Often Partisan

BIH: Delay Some More

Birmingham International Holdings have announced to the HKSE yesterday afternoon a proposal to adjourn their AGM until January 6. The AGM, which is to be held on the Gold Coast in Hong Kong includes among it’s resolutions one to decide whether to re-elect controversial director (and recently sacked MD/CEO) Peter Pannu to the board.

The announcement was made at 3pm yesterday afternoon but rather than just report what was going on I thought it might be best to find out why they are proposing to adjourn the AGM and what it means – if anything – to Birmingham City.

BIH delaying something? It’s hardly a surprise is it?

I have to agree with the perception that BIH seem to delay a lot of things and that this could hardly be a surprise – but I’ve never seen them announce an AGM and then delay it. I do not believe personally it’s a procedural thing – I actively think that there is an ongoing effort to buy some time before the meeting – but why they are delaying is open to some speculation.

I think – and I’ll stress this is speculation – that BIH are buying time to have things sorted out prior to the AGM – specifically shares being traded once again on the main board. I cannot believe shareholders are at all happy with the suspension of trading in shares – particularly as it was something that has come about due to the actions of one person.

I have to say I’ve not heard anything that backs up my suspicion from anyone and as such it is nothing more than a theory at the moment – but I am trying to find out what is happening in HK right now.

What difference does it make to the club?

One word – money. Although there has been strenuous denials from the club that they need £4.4million in the short term now to maintain operations the fact remains that as of the end of this season they will require a chunk for next year – and that money is only going to come from one place as it stands.

BIH can only seemingly raise money at this moment in time by offering additional shares in the company to investors and for that to happen they need three things – shareholder approval, regulatory approval and the shares to be trading. At this moment in time I cannot see them getting any of those three sorted – and I think BIH want to go into the AGM with the suspension lifted to save them from awkward questions from shareholders.

As of this moment, the only person to have lent BIH money since Carson’s arrest – Yang Yuezhou – has walked away as of the end of last month. Despite people in Birmingham insisting that “Wang Li/Wang Lei” isn’t Joanna Wang Manli, common law wife of Carson I am still hearing from Hong Kong the real possibility that it is. However, even with the disclosure now made to the Stock Exchange it’s impossible to know who it really is as there are no details to chase up – and it’s not BIH’s responsibility to disclose who owns their shares, but the individual shareholder.

What about Pannu?

Pannu has an additional two weeks now to secure his re-election assuming that the resolution to adjourn the AGM goes through. It’s still impossible to say if he will be elected or not. One thing is for certain – he has kept his counsel. I have received no emails nor comments from him since my last piece where I gave him the right to reply.

 

 

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49 Responses to “BIH: Delay Some More”

  • John Ramsay says:

    Thnaks for the update. What a tangled web it all is, all we as fans can do is watch on impotently from afar. On the pitch everything is great, off the pitch …….aaaargh

  • mark says:

    obviously they want to get everything right…..lol

  • mark says:

    i suspect this now falls in PP favour does it not Daniel or is coincidence?? or does this prolong his ill fate…

  • Paul Bradley says:

    Wouldn’t it be wonderful to wake up one morning and this farce involving our owners was resolved.

    Not withstanding Blues’ habit of shooting themselves in the foot can you imagine how horrendous it would be to see Gary Rowetts great on the pitch undone from afar.

    On another note: I’m relatively new to Often Partisan but would just like to say I think the information on here is second to none. No point buying the Evening Mail – get the news here first.

    KRO.

  • rhees says:

    I suspect this is down to Carson some way and pp will be fine.
    I doubt if this will be good news for us but not disastrous either and they will find
    A few quid must enough to keep us going but not enough to progress futher as a club

  • Luke says:

    Sorry, probably being thick, but there’s something I don’t understand.

    If the club is breaking even this season (and from previous discussions I know we both think it probably is), why does it need a chunk of money at the end of the season? Surely if there’s enough revenue to pay the wages, the other costs and service the debt, then no more injections are needed?

    • almajir says:

      No tv revenue next season…

    • chris says:

      i think it is the parachute payment the last one is January 2015 of about £4 million, so next season the turnover will be about £12 million compared to 20million, so a boycott WILL have a massive impact on BIHL as about 50% of the income will be matchday receipts.
      The club may have to curb wages even more unless they can increase attendances and imo they will only do that if the club is in the top half of the Championship.
      So unless BIHL come up with some money, a new part owner, sell the club outright, or Yeung escapes jail, it might well be squeaky bum time for BIHL as the value of the company will fall due to a substantial fall in income and maybe even more if gates drop.
      Could this lead to a takeover as the club / BIHL i guess would be more affordable around 15 to 20 million instead of the current 25 to 30 million.

  • ChrisG says:

    The old saying “couldn’t run a piss up in a brewery” springs to mind.

  • Oldbluenose says:

    To quote John Ramsey, ;, Yes indeed, What a tangled web they weave,!!. That is one of the worst things that happen at BIH, is that there is rarely a co-ordinate d plan of action that is actually carried out promptly with pre-thought before action,!!.

    No wonder we are struggling in the morass, Thank God, for Pavlos, and the sterling ” back-room ” Girls and Boys..

    • iang says:

      Not sure Pavos is our saviour as yet, why no comment or acknowledgement on the latest Wray bid, if this is formal as it seemed to be why the silence?

      • Luke says:

        Yeah, and so much for the new Head of Media & Communications!

        • oldburyblue says:

          I agree Luke. Can I have a job like that? Is his main role like Max Clifford’s… dark-holing news rather than promoting it??

      • Hillfield blues says:

        Jury out on Pavos. No real communication going on with the fans and has kept a very low profile especially when being accused by Wray and Pannu of blocking due diligence.

        • ChrisG says:

          Was this the same Panos who recently said he wanted to communicate more with the fans & keep us informed of things at Blues?. For me this bloke looks too much like Pannu for my liking & he has the same initials!!

  • Marky mark says:

    I hate to say it but this is all leading to a player sale in January, and we all know who that’s likely to be

  • Oldbluenose says:

    lang;, Following Daniels recent accounts, No-One, knows what the hell is happening re-BIH, — So what chance has Pavlos got,?.

    • iang says:

      I would say he should have more of chance of knowing than the rest of us. I do think he is massively better than Pannu however lets not forget he is part of the BIHL umbrella and as such the real answer is to get a sale and from what we know there seemed to formal bid lodged for the club. Whether it was or not after all the criticism of silence from Pannu I would of thought some comment to the fans even to say we can’t comment due to Stock market rules would of been in order

    • chris says:

      he has every chance when he is tied into the Yeung family, his just another Yeung puppet as was Pannu

  • Bhamcityjulian says:

    Are they trying to cut a deal for Pannu to withdraw? Is CY trying to get in some investment in return for board support for Pannu?

    • chris says:

      i’d say the opposite, they are waiting for the dust to settle and shares to be traded once again then with Yeung’s shares and the alledged news shares bought by his family he will vote to keep Pannu on the board, this would mean he has a major amount of shares backing him for re-election.
      Then just like a bad politician, he will return to a top position in a year or so, maybe even back at BCFC!!

  • Adam True Blue says:

    When Shares were suspended a lot of us jumped to the conclusion it might have something to do with the formal offer from Wray & Co, but as time slips us by and there has been no formal announcement from Hk, I would suggest that the offer has not been considered or put forward, with the board knowing the general consensus from Blues supporters, it would be nice even courteous for us to be informed on the current status and an honest answer as to if they are even considering selling us?
    The End of the Road is a moving goal post!

    • iang says:

      Totally agree Adam, basic courtesy is to acknowledge the bid and within stock exchange add some detail even if it is to say we can’t say anything at present. A new face with better PR in the chair does not mean motivations of the parent organisation have changed,

      • Hillfield blues says:

        Panos is proving to be as silent as his predecessor as far as I can see. He’s hiding because he’s scared of being asked some pertinent questions by the media and fans as to where the club is going.

  • Dave Mann says:

    From what I’ve heard they’ve got no intention of selling and while Carson yeung keeps running things from is prison cell they never will …it cost him over £80 million and the idiot thinks that holding on to it and running the club in to the ground will help him to get is money back … Strange beings this Hong Kong lot. Kro

  • Adam True Blue says:

    Just a thought, what if the source of CY’s funds wants their money back and with the club valued at less than was paid for it, probably little chance of them seeing any return on their ‘investment’, which would put CY and associates in a precarious position, (holding on to their kneecaps). Leaving two scenarios either a penitent man or wait it out until a profit can be turned assuming the benefactors are patient men, which does not bode well for supporters hoping for a quick sale or a merry Christmas. These are just my thoughts, why else would we not be sold already?

    • chris says:

      exactly what i have kept saying, plus he is under the illusion that he will get us back into the prem and imo he will wait even to ten years, because only in the prem will he get anything like 60 or 70 million for the club,
      This is why it shows the Football League as weak puppets for rich owners because it is obvious who is pulling the strings at BIHL.
      I bet the Football League have never even contacted BIHL on any matter in the last two years not even when Paladini and now Wray’s offers have been made.

  • John says:

    Would the AGM have been postponed, had Yeung’s bail application been successful ? What a deceitful lot, this board of directors are. ! They continue to put a stop, on any chance, of our club moving forward.

  • toneekay says:

    There’ll soon be enough material for an updated second edition of Haircuts and League Cups. KRO

  • Peter Bates says:

    Lets remember our media man now works for bih and Carson still major share holder so in that respect there won’t be weekly bulletins and remember they have player awards and Xmas parties to advertise being sarcastic there I know childish but on a serious note Dan did say on here that bih want to speak to wrays backers and see if the money is genuinely there

  • Peter Bates says:

    Won’t ther e be revenue from channel five who have just won the rights for football league they must pay the club’s I would imagine

  • atko says:

    As a Blues fan for some 30+ years, I’ve been following developments from this site since news broke about Pannu’s comments made on here. Thanks for doing such a great job, Dan! As many have pointed out before me, without your detective work & highlighting of events from a far we would all be in the dark. I often wonder how much the club know & whether they are finding out information at the same time we do from Dan. Anyway, in light of events in this article, wouldn’t it be logical that Carson Yeung keeps himself squeaky clean & does not flout any rules & regulations, whether that be Football League rules OR HKSE rules? Surely any slightest involvement indicates a lack of trustworthiness which in turn would go against him with his court case. Any lack of abilty to comply with rules will go against him surely? Obviously his involvement is speculation but since his conviction it appears BIHL have no direction, no business plans, no real structure even! BIHL must surely be treading on thin ice with the HKSE & surely they are on the verge of having them removed from the Exchange all together.

  • Raymondo says:

    I thought it had just been announced that Channel 5 Television is covering the Football League match
    reports at prime time on Saturday evenings (9 p.m) next season, so that we don’t have to stay up until nearlly midnight to see them. Surely that’s some TV revenue for our club? Or am I missing something?

  • Peter Bates says:

    No problem raymondo

  • tony says:

    Any one expecting info from Tatts is in for a disappointment, he all ways kept his head down when working for BM He aint gonna rock the boat now.

  • Stephen Wood says:

    Hillfields is 100% right . Pavos promised more transparacy but like all his predecessors he treats us with the Mushroom Treatment. Feed them BS 7 keep them in the dark! But this is the Festive Season so i would like to propose that we all sing together the Clubs Christmas carol. After 3. 1-2-3
    Silent holy Night , all we get is a load ………………………etc! Come on guys sing up!

  • Peter Bates says:

    The sad thing in all this from the word go the supporters have been completely ignored and disregarded personally I don’t want to hear everything third hand and if it wasn’t for op we would here nothing at all why does nobody from bihl have the balls to speak to the fans because we will Still be there when bih are long gone if they go that is I have only one thing to say to anyone at all from bihl please have some respect for the supporters of bcfc and let us know what’s happening there’s enough ways of doing it let us the supporters know please

    • atko says:

      Probably because BIHL appears to be disfunctional, disorganized & lacking any kind of business sense, plan or direction of any kind. Since CY’s imprisonment there doesn’t appear to be any kind of leadership, just a group of people all looking at each other scratching their heads.

  • Trevor Francis Tracksuit says:

    OP big thanks for all your reports this year and all your hard work. Your site is my first port of call pre and post work. Happy Xmas mate and Keep Right On.
    Regarding the new Channel 5 deal it looks like it’s worth just £2m per annum across all clubs in football leagues.

  • raymondo says:

    Thanks to Dan this Christmas for not only doing his usual good job to keep us informed, as he always does, bu t for giving PP the platform to show the world at large what he is about. What a well baited hook! Let’s hope that the AGM produces a good result (for us that is).


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