Often Partisan

Compliance Advisors Appointed By BIH

Birmingham International Holdings announced yesterday that they have appointed Somerley Ltd as compliance advisors in accordance with the censure placed upon them by the listing rules.

The appointment is to satisfy a regulatory requirement laid upon Birmingham International Holdings in the wake of the censure placed upon the company and various directors last month and contrary to reports elsewhere isn’t directly linked to any takeover of Birmingham City by another party.

However, it’s my belief that the appointment of a such a body will help to ensure that there will be timely announcements with regards to any further news on the prospective takeover and should help to ensure that all rules are strictly followed whilst any takeover proceeds.

The appointment is for a period of two years effective 03 October 2012 and Somerley Ltd will report to the Audit Committee of BIH.

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14 Responses to “Compliance Advisors Appointed By BIH”

  • thongs says:

    So not an attempt to get shares selling again?

    • almajir says:

      No.

      One of outcomes of the censure was that BIH had to appoint a HKSE-approved compliance advisor for a period of two years to ensure that they did everything by the book and correctly.

      For the shares to be relisted there are four criteria to be met – accounts to be filed, any auditor problems to be sorted, control issues to be dealt with and assurances that the company is being run properly despite what is happening to Carson. BIH are nowhere near close to fulfilling any of those criteria by my understanding and I wonder should Carson be convicted if there will be any further issues.

      • thongs says:

        So something a compliance advisor may assist with?

        • almajir says:

          Sure, they can assist with it… but they need something to work with IF shares are going to be re-listed and there isn’t anything. Thus it’s a false hope to believe that they’re working to get BIH shares relisted.

  • Graham Woodward says:

    Let’s hope it doesn’t take two years for a sale to go through

  • Masaccio says:

    You’ve got more chance of Lord Lucan buying you a pint before a blues match than seeing BIH shares being traded again.

  • Oldbluenose says:

    Almajir,!!. All the ” legalise “, leaves me still uncertain,!!.

    Does this latest information mean anything directly to B,C,F,C. excepting that they are now legally bound, [ one presumes ], to act above board with dealings that ” ownership ” of our club actually going to be open and above board about matters relating to the possible sale of our club to new ownership, ?. — IN SHORT, — TO EXPEDITE SUCH POSSIBLE SALE, ??????.

    • almajir says:

      Short answer – no.

      It will not expedite the sale any quicker – that will take as long as negotiations between Pannu and the other parties take.

      All it will probably do is ensure we get told what we’re supposed to be told, when we’re supposed to be told

  • Oldbluenose says:

    Almajir;, That answer will do for me, — Thanks, !!!!!!!!.

  • Bluenosesol says:

    It seems pretty obvious that over and above BCFC, BIH has no business interests or assets. If this is the case, then any shares are worthless. I worked for the biggest company in Canada. It went bust and the administrators have aquired a creditors pot of several billion dollarsby selling remianing assets. The employees have been advised that nevertheless, the shares are worthless. I burned mine years ago! It looks to me like these shannanigans are all about extricating BCFC and managing any creditors in order that the saleable entity is unshackled from debt burden and ongoing legal actions. To the ordinary supporter ir doesnt matter too much what the club is worth at its point of sale. Remember that Lerner bought the Vile for less than Carson bought the Blues and these respective facts havent done either club a great deal of good! The sooner the legalise is resolved and the club is sold the better.

    • Oldbluenose says:

      Bluenosesol;, My biggest fear is that history MAY repeat itself again, ?. In as much as any possible buyer, may NOT be a singular entity, in itself, BUT yet another version of B,I,H,, !!!!!!!!!!!!!!.

      • Bluenosesol says:

        Oldbluenose….I fear that too. Many of us believe that our fears will evaporate once we have a decent new board leading us, but the fear will continue for many months after the sale date. Remeber when Carson paid £80m and then announced he was providing a £40m transfer kitty! As you say – GroundHog Day!!!!

  • Paulo says:

    So this is basically just a legal requirement to ensure any business conducted by BIHL is overseen because the censure itself dictates BIHL cannot solely make any transactions, thus the HKSE need their auditors satisfied??
    I kind of get it, but I suppose it has to be complicated because of what BIHL ‘didnt’ do before.

  • Aussiebrum says:

    There is still a pressing need for BCFC (the subsidiary) to appoint several independant directors, ideally a couple based in Europe making them truely independant.


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