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How the Blues Trust Are Aiding the Sale of the Club
In their recent announcement with respect to further bids for Birmingham City, the final section about “Dealing Disclosures” seems to have gone unnoticed by most. However, this section is substantial proof that work done by the Blues Trust in reporting discrepancies to the HK authorities is having an effect.
Before I go any further, I appreciate this is a little bit on the boring side of the ownership structure and I apologise for that. However, this is also important – as one of the main issues we have had is knowing who actually owns what in Birmingham City – and the only way we have found things out like Wang Lei being the brother-in-law of Carson and how he came to become such a big shareholder is via this information.
When a large shareholder changes the number of shares that they own in a listed company in Hong Kong – whether by buying, selling, taking up an option or some other form of trading – they are obliged to inform the HKSE within three working days by a form called a Disclosure of Interests (DI).
In recent times, DIs have not been filed with any expediency leaving ambiguities in HKSE information on who owns what within Birmingham International Holdings – which isn’t a great situation as it means we don’t for sure how much people like Carson owned of BCFC. During Carson’s trial, a modus operandi emerged where he repeatedly obfuscated the number of shares he owned in a listed company which could potentially have allowed him to manipulate share prices or act in other dishonest ways – something I have covered in depth in “Haircuts and League Cups”.
The announcement made on Wednesday made it clear that to stockbrokers and other intermediaries that they had a duty to file DIs on behalf of their clients in a timely fashion and that they were duty bound to deal with the Executive Director of the Corporate Finance Division of the Securities and Futures Commission (SFC) in such matters – the SFC being the regulatory body which stands above the stock exchange.
Over the last four months, the Blues Trust have been in contact with the SFC noting various discrepancies with respect to DIs filed in comparison to filings made by BCFC to the Football League in relation to the rules here. What that incredibly detailed and diligent work has done is backed Carson into a corner where he has had to file all his paperwork properly – which was amazingly done on Thursday, the day after the announcement – and hopefully should force a similar response from Wang Lei. This in turn is helping EY’s case in court as they can put forward details of how Carson has been reticent to file these forms as proof that he doesn’t have the best interests of the shareholders or the company at heart as a rebuttal to his summons to set them aside – which will hopefully help push on the sale process a bit further.
I know that the Trust is going through some tough times at the moment – they are looking for people to come to a meeting on Saturday to help take them forwards again – and that people have the impression that they haven’t achieved much. One of their issues is that it’s difficult for people to get excited about paperwork and rules but I can say in all honesty that the Trust’s correspondence with the SFC has definitely helped to remove some of the confusion about who owns what – and will help push forwards the sale of the club – which I think I’m right in saying is what we all want.
Tags: Blues Trust, Carson Yeung, HKSE, SFC, Wang Lei
16 Responses to “How the Blues Trust Are Aiding the Sale of the Club”
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Well said, the Trust is a vital part of the fan base and everyone should consider joining. They could particularly do with some new people willing to join the Board.
I will presume Daniel that most of the members of the Blues Trust are unpaid volunteers, who do this for the love of the club and not to gain any financial advantage, please correct me if I am wrong.
A lot of commentators on OP seem to be retired, or have a certain amount of free time on their hands, could a general appeal for volunteers to check facts, paperwork and information at home or at meetings not be done?
I myself am returning to Coleshill in June, and with no work in the offing, I will gladly donate time and effort to a cause close to my heart.
KRO to all Blues Fans everywhere in the world.
Correct Kazak – they are all volunteers.
Or Daniel,
could you not interview a Blues Trust Board Member one week on your excellent video links and get him or her to explain exactly what they do and what they would like people to be involved with?
This is a very good idea and may start the road to us understanding further what their objectives are.
That’s a good call. I’ll try and organise it.
Hi I’m retired and I would love to help in any way I can.
drop the trust a line – info@bluestrust.org – I’m sure they would appreciate your help.
Thank you for sharing this info Dan, and well done the trust, for doing something most of us myself included can’t be arsed to do, and that is at least trying to do something for the benefit of our great club
AJ,
Maybe I am barking up the wrong tree here, but I do believe that if this small group of unpaid volunteers can make some form of headway into getting the HKSE and EY to stop picking their noses and do something extremely positive to ensure that Pannu and Yeung are ultimately stopped in their shenanigans, and get their comeuppance, whether by being disbarred from ever running a company again, heavy fines or extended jail time, then I say good luck to the Blues Trust.
So sad as you say, that most true Blues supporters just cannot be arsed, I am sure that with a little bit of thinking about how 1 hour a week helping the trust in any way, may herald the sale of our club into very secure hands with future stability.
I am amazed that there are only 9 comments on this subject, where are all the usual suspects???
I hate making excuses as one of the usual suspects and I will do my best to get more involved with the trust if my time allows but by spending the money I do on tickets , merchandise and travelling all round the country supporting blues it’s very difficult when there’s obsticles in front of you to get MORE involved than I already do but for those that do I’ve got the utmost respect and if they can have any influence what so ever on getting new owners in and getting rid of the chinnese way his what we all want surely !! Respect guys!! Kro
Dave,
my comments were not aimed at people who truly support Blues in the way that you do, I for one always read your views from the numerous away games that you travel to.
I believe the point I was trying to get across, was that many commentators on OP, love to deride whatever people are trying to do for the betterment of the club in regards to getting rid of the people who have dragged us to a level of mere survival rather than onwards and upwards.
I support all of you guys with families who make the supreme effort every other week to go to away matches, and whatever you spend in the club shop to support the Blues financially as well.
As you are well aware, and from certain quarters I have seen comments against your views, these are the people who would rather sit back and do nothing, then have the temerity to moan against one and all that the club is in a poor state, for some of us, and I think Daniel mentioned 110 countries around the world, we unfortunately have to be the armchair supporters for many and varied reasons, but when I return to the UK in June, I will willingly give time and effort to support the Blues Trust.
KRO and wallop the Dingles
That’s fine Kazakblue and respect for you and your support from Kazakhstan , the dingles are pushing for the playoffs so there be well ip for it and I would take a draw now to be honest mate but we’ve got to play for 90 mins to get anything today so looking forward to the game and a win would dent there hopes and that would be great , come on you blue boys and lol from a warm and humid Birmingham . Kro
[…] control interests in BIHL shares, as ultimately they control our club. Daniel Ivery has posted a piece expanding on the importance of share ownership on his Often Partisan web-site. Go to top Letter to […]
There have been many negative comments about the Blues Trust and just what they are doing, its pleasing to know they are working hard behind the scenes on very detailed work, I for one commend them.
Hi Daniel I am a member of the Trust along with my Sons. ” i/We will get to the meeting Tomorrow at Henersys. But can’t get there for 12pm. I will see if I can help in anyway for the sake of our club. Blues Supporters Trust are and will be in the Future an integral part of what, all fans want to see. An end to this farce of ownership!!!! “I thank them All for the work done and work to be done going forwards”.
Keep Right On!