone in starting in about half an hour.
As it costs me a quid a minute to phone the UK, no.
I have an app on my phone where I can use my UK call allowance to make calls abroad using the internet – essentially for free. Save me a fortune.
It’s also 2am and I’ve been awake since 7am…
thank god for E & Y.
This is more good news we are most definitely moving in the right direction and tbh I am not to concerned if it is six months am just so pleased the outcome is in sight.
don’t like the idea of doing a deal with pannu especially if he benefits from it !
I am not to sure why e&y have to do a deal with Pannu tbh (maybe Dan will enlighten us) because he only holds a small amount of shares, but I guess TTA won`t want anything outstanding no matter how small. So maybe a couple of bags of crisps and a Mars bar will sort him out lol.
It’s nowt to do with owning shares and all to do with the outstanding legal actions…
I meant they don’t need to do a deal with him in the same way as they did with the two major share holders, as in he can`t effect the vote at an EGM. As far as the court case they must also be favourites to win that anyway wouldn`t you agree.
He can’t affect the voting no… But the HKSE won’t allow the shares to be relisted til it’s done so there is no way an EGM can be held without it.
Edging closer I hope to a new era for bcfc the future looks a tad brighter kro
Having got half way through the deal details I gave up and closed the window, my attention to the detail is just not up to it, however I do salute your ability to probe and fully understand this stuff.
Great stuff thanks Dan.
Its all posertive good news yippee
Great news .. kRO
What’s it actually mean that in the egm the club can be officially taken over !
Hopefully we will have some decent money available for the transfer window .
does this mean GR may well have a transfer fund with some clout for next season so we can overtake the Vile??
Don’t worry about Pannu, we just need him gone. I’m hoping and praying that karma does the rest….
Once again almajir your the man . You need recognising for what you’ve done in Hong Kong . Tip my hat once again and thank you .
On the face of it – this is good news without a hint of a possible false dawn. As I see it we have a hopefully settled future where a stable squad of players can sign without the insecurity of previous seasons. TTA appear to be emerging as our new owners although this may be a temporary measure with possible selling on etc. Whichever way we view it our hopes are looking well founded.
Lets all keep it calm,yes potentially good news but how many times have we been down this road? My only concern is that our “Old Friend”(NOT!) is raising his ugly head again?
Question is now – Will E&Y call an EGM to approve these deals before the Pannu issue is sorted (as that does not involve shares so probably does not need voted on)? I wouldn’t want Pannu Ieft in a strong position of negotiation by having the last card to play that could hold up the re-listing of the shares.
I don’t believe they can
I just think tta will want all loose ends resolved Pannu has no say other than a fight in court over his sacking and denting his pride, its certainly nothing to do with himhaving the power to do anything at the egm it just makes it clean to resolve all issues imo.
its probably not an issue anyway as they are dealing with it could be resolved by the monthly announcement on the 30/31 April.
Did you completely ignore what I said?
They have to do what the HKSE asks prior to the stock being relisted. One of those things is sort out Pannu.
Nothing can happen til that’s done. It’s not TTA’S call, it’s the regulatory officials call.
do you know what you posted more to the point?
almajir says:
April 26, 2016 at 9:14 pm
I don’t believe they can
So you don`t believe they can is only opinion isn`t it. so yes I have read what you said Dan.
This feels like good news Dan. Light at the end of the tunnel and fingers crossed whoever finally takes us over has vision, desire for us to vastly improve oh and some money that is actually their. Great work as ever Dan.
i am wary again its season ticket sale time so many promises before as for pannu the robbing git just get rid out of sight but he probably wants his pocket lining again hope I am wrong this great club and fantastic fans deserve better
These deals have to be approved by the courts in Hong Kong and Cayman`s. and my guess is its no more than a formality, that is only my guess. Otherwise teejay relax mate this is nowt to do with S/Ticket sales. kro
Dan, How big an operation is TTA? How much money do they actually have to invest is us? Is it a big/medium/small company? Any idea?
Irrelevant questions… As I’ve said on countless occasions before it’s an investment vehicle specifically set up to make this purchase / complete this takeover…
sorry had to fall over laughing due Tom Hanks rather childish are you trying to make me cry over vilers…….well tom from the other half we are still celebrating, hopefully they keep on the downward trend and don’t stop……..
Well done Dan , we all appreciate your hard work and hopefully you might have more information to who TTA are and what assets they have further down the line.
From Daniels last comment regarding TTA and the emphasis on it being an investment vehicle etc -leaves me in little doubt that they will not be connected with us in the long term. Question is who will they eventually sell to and how long would that process take. I am pleased with the progress made obviously,but do foresee a mammoth time scale ahead with the procedure of selling it on.
This has been mentioned for months.TTA will probably takeover BIHL,buy another asset to protect their listing and then offload the club. I very much doubt they`d be interested in keeping us. If we`d been promoted they may have felt differently.
its a investment vehicle i wonder who driving the car? look like full circle going to happen!…it going to be a little old man who owns a veg store who made his millions selling fruit/ and sports betting……..nah it cannot be true…..
Daniel how far are you from finishing your second book?
I just hope TTA are not nieve enough to believe that big money guarantees success, because we all know it doesn’t, it only helps, we also need the infrastructure and backroom consistency. Possible exciting times ahead but keeping my head firmly on my shoulders until we have anything definate. Great bit of investigative journalism yet again from our man Dan. Kro
Good news and good work. Keep it coming..
It is really helpful to have these updates and insight but the reality is until we are sold to completely new owners who, this time, genuinely do have some money, we will not have the financial clout to develop on the pitch- it is a ” chicken and egg” scenario. Do the decent thing BIHL- let us go.. Please