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BIH Announce New Loan Agreement
Birmingham International Holdings have today announced to the stock exchange a new loan agreement which will see them borrow HK$15mil (approx £1.25mil) from U-Continent.
The announcement confirms that BIH will borrow the money for up to 12 months at a monthly interest rate of 0.5%, with the money to be used to improve the liquidity of the group.
U-Continent was confirmed in a previous announcement to be owned by Yang Yuezhou and has agreed to buy two convertible bonds in BIH subject to shareholder and stock market approval.
It is intriguing that despite setting up deals to bring in a larger amount of money over the next three months and despite apparently setting up a deal to sell one quarter of BCFC, BIH are still having to negotiate short term loans (at a decent rate of interest) to maintain cashflow.
Edit: 1400 November 19
BIH have made a further announcement whereby they have varied the convertible bonds announced last week to take this loan into account. They have also confirmed the second bond will be for just HK$125million instead of HK250million.
Tags: BIH, Carson Yeung, HKSE, U-Continent, Yang Yuezhou
71 Responses to “BIH Announce New Loan Agreement”
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And according to the Daily Mail, CY wants £20000 just to grant Palandinni an interview, interest payments must be high on this loan
If evrybody puts £2 in the pot at the next home game we can give Paldinni the 20K and the rest to charity
Then shame Carson into giving his 20K he recieves to charity as well
What a great idea you can gave £2 off me . I just don’t think carson can be shamed after this debacle. ..
I’m not giving That Italian anything. the bloke is all hot air.
Great Idea Will, Not sure there is much truth in that story though.
How on earth are they going to pay off all these loans? Other than the club they’ve got no income.
If there is any truth in the daily mail then it just Carson taking the p*ss out GP. GP knows the price Carson wants so either pay up or shut up imo……………… As for an interview with Carson charging GP is absolutely laughable……. the poor media cannot find anything sensible to write………..shocking………..kro
The first part if your post says it all really..’ If there is any truth in the daily mail’
Also noted in the announcement that the loan can be paid off within the 12 months without gaining penalties…………imo I believe Carson is working towards knowing that the biggest earner and earners will be leaving us at the end of the season just a theory………and if they wish to stay their contracts will be changed. Players will be on contracts what suit bcfc,…………………
It comes to a stage that you just don’t know what to believe anymore.Are these short term loans needed to tied BIHL/BCFC over until the shareholders meeting to accept the proposals and third party loans or is this just more of smoke and mirrors?
Time for those waiting in the wings to move in now as it is obvious that BIHL can not function or survive without these loans.
Who will repay the loans or are they being added onto the price of BCFC?
KRO+DNM
Chris- if it led to believe Ziggy wages until the end of the season around 2mil it also believed that Carson attempting to raise around 5mil with investors. With the final parachute payment around 7mil……………… its any one guess really………………
Paladini right now is the only hope we have ,he should be given every encouragement.
The Bloke is a Charlaton.
Any port in a storm? No! It could be port smouth
Tony-firstly gp got to give 32mil to Carson if carson wants to sell?/, secondly GP reportedly offered 20mil what encouragement do you suggest mate?/……………can you offer the other 12mil……
Gp if he that interested in blues put your money where your mouth is or keep quiet……..imo
Anyone would have to be stupid to buy us out at £32m. It might be worth half that at a pinch. It all depends if a buyer sees the potential as we fans do.
Someone paid £81m.
I did say “anyone would have to be stupid.” Kinda proves my point.
and he paid it when we were a premier league club with very little debt we are bowhere near whay we were when he bought us and he paid way too much then
staffsblue you could be right…. but one way or the other Carson does not see it this way.
He touched the premiership before and in my imo he probably wants to do this again, knowing the riches that the premiership comes with…… as for gp he know the price whether he’s in agreement or not if he he wants blues badly enough I ask him put your money where your mouth is otherwise stop putting false hope into media or demonstrating your ego………to be owner of bcfc without backing it up………..
To be honest mark, I think the Paladini bid is dead in the water. The Chinese don’t like him, so I doubt they’ll do business with him. Unless it’s desperate… and I don’t think it’s that bad yet.
As to how much the club is worth… well, our biggest (only?) asset is St Andrews and I have no idea how much that’s worth. The next biggest asset is the staff who are keeping the club running.
Not according to somebody on bcfcfreeforums.A respected poster reckonds Paladini ids buying 25% now and the rest depending on which division we’re in.
He’s wrong.
Also mark…. if Carson Yeung is determined to get Blues back in the premier, I would say exactly the same to him….. Put your money where your mouth is. ;-)
totally agree with you :-)
Carson has written off his debt so price must be nearer 20m now?
whether Carson has moved 15mil from bcfc appears be in relevant imo Carson still states he wants 32mil………
How much do you think Carson wants Mark ?
He hasn’t stated anything since the debt was written off.
He’s written off £15 mill.So that takes it closer to the £20 mill GP has offered.
players were sold and debt been removed sorry to say it again Steve its your opinion that its closer to gp bid. And if that was the case surely Carson would be eating out gp hand…..and this simply not the case. However much you despise the guy he not going anywhere…………………….not even for so-called 20mil you think he will take…………………………
think i’ll buy some baked beans if its all the same …..
Money better spent IMHO.
The name of this company sounds awfully close to “Incontinant”. Should everybody at BCFC be running for the toilet paper.
He’ll be able to have an ‘interview’ with him for nothing soon.
just need a ‘visiting warrant’.
I’m not an accountant, but if the convertible bonds are enacted, then doesnt’ this further dilute the value of shareholdings for CY and the others? First CY’s debt conversion and now this.
It seems to be more sensible for BIHL than just having a loan at a stonking rate of interest, and should help keep the books nice and tidy for a potential investor, or, preferably, buyer!
Knock GP all you like but he has been pretty transparent in his quest to buy the Club. Why pay over the odds? If I won £150m on the euros even as a true Blue I still would’nt pay anywhere near the asking price.
It appears that if its not GP then its another Chinese/HK investor/buyer. Personally id prefer the ‘charlatan’.
Its pointless us assuming or worrying anymore. What will happen, will happen. Whether Carson remains the long term owner or another Chinese consortium buys in or Paladini is eventually successful, who knows? At the end of the day this fantastic OP site provides us with excellent info and updates, brilliant work.
http://www.hkexnews.hk/listedco/listconews/sehk/2013/1119/LTN20131119777.pdf
See the edit Thongsy, too slow ;)
you mean re-read your articles?
Well, it was up an hour before you posted that comment Thongsy ;)
Im comletly bemused by it all frankly, just want to see some money come into the club
At the moment the only way we are going to get any money into the club is through the turnstiles.
That will have an impact both financially and atmospherically in helping the team.
Financially it might be the only way LC can try and prise a loan deal come January, and with a decent crowd in full voice will make ST Andrews the fortress it once was.
Dan has said repeatedly that nothing regarding the sale will happen before January/February, and that will be the start of another drawn out process, we will be lucky if we have new owners for next season and I think that will depend on CY’s court verdict, he is going to hang on as long as possible.
KRO+DNM
Cash in must be good news, surely?
Or am I missing something?
It’s money to BIHL isn’t it? Can’t see £1.25 mill making much difference to us.
hi all…..dan as an ex bcfc shareholder who sold at half the final selling price!!!! ouch!!! i know nothing!!!
can you put in simple terms who has shares in our company and what percentage….please
Read this
Wheres this 5 million comeing from cy keeps going on about???
Have you read this site recently?
I suggest you read this
Just hope a large investment comes in or were sold dont care which
Mark who cares want the chink wants hes a naive idiot we are worth 15-20 mil max, I Wanted to play the guitar like Albert Lee but their comes a moment when reality dawns lets hope that moment dawns on him and quick
Achtung Achtung, the moment is close when we shall witness the fatherland tear apart the feeble Englanders.
Let us watch and learn.
Another flat performance by England. Apart from the odd run by Townsend.. there was no spark or excitement. The Germans weren’t much better tbh, but then, they didn’t need to be.
That was suppose to be a strong England team against a second Xl German team.
Don’t think I’ll be rushing to buy World Cup Final Tickets, probably got a better chance of Blues winning the Championship.
KRO+DNM
I haven’t enjoyed watching England for over a decade. And to lose 2 home games on the trot by 0-1 is extremely poor. We haven’t produced a decent striker since Alan Shearer retired. They’re all one-dimensional today. I still say that Peter Crouch could do better than any of those on view last night.
I totally agree, Sturridge and Lambert might be performing for their clubs but they can’t do it against decent opposition at national level.
Defoe can’t get in the team for some reason, they say you can’t blame all the foreign players but clubs now are playing to the foreign players strengths and ignoring the English style of play, though I don’t advocate route one football now we lack a target man who can poach goals in the box.
Might be too late but we need the FA to ensure that clubs bring though quality players for the National team by reducing the number of foreign players within the starting XI’s.
I doubt it’ll happen any time soon Chris. It’s ok setting up places like the one in Burton… but what’s the point in coaching the bollox out of them, just for them to hit a brick wall when it comes to the first team. A £10-15m foreign players will always be chosen before a player from British academies. Fact of life I’m afraid. Still, at least the Football League clubs have a chance to benefit from them… once they wake up and realise it’s not so great being in Man U/Man C/Chelsea/Arsenal reserves for biggest part of their careers.
Cynical? Moi?
As you say, it will never happen, too much money both for the clubs and players.
One day the money bubble will burst, but until it does the smaller clubs and National team will suffer.
Look what has happened to Jack Butland and Zaha, both were on the fringe of the National team Butland is back in the Championship with Zaha in the reserves, both saw £££s, I know Blues had to sell but he could have refused but he thought he was going to be a No2 in the Premiership.
KRO+DNM
For the rate of interest being so low at 0.5% to an entity like BIH which is in a mess I feel is a key issue. U Continent are obviously not looking to make any money on the interest and therefore they are looking for a return from their equity stake in the company following on some point ,on conversion of the bonds to shares. I dont think any sale will now happen until the shares are re-listed and bonds converted. Also U Continent may be the vehicle used for a takeover following conversion of the bonds.
0.5% per month mate – not that low.
The name of the game here is humiliation. If GP paid the dough…and I doubt that will happen EVER…then Yeung will just give him the minimum time and he’ll walk away no wiser than when he went in. He’s being made to work for the inevitable. Yeung got rumped by Gold and Sullivan, and in turn so did the club. Yeung is trying to find a way to do similar to GP. It is all so very demoralising, these people are now showing just how thoroughly bad they are for any business let alone BCFC, I can only wish a hex on them all.
Dan, I’m under the impression that pannu was/is/ has been paid by blues as part of payment for the 15 m loan, based on how much he’s been paid then surely the amount owed to yeung by blues is a lot less than 15m, so yeung is now in a massive win win situation as he still gets 15m worth of shares plus whatever fee whenever or if ever he sells the club, pannu must have taken millions from the club over the last two-three years
and contributed nothing.!
Only losers I the situation is bcfc
hi all…..dan …as per my request for the percentage of shares….carson owns 27%….does he want £32 million for his share or everyones share??? thanks…
Mike
He doesn’t want 32million for his shares, all the shares or anyone else’s shares.
He wants 32 million for the FOOTBALL CLUB.
If the reports were true, Yeung stupidly paid £81million for Blues. He was made to look a fool by two London geezers,who have forgotten more about running a football club,than he will ever know. Blues won a major trophy with him as chairman,but he hadn’t got the know how, to build on that success. If the money laundering charges are proved to be true,he should go back to being a barber,when he gets out !
BIH paid £81mil for Blues, not Carson. Important distinction.
So how can he be asking 32 million for the football club when he doesn’t own it outright?
Lee
Carson wouldn’t receive the £32mil, BIH would as they own the football club. He’s named the price as he’s chairman of the board of BIH, ie he’s the boss – that’s his job.