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Snippet from the HKSE
Birmingham International Holdings have made an interesting announcement to the Hong Kong Stock Exchange this afternoon.
The announcement confirms that accounts for the club and it’s UK parent have been released and are available via companies house.
However, reading between the lines the timing of this announcement is interesting. Whilst there are regulatory reasons for the announcement having been made, it’s worth noting that the accounts that it refers to have been out for a few weeks – and the YE 2011 accounts which it also refers to have been out for six months. One would have to ask why the update to the HKSE now – is it perhaps coincidence that this comes out 48 hours after a piece in the South China Morning Post referring to those accounts?
It’s also interesting that the statement affirms that the accounts have been audited by the UK auditors and not BIH’s HK-based auditors JH CPA Alliance and that
Shareholders of the Company and potential investors should not place undue reliance on the aforesaid information and are advised to exercise caution in dealing in or with the Company’s shares.
Again – whilst this is more than likely in compliance with regulatory protocol is it perhaps coincidence that it might be telling BIH shareholders not to read too much into the criticism of the man who is also CEO, MD and Executive Director of BIH?
In the interests of balance, it is germane to note that Peter Pannu has refuted (via Andy Walker) saying anything to the South China Morning Post and that I have offered (again via Andy Walker) the right of reply to Mr Pannu to any and all articles on this site if he feels that I have got something wrong. As yet to date I have yet to receive a response from Mr Pannu.
Tags: BIH, HKSE, Peter Pannu
64 Responses to “Snippet from the HKSE”
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and don’t expect a response either
Yes, he’s got no hair and he don’t care.
comment edited
Somewhere along the line PP has totally lost it. In the past, after long silences, he has done a few things that have managed to keep at least some of the fans onside. He was decisive when appointing managers, getting rid of certain board members, dismissing Southampton’s bid for Butland etc and at that time making the right kind of noises about the sale of the club.
He seemed lose it when the Hong Kong bidders pulled out, and one of the reasons he gave was hostility of fans for the collapse of that sale. At this point he lost any credibility he had with the fans for shifting the blame on us.
What he failed to understand that was that any hostility was aimed at the current owners, not prospective ones. And I’m sure any prospective owners would be also aware at hostility would not be aimed at them, at least not if they are taking over from a failing owner.
I remember in the last days of Doug Ellis across the city when he was facing fan hostility. Lerner did not feel that any of it was aimed at him, and he was in fact welcomed with open arms by the fans. What has transpired since is neither here nor there; at the time taking over from an unpopular owner was great for their fans.
Similarly, unless new prospective owners are known to be unsuitable, our fans would not be hostile to them. But PP’s more recent behaviour has only served to fuel the hostility towards the current owner, and any new owners should know that the likelihood of them being welcomed will increase as the hostility to this current shower grows.
“any new owners should know that the likelihood of them being welcomed will increase as the hostility to this current shower grows.”
Exactly right. Pannu’s comment that us being unhappy with the current owners wouldn’t be a reason for anyone new not to take over. Obviously, if the parties were connected in some way and the hostility towards the current owners is effectivly hostility towards the new lot as well, I could understand. As we don’t know who the prospective HK group are, there’s certainly room to believe that several people will exist in both groups.
Animosity towards BIH certainly isn’t going to put Paladini off (for example)!
There was a lot of hostility on here towards Paladini and his consortium.
To all those anti-Paladini folk, you’ve gone as quiet as Pannu!!
Not I – I still don’t trust Paladini whatsoever. And I think we can and will do better.
I think we can do better but I also think that we need to get this deal done soon.
I’d rather take Paladini now than potentially better owners in a years time when we will be in an absolutely horrible state. If Paladini took over before Jan, we could have strengthened the side and still potentially pushed for the playoffs. Unlikely but possible.
As things stand, we could be in League 1 with a 10 points deduction when we finially get someone new in and I have a sinking feeling that it will be another mystery HK group with no idea how to run a business.
THAT,!!. is my fervent hope as well, !!.
Almajir;, What is your gut feeling concerning our present parlous financial state, ?. With just 10 days to go, — Do you think we will lose players cheaply, ??.
My gut instinct?
Yes, I think we will. That’s based on nothing more than my opinion, don’t take it as gospel, I am often wrong.
This is one time that I would hope you are wrong, !!. –BUT — I tend to agree that we will really have something to cry about after the 10, days are up, ,!!!.
You must know something that I dont because I cant only see us going one of two ways. The squad is decimated to a degree that League One is a cert next year. Or we go into administration and get relegated anyway.
Will Paladin be interested if we are in League One? If he can buy the Club for £1 possibly.
We will know more come February but we are facing a relegation battle with our current squad nevermind one that has its most prized assets sold on Bargain Thursday.
SirHarry
If we go into administration I can guarantee that there will be more bidders than just Paladini.
I agree totally however Im trying to point out that we are closer to League One now than when Paladini first made his interest known. For me its almost certain because of us going down one of two ways both of which lead to League One. Had Paladini taken over we would not be selling players for knockdown fee’s nor would we be heading for administration and therefore heading to league One.
Do you believe that administration is now a preferred option to rid ourselves of CY?
Please excuse the Capitals, Almajir, ?.
PLEASE GOD WE ENTER ADMINISTRATION, THEN ,!!!!!!!!!!!!.
haha yeah I remember thinking how rediculous they sounded at the time. Comments like “better the devil you know….” Is it!? Really?
The majority of homeless people have access to more money than BIH!
Nothings changed, just Paladini has managed to keep his gob shut for once, so why wouldn’t we be quiet, or should we just post Still don’t want Paladini, everyday!
The only reason Paladini wanted to do the deal by this month, was because his consortium wanted the quickest possible return to the EPL and thus make a massive return on their outlay. If we had not achieved this they would have the same funding issues as BIHL. For them to struggle to come up with a decent bid in the first place with proper financing considering its a consortium should ring the same alarm bells as when CY tried to buy us the first time around in 2007. If they had been successful, we’d probably face the same problems as present, on some years down the line. Paladini couldn’t get Port Vale when they were in deep trouble so I wouldn’t want him near our club. Rather get all the crap out the way with the current group then leave ourselves vulnerable again.
Spot On!
I concour also Atahualpa and Blue in spain,!!.
Paladini made on offer,he had plan to get us into the prem. It was turned down. 2 months down the line we face losing our greatest assets or administration. I think most agree on that.
And your still.waiting for a knight in shining armour to buy us by next Thursday and dtop it all happening!!
I’m not.
If administration happens, I’ll deal with it. If we get relegated, so be it.
Given the choice of Paladini or Administration I’d take administration. Seriously.
Your leaving yourself wide open mayor with them comments
Wide open to what?
Personal opinion and preference. No defamation, no libel.
Fair enough Al that’s a bold preference. League One over Paladini. The plan was to get us in the Prem which would need investment. In our current predicament that sort of plan is another world away. Im dreading next Thursday, I really am because come midnight on the 31st Jan I believe we will see a Birmingham City, the likes of which we haven’t seen since the Wheldon days.
I hope I am wrong and I will love nothing more than to come on here next Friday with just one squad member sold to another club and be ridiculed.
but in admin Paladini may be the one who ends up buying us anyway?
If we go into admin there will be more interested parties with better offers than Paladini.
He probably had the same plan for Port Vale, and what about when he was posing as Nottingham Forest chairman to tap up Ferguson from Peterbrough………
Mayor,You ain’t got a clue who’s backing paladini mate,and your not giving him a fair crack of the whip,unless you know something we don’t??anyway mayor just my thoughts like.
That’s the point Mickey – no one knows who’s backing Paladini and no-one knows if they really have any money. Paladini is just a fixer, a bloke after a job and nothing more.
Do you not understand that?
This is a suggestion to add to the myriad comments made to the ‘Anger and Frustration’ post from yesterday, it’s a song that Bluenoses could sing during the next game and stems from ‘Les Miserables’, (the unfortunates, how appropriate for us at this time). I don’t suppose the song will get the light of day but it sums up my own felings at this time:-
Will you sing this song with me?
This is the song of angry men
This is the song from loyal fans
Who won’t be pissed about again
And the beating of our hearts
Echoes the beating of our drums
Totally BCFC
Now, and when tomorrow comes.
It will probbly be criticised by some Blues fans (although I hope not) but writing these few lines helped to get my own personal anger and frustration off my chest.
KRO SOTV
Sad day for football when fans start quoting from les miserables, a sad sad day
There’s more chance of snow in Glasgow this week than a new owner in ten days!! Strangely, there’s none here!
Richard, now try doing the same with a real football song,say I am sailing (eh Davo you could film it).
I mean a song from “les mis” a tad pretentious dear heart lol.
To the end of the road.
Don’t call me ‘dear heart’ Not even my wife of 26 years calls me that. It makes me angry.And you wouldn’t like me when I’m angry.
Do you have any better suggestions than a parody of a song used prior to people going into battle ? Because at the moment this reflects my feelings.
Your suggestion of ‘Sailing’ doesn’t wash with me. As for lol? I’m not in a laughing mood.
At least I can agree with Bluenoseneil
VILLA LOST!!!!!!!!
EVERYBODY SOTV
Its a good point that Paladini wont bother to take us now if he can get us for a quid in 6-12 months time,with a wage bill close to £0,he is a businessman after all.
I seem to remember when G & S were trying to offload us this current lot were the only ones who were interested(& we were in a far better state/prem football decent gates/& G & S were always complaining over the lack of interest from the local business community),so i’m not sure i agree that there will be lots of interested parties,IMO i have doubts that another far eastern consortium/buyers were nothing more than a ghost bidder.
‘not place undue reliance and excercise caution.’ Well, that’s what stood out to me. I never thought I’d say it, but I can see the ‘A’ and subsequently ‘R’ words floating around now, and all this political ambushing from PP is only driving the fans to a common cause. I did say a few months ago that the Carson song would not go away, and fans seeing their club being targeted by it’s own owners are simply going to get angrier.
I can only imagine Pannu is hoping for Hong Kong investment still and is actively talking with someone because surely under the present circumstances, he would be accepting the Paladini offer, be it in bits and drabs.
I fully agree Andy. PP has to avoid administration otherwise heand cy lose everything as far as I can see. He can try to sell players as he no doubt will but he also then reduces the ‘value’ of / in the club. (unless its Zig that goes but that would be a shock bearing his agent’s taking the p comments about his contract, recently) If PP sells too much talent most likely at cut prices, he also increases the likelihood of relegation of course though I’d expect a number of LC loanees to arrive in Feb. If we get relegated I believe we also lose the final epl parachute payment too so thats another £8m off the price theoretically that he wouldn’t want to face. IMO all this means is that PP is in a very difficult position with risky choices whatever he does. His best hope is to sell and survive in the league, but I like you Andy feel he must have a bidder in negotiations prepared to do better than Paladini. As we supporters are shut out of these matters we can only watch as these options unfold and do what we can to support the club..
I’m not sure if clubs still get parachute payments in League One / Two.
http://www.independent.co.uk/sport/football/premier-league/the-parachute-payments-to-clubs-relegated-from-the-premier-league-can-be-a-lifesaver–but-is-it-fair-to-all-the-other-teams-8448748.html
Paragraph eight, it mentions Portsmouth still getting parachute payments in League One, though i seem to remember it went straight to other clubs / players to pay football debts.
We’ve done this… you do. In Portsmouth’s case, they go to their debtors. If we went into admin, it would go to football creditors first but if we were okay on that front it would go to the club.
That’s the bit I don’t get. Is CY so cocksure that he will be proved innocent and then free to spend his millions? Therefore he hangs on unless the price is right.
One thing for sure is that the value of BCFC will drop significantly after the January Sales.
Almajir, i thought it was worth pointing out that someone questioned whether the Paladini backers really had enough money to buy into Blues on the Tom Ross phone in the other week and Tom’s words were, yes they have loads of money!
So you’re taking that as gospel? Cos I’m not.
If they had loads of money then they’d have brought the club. IMO it will all be borrowed on a promise. Paladini is an agent for someone in the shadows (even PP does not know who!) – nothing more, in the longer term benefit of the club it may be better to go into admin as there will be more suitors available. Admin will also force the hand of the current shower. I’ll take one season in Div 1 for the long term benefit of the club.
Our club has gone right down the Pannu.
What’s the worst that can happen under Paladini that won’t happen in the next 6 months?
League One and/or administration. At least we’d die trying to get promoted rather than dying a slow painful death like we are now.
We don’t know whose behind any bid and let’s face nobody is going to buy Blues because they love us, they will all buy it for the same reason, buy, invest, make it better & sell for a profit. Simple economics unless you are hairdresser from China who paid a fortune for a vastly overpriced commodity.
It’s too late for Paladini to get us promoted.
By my reckoning if a bid was accepted this minute we’d be lucky if a sale was completed by March 1 – and that’s without the BIH accounts. Apparently they might be necessary.
The Paladini bid has sailed, forget about it… we won’t get bought now before the end of the season realistically. I take no pleasure in saying that it, it’s just the way it is.
Sorry I meant at least we would have died trying. Fully aware that it’s to late now, hence why I’m banging on about League One.
I’m seeing my I club on it’s death bed and im asking could it be any worse had Paladini succeeded. At this point in time the answer has to be no.
No i certainly dont take anything as gospel until it happens but Tom Ross seemed pretty sure the money is there. Its gone pretty quiet on that front anyway but nothing suggests that they have lost interest, im sure they are waiting in the wings along with a few others.
almajir, do you know for sure that some buyers are waiting in the wings once we are in admin?
i just fear the scenario when these mugs bought us, that they were the only deal in town, no one else was interested.
ok in admin we will be a lot cheaper than the last time we were sold, but then you can end up with venture capitalists like Coventry did and look what’s happened to them after being run by people who don’t know or understand football.
My Dad said before the end of last season that Pannu was all “piss and wind” which I think was very eloquently put. It’s almost a blessing he can’t see his Blues being scuttled like an old liner :-( god rest him.
I think we are running out of palatable options quicker than Pannu it’s running out of allies in the Uk. Dont know what to hope for, wish for or expect to be honest.
John Carney’s piece in the SCMP is at least recognition in HK, have emailed him my thanks at least and linked him with the story from BBC/Radio WM on mass player sales.
Meh who cares about all that…..
VILLA LOST!!!!!!!!!!!!! Hahahaha!!!!!!
Yeah let’s get Bradford’s Phil Parkinson in as manager next year!
It’s a new owner we need.
This is the prelude to administration.Pannu has put a warning out with this statement.He is now running scared from the possibility of investigations into Directoral compliance etc.If the defecation does hit then he will stand behind this statement saying look I did my best to save the situation and I told everyone to be careful.Teflon Pete slides again.
Yes I agree.
There is a UK DIrectors Code Of Practice which I’m sure he’s aware of together with his legal responsibilities .
Hopefully he’s now past the point of no return and the authorities will catch up with him.
Interesting days ahead but the club will suffer the consequences of his actions.
Furthermore Art you have the ICAC in Hong Kong who would love to get their teeth into a case like this IF any grounds for their involvement existed .They are ruthless and can rely on the HK courts to support them and hand down some pretty draconian sentences.I suspect this is keeping Peter fairly regular!
Love it.
I recon pannu won’t sell to anyone else other than the Far East, he would lose his cushi job & won’t be able to spend lavishly on unnessacery expenses.honestly what else can be do after the blues job. ???
Start working with Dangermouse again?!
If a club as successful as Everton cannot find investors or buyers what chance have Birmingham got. Blues fans need to get realistic, Paladini is stil the best option
There are too many supporters who are waiting for the knight in shining armour to appear with £200 million in his back pocket and he happens to have fallen in love with Birmingham City.
There are also those who are deluded in thinking that Paladini & co are the only consortium who will try and make a fast buck out of a football club by gaining promotion to the Premier League. They dont realise that any buyer will have the same agenda.
Its the way football has evolved, there are those who love our Clubs and there are those who want to make a fast buck. Did Randy Lerner love Villa all his life? No he did’nt he saw a big Club and big bucks if they could get into the Champions League. He invested and he failed and now he wont spend a penny. And I bet that if he could sell it for what he paid he would sell tomorrow.
If Paladini wants to get us into the Prem and then sell us thats fine by me.
And if he failed trying? Well it would’nt be any worse than the situation we are in now.
[…] most important one was made last Tuesday and concerned the accounts for BCFC and Birmingham City plc. Whilst we knew that those accounts […]