Often Partisan

EGM Results

Birmingham International Holdings announced yesterday the results of the EGM held to gain shareholder approval for the impending takeover of the company.

The full announcement can be read here – as you can see both resolutions were passed almost unanimously.

What does this mean for BCFC?

Gaining shareholder approval is a massive step in the takeover. All of the little steps needed to change the shareholding structure have been approved meaning the wheels can now be set fully in motion for Trillion Trophy Asia to take control of the company by the end of October.

Someone voted against it – why?

This is a question I can’t answer. It won’t have been anyone connected to Carson or Pannu as they were not allowed to vote. The best theory I can offer is that maybe someone was not happy with the dilution of shares that is about to happen and how they will end up with far less afterwards. The key is that it makes no odds; percentage wise it was less than 0.5% against.

What’s this court ruling?

As BIH is a company registered in the Cayman Islands, there are regulatory hoops to be jumped through there. This is another one of those; it should be nothing more than another rubber stamp but it has to be done for things to proceed. It’s due to be heard this afternoon UK time which means if BIH are to make an announcement after it, it won’t happen until tomorrow.

The main thing to take from this is it’s all systems go – that the last real chance for it to be halted has now passed and it’s now about eight weeks until the takeover should be completed.

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