Often Partisan

BIH Invalidate EGM

Birmingham International Holdings have today made an announcement confirming that the “EGM” due to be held tomorrow is invalid.

The terse four page announcement outlines various reasons as to why the EGM is invalid, stating that shareholders were not given due notice of the EGM, that resolutions to remove directors were no longer required due to directors resigning; that the proposed directors may constitute a breach of the Owners and Directors test which could result in the club being withdrawn from the Football League, effectively killing the sole revenue stream for the company and forcing the HKSE to delist it.

The statement goes on to say if a meeting is held, then the receivers would immediately remove the invalidly appointed directors to preserve the value and protect the interests of the company and the shareholders as a whole.

In short this is the final coup de grace on the EGM that kills it; it tells the Carson faction that they can hold it if they want but it’s a humongous waste of time, money and effort as it will have no effect on BIH – and it tells shareholders that Carson is not acting in the interests of the company.

Tags: , ,

75 Responses to “BIH Invalidate EGM”

  • Adrian D. Duffen says:

    Wooo Hooo. E & Y have firmly got their feet under the table and are telling Carson and Co, some home truths! (obviously being a dyed in the wool Blue Nose, I know that rugs are regularly pulled from under our feet!) but Wooooo Hoooo anyhow!

  • Oldbluenose says:

    It would seem as though things are advancing at a fast-pace,?. Carson’s plans are being thwarted at every step, and he is being marginalized to the extent that he can only concentrate on his appeals and not on BIH, any longer,?.

  • Ian Ambrose says:

    Carson Yeung been trial appeal is waste time in HKSE in china and he prison in!!!… BCFC must sell the club and WHO world open to new business will takeover at bcfc and bring blues fans now hurry up !!! CY again he had no money in prison is proof 100%… Finish out of order!!!… FULL STOP

    • Luke says:

      I couldn’t have put it better myself. I’m not sure why the World Health Organisation would want to buy Blues, though.

    • almajir says:

      Can’t quite understand you mate…

    • Tony says:

      ???????????????????????????????

      • Alex T says:

        Me neither but I love to read his posts none the less! :-)

        • AussieBlue says:

          Mates, In an earlier post, his first I think, Ian mentioned he is deaf. If he has been deaf from birth or soon after, his verbal and written skills may not be as clear as those of hearing world people but, as Alex T says, it’s great to have his comments and work them out and he’s a passionate Blues fan so he’s our good mate – and not a replicant Dan!

          • Luke says:

            Good post mate – I hadn’t seen Ian’s earlier post, so wasn’t aware of that. I agree with what you say, but I’m still wondering what he was referring to by “WHO”.

          • AussieBlue says:

            Thanks Luke – I am sure it is clear in Ian’s mind. I have close-up experience of profoundly deaf people; it’s not easy…they look like you and me so society’s expectation is that they will respond “normally” if there is such a thing. Not saying blindness is preferable, but at least the world around them knows instantly what they are dealing with (dark glasses, labrador, cane etc). Let’s cut our mate Ian Ambrose some slack here eh?

          • Ian Ambrose says:

            AuussiBlue…. Yes am deaf and love with BCFC …. Always Carson CY talk so much EXAGGERATING and NO EXCUE !!! Carson still in prison in china …Let us blues fans down !!!

    • Stephen Cohen says:

      I totally agree with Ian Ambrose. It’s a waste of time for 4 years for nothing. Carson Yeung is still in prison.

  • Mickey07 says:

    This just goes to show It’s all over for them,carson pannu and a few others “the game is up” now we can look forward to club being sold as they have no authority what so ever.

    • Wicklow_Blue says:

      I would love to share your confidence that this is start of the end game and I do see recent developments as positive.

      Having said that it wouldn’t surprise me if CY tries some last ditch attempt to salvage something from all of this. I have no idea what it could be but remember the old adage…’there’s nothing more dangerous than a drowning man!’.

      He still has 28% of the shares of BIHL remember and I’d be grateful if someone could clarify can the club be sold by the Directors (E&Y) without the agreement of the Shareholders?

      I believe Dan previously posted that there would need to be a degree of compromise at some stage and that any ‘deal’ would need to be attractive enough to CY in order for the club to sold so I’m guessing any sale would still be subject to shareholder approval.

      He’s previously stated that he has no interest in selling so wonder if there is any chance he could still put a spanner in the works.

      Sorry to be doom and gloom as I truly believe that given time E&Y will sort out the mess, just not sure how long it will take.

      • richardM says:

        Hmmm..I have a mental picture of him turning up at the offices of BIH with 15 packs of gelagnite strapped round his waist ….”You Mutha *******!!! I blow myself up now and take all of you with me unless you hand me back keys!!!!!

      • tmsblues says:

        i tend to agree. Whilst cy can influence almost half the shareholding in a couple of hands I cannot see how a sale can be made. Ultimately a buyer has to persuade a sufficient proportion of shareholders to sell their shares and if cy and friends dig ini am not clear how any transfer of ownership can be achieved by the receivers unless they as receivers have some special right to force acceptance by shareholders??

      • AussieBlue says:

        Crikey, talk about pessimism Wikkie! It’s already game over for CY’s power faction. For CY, read EY. Sure there will be squeals and teeth-gnashing but EY-Ai-Addi-O have got Park Lane and Mayfair with hotels on and people are about to land on them!

  • dutch says:

    Dan, any news from Wray/Paladini? surely all this would be good news to start potential buyers noses twitching? a reputable financially sound club that owns its own stadia and has excellent training and youth facilities for a drop down price?!

    If I was a buyer I would have been on the phone the minute I heard the name Ernst & Young!

    • dutch says:

      also… with regards shareholder approval etc can we safely say it appears the non carson camp don’t want to own a football club?!

    • almajir says:

      More to potential buyers than Wray and Paladini mate…

      • Blueboi14 says:

        And would the alternatives you’re aware of excite us?

      • Ted says:

        There certainly are Dan. There are two consortiums (one B’ham based) who are interested in Blues. Both are totally kosher and have the revenue needed. One of them just kicked an overture from Wray to the kerb – a good sign. KRO.

    • Davey says:

      Why do you keep going on about Paladini, He is history in any scenario, move on, it aint gonna happen, no way no how.
      KRO

  • rhees says:

    Maybe earnest young showing prospective buyers the way is clear for sale

  • Zuludave says:

    Hopefully cy will lose his appeal and we can look forward to new owners in the next few months. Kro

  • Trevor Honnor says:

    If only E&Y could run the club forever eh!!

  • Stevie W says:

    Every kick in the teeth of CY and his cohorts gets, relieves a small amount of the pain I and all of us Bluenoses have had to endure. E&Y are our knights in shining armour and lets not forget Panos if and when we reach the promised land he should become a legend of BCFC.

    Just need his appeal to be squashed now.

  • Art says:

    Calm down everyone-it’s not all over yet.

    As much as I would like to see the back of these” toilet rolls” Carson is still a major shareholder and I can’t see him rolling over without a financial fight.

    Cool heads!

  • Brendan says:

    Why wasn’t EY appointed a year ago or more? I suppose we should just be grateful they are in control now and CY & PP have finally been given their pedigree.

  • dwarf1962 says:

    If CY was to loose his appeal have we got to live like this for another 5 yrs, or has Hong Kong got a proceed’s of crime law ?

  • andy says:

    Dan, why are you so sure that Paladini is out of the running to buy the club? I do understand that Pannu saw the guy as a joke but Paladini seemed a serious bidder on the radio and had big plans for Blues.

    • almajir says:

      Personal experience – see the book for details.

      Plus neither Wray nor Paladini are in the calibre that could come in now, simply as with no Pannu to negotiate with we’ll some serious players.

    • Adam True Blue says:

      Dan obviously knows more than can be said here, and from the ‘tone’ could be much better prospects?

  • Bob B says:

    This has to be the best result the Blues have had this season! I wish EY had been called in earlier

  • Hillfield Blues says:

    Dan,if EY reach an agreement for the sale of the club,they have to have an approval from CY as the main shareholder to progress. Knowing CY as we all do he will reject all attempts to find a compromise.
    My question is how is that deadlock broken and how could EY force the issue to sell the club? CY has always had an overinflated idea of what the clubs worth so could he just reject all approaches indefinitely?

    • almajir says:

      Your comment re CY rejecting any attempt at compromise – I’m not sure that is true.

      Give him a deal that keeps him in the game (ie the listed company remains on the stock exchange) and he might just go for it…

  • Kev says:

    You have to think that the HKSE & authorities have had enough of the embarrassment
    caused by BIH and are behind the activities to straighten things out

  • Bluenosesol says:

    Guys, would love to think that E&Y are the wonderful bunch of people you purport them to be. They have been the UK administrators of the company I worked for that went into admin in 2009. After 23 years service I got shown the door with next to nowt. 6 years on and E&Y are still earning 10’s of millions a year from a company that no longer exists. The global administrators and legal companies have drained the pot of over a billion pounds in that time. .Money that they are supposed to be saving for creditors like the workers. KRO!!

    • dutch says:

      forgive me if I am wrong, but BIHL do not have creditors the football club would be responsible for? BCFC PLC is a sound in credit financial business and separate from BIH…

      • Bluenosesol says:

        Dutch, that has yet to be confirmed and according to perverse Football Industry rules, players are in fact top of the list as secured creditors. They also account for circa 100% of revenues.

    • DoctorD says:

      Maybe so, maybe so, but Ernst and Young are at least a bona-fide business. I think what you’re complaining about is capitalism full stop. Not much we can do about that. I have no doubt, though, that Ernst and Young will be doing all they can to recoup the time and money they are spending on cleaning out the BIHL stables.

      • Bluenosesol says:

        Yeh DD, bang on, that’s capitalism and “there’s nothing we can do about It”, so as good working people, lets drop our pants and take it UTA oh and lets not forget to doff our caps in the process.

    • AussieBlue says:

      Fair comment BNSol and yes, that can happen in full-on administrations – sorry it’s happened to you. Mate of mine, pilot, had to wait nearly 10 years for final payout from an airline that went bust here; longest administration in Oz business history. But this is different in that it’s a receivership to manage the assets and day-to-day of BIHL and not an admin with a view to winding up the company.

      • Bluenosesol says:

        Aussie, thanks for that, I have no doubt that E&Y are extremely competent and could ultimately be the force that hasten our future prosperity as a club. On the basis of my experience I cant help but take exception to my Bluenose mates being taken in by notions that these are good guys. They have no morals and are in this for one aim and that is to make shedloads of money. They were historically fined 100’s of dollars for facilitating tax avoidance schemes for hundreds of wealthy individuals.

        • Bluenosesol says:

          Should read they were fined hundreds of millions of dollars.

          • AussieBlue says:

            Can’t really disagree in principal with any of that Sol. In my time dealing with insolvency practitioners and CPAs there was a saying “They start out as your best friend and end up as your worst enemy.” However, they do have codes of practice; quite strict ones. Like any sector (banks, Stock markets, Governments even) they can go ‘renegade’ sometimes. One administrator here acting as receiver for a chain of car-wash companies rorted $12 million out of the process. He was ultimately disbarred, had to hand in his passport and last I heard is still reporting to Police on a daily basis. Ironically, the mess was sorted by other Administrators such as Delloites but they were Court-appointed and here is the difference.
            E&Y are Court-appointed and their fees must be approved by the Court. The terms of their engagement are only known to the Court I believe. As BCFC fans, we have a common interest with E&Y – we want the club sold (so we can be rid of BIHL forever) and they want the club sold (so there are funds there to pay their fees). So, it’s kinda like having a Rottweiler on a strong leash. If E&Y will pardon the analogy!

  • Baileybags. says:

    this is not the end, it is not even the beginning of the end , but it is perhaps the end of the beginning , lol , just wish we could hurry up the process and rid ourselves of the thieving , lying, conniving bunch of self serving, morons . KRO.

  • BluezFan90 says:

    Firstly, thanks for keeping us all up to date, Dan. We all appreciate your efforts to keep us constantly updated with the news in HK.

    I’m not sure about most things as the stories are quite complex for me to understand, all I know is regards to the sale of the club, Qatar Sports Investments, please.. haha.

    Keep right on!

  • TB1 says:

    If the Club is sold don’t be surprised if CY, or those with connections to him, try to buy it from BIH. If that happens then it doesn’t bear thinking about.

  • bluenoserob says:

    It comes as no surprise that E&Y are able to outwit CY at every turn.It would be about as hard as trying to outwit a traffic cone.

    • Steve D says:

      I don’t think they’re so much trying to outwit him, just treating him with the short shrift he deserves. Bit like drugs, just say No and move on

  • Big AL says:

    Obviously E/ Y want their fees paid and the only way they are going to achieve this is by sale of assets, as the only asset is BCFC the club has to be sold to pay them. They are obviously no mugs and as Dan says have to come up with a plan that will both satisfy Yeung and maintain listing of BIH. The so called proposed EGM called by Yeung was dead in the water as soon as the receivers stepped in, a very clever move by non Yeung supporters. Yeung,s attempts to disrupt the receivers seems to be an act of a man in desperation, he is also terrified of what the receivers will uncover , this could possibly indicate that he is is guilty as sin and who knows may turn up some other illegal actions by Yeung, Pannu , and his cronies. I would have thought his only option now is to agree to anything that E/Y come up with. I really do not think he has that much influence over BIH now , the receivers are court appointed have sweeping powers and if Yeung pushes too hard he could find himself in even more serious trouble. The end is Nye for Yeung hopefully much sooner than later.

    • Raymondo says:

      Exactly. CY is wriggling to get free of the shackles imposed on him by trying to make his own rules. In E & Y he is up against people who are genuinely cleverer than he is and who have met his type of conniving before and dealt with it before. My guess is E & Y are several moves ahead of CY and have already been in touch with potential buyers which CY doesn’t even know about.

    • AussieBlue says:

      Spot on Big Al. Except ‘ends’ are ‘nigh’ not ‘Nye’ – he works for Charlton Athletic.

  • bhamcityjulian says:

    We have two smart cookies as head of BCFC and head of football and they are running the football club for the benefit of BCFC

    We also have smart cookies running BIH as CY has found. Will the best interests of the BIH shareholders also be the best for BCFC in the long run or is there conflict of interest for what it also in the best interest of E&Y too?

  • Adam True Blue says:

    I don’t know how everybody else feels but I for one do not want any part of BCFC to retain any association with its listing on the HKSE, I know this listing is for Bihl and not for Blues but as their biggest /only asset then it means that 97.9% of the listed shares refer to us, I can only see this listing being a new bag of worms in the future, my point is – it has been mentioned that CY might be happy to retain a HKSE listing, ( I beg to differ, he thinks he is a big player because of his title to a British football club) the only way I can see out of this is if a prospective buyer buys say Blackpool FC and trades it for Blues, though I have heard Villa is up for sale! ( Though I don’t think I would wish CY on even the Villa). Kro

  • Dave Mann says:

    Adam, ide wish vile and Carson all the possible worst if they got together .. To think that deadly doug turned him down .. How lucky they were, bas£&@ds. Kro

    • Adam True Blue says:

      Dave, I have nothing personally against the Vile, only against their fans! Kro.

      • Dave mann says:

        Neither have I to be honest Adam but it just goes with the territory don’t it … And I wish them all the best at wembley in the semis… If you believe that your believe anything .! Kro

  • BigAl says:

    AussieBlue , thank, s for pointing out my error, my brain was telling me the correct spelling, but my fingers were doing something else! I am a silver surfer, and have only just mastered the abacus! I blame the beer as well! The End Is Nigh was I think a magazine, it portrayed various apocalypses, about sums up what has been happening at BCFC and BIH since Yeung has been in charge . Have a cold one as they say, and gud dey! Cheers

    • AussieBlue says:

      No worries Big Al; ’tis of little consequence. I am technically a silver surfer but my Ag is cunningly disguised with, what we call here, “Grecian 2000” – an alchemist’s concoction of plant dyes and subterfuge designed to fool nubile young women.
      I fooled one the other day; but she hit me with her zimmer frame :-(


Personalised Gifts for a Bluenose
Haircuts and League Cups
Open Tax Services
Corporate Solutions UK
PJ Planning
Rodal Heating

Archives

Weekly Newsletters