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Cogs Turning in Takeover
Following the announcement made a couple of weeks ago, we are starting to see evidence of the takeover of Birmingham International Holdings take shape.
Paul Suen Cho Hung has confirmed in disclosures to the stock market that he now has a potential financial interest in shares. The disclosures show, as per the announcement that the shares are held via a BVI company called Wealthy Associates International Ltd, which itself owns the similarly BVI-based investment vehicle Trillion Trophy Asia.
The disclosure show his potential interest in 5 billion shares in BIH with 1.875billion of those being derivatives – matching up with the figures in the announcement for the new subscription shares and the new conversion shares. It’s important to note that Paul Suen DOES NOT own these shares yet; until the EGM is held and all the bits of the timetable are completed it’s only potential.
If and when Paul Suen does complete the deal he and his concert parties will own 60.78% – 62.45% of BIH; meaning that for the first time since the reign of David Sullivan and the Gold brothers the club will have owners who own the majority of the shares in the controlling company.
The next step we should hear will be the release of a circular on Wednesday 29 June, which will confirm the resolutions for shareholders to vote on at the EGM which is expected to be held at 11am HKT on Friday 22 July.
After that it will be a case of following through with the reorganisation of shares so that come the end of October, the Receivers will be discharged and trading in BIH shares will resume on the HKSE.
Tags: BIH, Paul Suen Cho Hung, The Takeover, Trillion Trophy Asia
33 Responses to “Cogs Turning in Takeover”
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Will the new owners have to go through the Football League fit and proper test? I assume their shpuldnt be any issues but the mention of offshore companies in the British Virgin Islands always raises concerns about transparency.
All the virgin islands is, is a tax haven. BIH who got thrpugh the fit and proper person test (which shows that the test is not fit for purpose) was set up in the Cayman Islands for tax reasons and they managed to takeover the club
That suggests everyone who uses a tax haven is a crook.
That’s an interesting question and I’m curious to know the answer to that too given that the club are owned by BIHL who have already passed the test. People have been coming and going from BIHL for a while now and at no time were they retested in whatever capacity they are as far as we know so I would think as far as the Football League is concerned it’s only when the club are initially taken over and this to them doesn’t constitute a takeover as it’s not the club that are being taken over technically it’s the clubs owners. We know it’s a technicality but knowing the Football League it means nothing to them. I could be wrong but knowing their rules….
Every single person who is to become an owner and/or a director of a football club or who exerts influence in the same manner must take the test, so yes, they will to.
I’m actually genuinely surprised people think they might not have to.
I would rather have a fit and proper test done by FA on new owners would nit like to go through thus again they may mean well but so did Carson until he was found out with pannu
It’s the Owners and Directors test…so the answer is yes
Looking good now hope all resolutions are passed on 22 July it will be interesting to hear what potential new owners will have to say after that date I hope we don’t hear wild promises I don’t think we will like a lot of fans I want stability with a team who can compete on a level playing field kro
My hope is that rules permitting we can use some of the speculated 10m out of our seasons budget before September when it can be introduced by TTA. By this I mean spend our current budget early knowing it will be replenished in September.
What the timeline, again, Daniel? Thanks.
End of October he said !! KRO
Its a formality. They TTA and one of the top accountancy organisation in the world have been working together for over a year on this and it wouldn’t get this far if there was any doubt. Imagine spending that amount of time and money to date when you are not legitimate and of good standing. Just a shame it takes so long to cut through the red tape.
They are proven business people and I’m sure they will find a way of investing in the squad before the official takeover.
Do you not think E&Y who are court appointed and have vast experience in takeovers/reconstructions have not done detailed due diligence on this chap? Notwithstanding that I read somewhere they had dealt with him before I expect they have been more thorough that the FL will be.
Yes ! KRO
This guy will be the same as Gold and Sulivan whereby the club is run as a business allowing it to grow on the pitch by making the right financial decisions. Loans can be made to the club but the accounts must show that it can be paid back so its back to where we were last time but at least some of the foundations they put in are still in place.
How many of those fans who hounded them out are watching what is happening at West Ham. They tried to do this for us but morons drove them out.
Absolute rubbish. Gold Sullivan and Brady wanted out and milked us for even more as they left. They went to West Ham because they saw and got a free stadium and the opportunity to make more money. They stopped spending at Blues and never wanted to take us to the next level
They wanted out in the end because they were hounded out by supporters who though the entire budget only had to be spent on the transfer fee and not signing on fees. VAT, agents fees and wages. Does a free transfer mean free?? No, it just means we didnt pay his old club club a fee but I bet the deal will cost the club around 2 million..
Where were we before Gold and Sullivan came to town and where are we now? They listened to the moaning for years and always invited people to come in and put some money in but it never happened.
dont mean to sidetrack but i read an interesting piece this morning on another blues related site, stating that we may indeed miss out again on potential signings like we have previously, due to not acting fast enough. i am aware of the financial situation etc, but how frustrating is it for the fans to once again miss out on potential signings due to speed. with the arrival of our most hated rivals joining us in the coming season, surely it is better to act sooner rather than later ? just a thought.
Its only the speculators saying we have missed out on players. I bet GR and the team laugh about this speculation as I doubt we were even looking at these players in the first place. All that happens here is that when a player that a speculator thinks we might or should be interested in becomes available it is assumed they are a target.
Journalists have to be writing something every chance they get otherwise they have no exposure. 90% of what we read is utter tosh and the only party we should take notice of are the club themselves who will make statements and announcements as and when something is or has happened.
I don’t think we have missed out on anyone on GR’s list yet.
Think Gazza Has a valid point, The criticism of Rowett is he is to cautious in his due diligence and his signings.
Its not as if he makes doubly sure and then makes a good signing, most of the time his signings are poor, and in the end finds himself picking up scraps who turn out to be underused and not very good.
We do need quality players . And if we have to sign 3 players instead of four and up the wages to get that quality then that is what we must do . we can always slgn a fourth player in another window… Get a grip GR .you have to act like a premiereship manager to get to the premiereship .alsorans . We have had enough deadwood at this club .time to move up …Kro
Who defines a good player? All players start as unknowns of which some make it and some dont.
Proven quality costs a lot of money, and even then we see big money signings firing blanks for a new club. Often this is because they can only play one way in one system. We have had enough of these over the years. Anyone know of Mahrez and Payet before last season?
Leave it to GR as he knows what he wants and to an extent I don’t think he wants big earners upsetting the togetherness he has in the dressing room. Far better to bring in someone with a bit of quality in the right areas and a lot to prove, rather than someone turning up thinking they are better than everyone else.
We have been told that the club will get 10 mil for players including wages some of you on here are talking as if the club are getting 100 mil. wake up and smell the coffee
If we play Fab and Donaldson in the same way every game we are predicable. What GR is saying he wants to bring in makes sense, Different types of players and systems to make it more difficult for the opposition to work us out, and also have the scope to change our system during a game using the bench.
Its not about the same 11 players playing the same system every week anymore.
10 mil including signing on fees and wages(Not one weeks wages, its about the length of contract and covering it) wouldnt bring in the players being spoken about. maybe one that we will know of but I’m expecting the others from overseas who are looking to do well in the Campionship and get themselves in the shop window for the Prem.
IMO the real test for GR is whether Fabbrini comes good next season.If the team is to start with him,which is popular opinion then whoever is brought in with attack in mind,then it is to accommodate the style of Fabbrini. Delicate choices to be made as to who comes in to either replace Donaldson or to play alongside him. Whichever way it goes,we need bruising strength up top to accommodate the wispy Fabbrini.
That would be half of the kitty gone on one player who wouldn’t be the slightest bit interested in making a name for himself. Is it a case of just wanting to see known names rather than just supporting the Blues and watching us progress regardless of the names on the team sheet.
Trillion Trophies and Wealthy Associates? Lets hope the associates are wealthy and win us a few trophies.
If they dont pass the fit and proper owners test , what happens then ?
I don’t think that will be an issue.
This is where GR needs to raise his own game and bring better quality signings into the club. A vast improvement needs to be shown after some of the poor signings of last season,and look beyond the lower Divisons. With what we are hearing then there maybe some monies set aside already(?) before the October finalising of TT’s takEover and therefore we should be looking at picking up some PL players who are out of contract or where we can recruit via a loan system.
Maybe one outside our comfort zone but how about Osman recently let go by Everton?
The team needs radical changes in terms of quality to enable us to compete anywhere near what other “key” clubs will be doing,so come on GR lets keep the positive vibes we are hearing off the pitch to on the pitch with players we can enjoy watching compete at all levels within the Championship,KRO
Osman – no thanks. Can we not sign old hasbeens please?
BlueEyedBlue makes good points. Time to improve mentality of our squad additions with hopefully Chester earning his salary. Money we know is tight along with many other clubs-trick is to get the hidden gems that must be out there, Enter Mr. Chester.
Great work Dan thanks. I wish people would get there facts right about transfers it’s not not about to slow it’s about us not being able to compete financially with other clubs Gary can only work with the tools he has. And as for sullivan & golds who done a great job by the way they are business men and deep down sullivan didn’t want to spend any more money on blues.