Often Partisan

BIH AGM News

Birmingham International Holdings have this afternoon announced the results from the AGM held today in Hong Kong.

The announcement can be viewed here.

Before I go any further, please remember I’m not an accountant nor a stockbroker and I’m working from a limited knowledge of how things work. I’m endeavouring to clarify information and as such I respectfully ask that you treat what I know with the scepticism it deserves.

Ominous

What interests me most is the second half of the resolutions, with respect to the issuing, alloting of new shares and repurchasing of current ones. Despite EY informing shareholders it would be in the company’s best interests to vote yes to these resolutions, they have been overwhelmingly vetoed.

Looking at the figures, it seems to me that the resolution has been shot down by the two largest shareholders – Carson Yeung and his brother-in-law and owner of U-Continent Wang Lei.

What this means is that EY have no mandate to issue new shares as a rights issue, or repurchase shares to reduce the total amount in circulation. This will make it harder to a) raise money once the shares have been refloated on the stock exchange and b) to buy back shares to reduce the number outstanding.

What worries me is that this could complicate matters for Trillion Trophy Asia, and as a corollary further evidence that Carson has no plans whatsoever to give up his hold on the shares in BIH.

There is an announcement due tomorrow on the takeover – however I doubt (and to be honest I’m hoping) that there will be not much news in it.

I’m in contact with people and I’m hoping to update this further as I understand more.

Tags: , , , , ,

70 Responses to “BIH AGM News”

  • Tony E says:

    How the hell do we get rid of these people, they know that they are most definitely not wanted in the UK, but persist in hanging around. I thought the brother in laws shares had been revoked, if that’s the word, by EY, so I am surprised they were able to vote on issues today.

  • ESONEULB says:

    That does not sound good at all…?

  • zxcv says:

    If anyone really believes that E&Y didn’t expect this result then you need to think again. why anyone would be surprised or would of expected Carson to vote for his own execution just amazes me.

  • bluearmyfaction says:

    “Looking at the figures, it seems to me that the resolution has been shot down by the two largest shareholders – Carson Yeung and his brother-in-law and owner of U-Continent Wang Lei.”

    They don’t own 96% of the shares between them though. It looks like the vast majority of shareholders do not want THEIR shareholdings diluted any further, or do not want to sell back to BCFC. Are they looking at a return following an unlikely promotion?

  • BlackCountryBlue says:

    Sorry if this is a bit dim but it says…
    the total number of Shares entitling the Shareholders to attend and vote for or against the above
    resolutions at the AGM was 9,681,086,733;
    It doesn’t look as if that many votes have been cast for the resolutions in section 4 in particular – what happened to the others that if cast could have changed the result?
    Also why weren’t any of the resolutions in section 2 voted against?
    Am I missing something?

  • stu says:

    “further evidence that Carson has no plans whatsoever to give up his hold on the shares in BIH.”

    I don’t know why anyone would expect him to just give them up?

  • chris says:

    ZXCV i thought Yeung & co only owned 45% of BIHL so could be out voted if everyone else returned their forms.
    It does make you think what the ordinary and intitutional voters were thinking by not accepting these proposals.
    Do they think we will get promoted, if that’s the case they are more deluded than some of our fans.
    Maybe it was the buyback price of the shares that put people off, maybe they think once shares are trading the price will be higher than this offer?
    Plus if they think the price will shoot up on promotion which it would and has in the past as income would nearly quadruple.

    • zxcv says:

      Chris, if you read Dan`s blog above you will see he mentions TWO share holders and combined they can not be out voted.

  • StevieW says:

    So based on that the ball is now back in EY’s court to make the next move. CY has kept his position at a level of strength and prevented a game changing option from being voted in.

    If TTA drop out the running don’t be surprised and if that happens then wind up BIHL push the whole sorry mess over the cliff, someone will pick Blues up for a song and we start again from base camp.

    • chris says:

      That someone may well be Yeung and Co again is my fear

      • StevieW says:

        Chris that is a frightening thought and one that I would hope is stopped dead in its tracks by the FA if ever it raised its sickening head again.

        • chris says:

          StevieW trouble is he’s cute and i doubt he would re-buy the club in his name it would be friend / relative or even a company set up to buy the club back.
          Bates was the Leeds owner when it went into admin and he was allowed to buy it back from the administrators, that sums up the Finance laws and the FA / Football League.

  • chris says:

    Should E&Y be looking to get the shares trading on the HKSE asap and use the loan money from Trillion to buy back the public traded shares?

  • Big Wayne says:

    Nothing we can do just continue to back the club. Good crowd Monday, let’s get the same Saturday

  • Mickey07 says:

    carson and co still pulling all the strings giving everyone the run around again it’s a never ending story everyone over there jumping to there tune,you/we will never ever get rid of them until they want out themselves,they hold all the power…E&Y have been here for I don’t know how long now and we are still no near a takeover,bcfc are a gravy train for E&Y pulling the wool over our eyes just like panos.

    • joebradford's ghost says:

      What a complete load of rot. Yeung is not pulling the strings and E&Y, Pavlakis and TTA are actually trying to solve the mess, run the club and make money available. Unbelievable how dim some people are

      • Mickey07 says:

        Nonsense….Its like a broken record the last four years will tell you that itself,nothing ever happens the needle returns to the start of the song and we all sing along like before…(del amitri 1989)

  • chris says:

    If Yeung wins his appeal (March i believe) then it will get even worse as surely E&Y / FA can’t stop him bidding to be a director once again?

    • almajir says:

      May, judgement a couple of months after that AFAIK. And yes, I said it would change the game completely

  • I think it is time that football fans in this country joined hands for the better good of the game if the football league do not change its outdated rules to control unfit and unproper owners of clubs who do not have British football at its heart , how is it that Carson has no say in running a club still has a say , I think it’s time that the people who put their money into football clubs and the likes of sky sports had a vote on who has shares in its club if the shareholder have criminal records ,

  • WalmleySteve says:

    Prediction – Carson Yeung will win his appeal, he’ll buy enough shares in BIHL once the shares are trading again to give him a controlling interest and we’ll all live happily ever after (oh, and Pannu will be appointed Acting CEO, Chairman and Chief bottle washer, and Panos will get his cards). Colin Tattum will be summarily dismissed for criticising Pannu when he was at the Birmingham Mail and Yeung’s bodyguard will get the gig as Head of Comms. You heard it here first.

  • paule says:

    Great day for football yesterday Blues win Vile lose then these idiots have to come & spoil the fun!! If these imbeciles came back I doubt they’d get the red carpet treatment & it wouldn’t take them too long to totally ruin the club.

  • KC says:

    How do clubs change hands relatively quickly sometimes for the better and sometimes for the worse but we have this terrible complicated cancer upon us that will just not go away. I cannot understand why E&Y did a deal that left the option open for 2 years. Surely there must have been others that would see our potential. Sorry frustration taking over as I guess the shareholders can still dictate.

    • zxcv says:

      Because the directors agree to sell at other clubs Our largest shareholder won`t sell so it has to be done through the courts and no one can tell them to just hurry up. lol

  • zxcv says:

    All that has happened today is exactly what E&Y would have expected, but they have to do what is required of them for a couple of reasons one being they have to abide by the rules of the exchange and I would suspect more importantly not to give CY any reason for delaying tactics in the forthcoming trial he and u-continent face. E&Y have to be seen to do everything by the book so to speak if and when they are asking the court to allow them to deal with the company and in the s/holders best interest as they wish to and put forward their recommendation to sell the club to owners that can demonstrate they meet all the requirements needed like good and proven experienced business men/women. You can not then have cy saying pro`s that have failed to hold a required AGM. In other words good forward planning by E&Y. that’s all that’s happened today. Carson is not coming back, ever .

  • Blues fan says:

    We can all debate about what’s going to happen at blues until we are blue in the face we all know Carson and his pals are going to stroll back into st Andrews as if nothing ever happened.

  • Blues fan says:

    Well if he had no intentions about coming back I think he would have let go of the club by now with all that he has been through.

  • zxcv says:

    Why would he let go of the club when he doesn’t`t want to? Its up to E&Y to prove he is not fit and he is not in the best interest of the s/holders as they intend to prove illegal activities have already gone on between him and u-continent.

    It has nothing to do with what he wants unless he can prove e&y are wrong.

  • zxcv says:

    Remember the Courts have appointed E&Y to sort out BIHL to the best interest of all s/holders and CY is just another s/holder abut the largest and he does not own bihl.

  • zxcv says:

    Who knows todays vote could be used by E&Y to show the courts his vote is only in his own interest and not in all s/holders interest.

  • Bluenosesol says:

    just a thought? The hatred and vitriol which has been aimed at Pannu and Yeung may have driven them to seek revenge. That revenge may be playing out right now??

  • Roger says:

    I’m with BenJamin Brummie lets all have a whip round ?

  • Blue Steve says:

    For me this is all very predictable. If CY does not want the club sold, then it won’t be sold. Any major decision regarding a sale will require shareholder approval and he and his supporters will not give it. . Quite possibly the exclusivity agreement with TTA of 2 years will expire and CY will still be at the helm. As yet nobody has given me a reason why CY and his fellow supporters would approve any sale

  • Hillfield Blues says:

    Just another move in this long drawn out game of chess.E&Y gave TTA 2 yrs exclusivity cos they know full well what’s coming next from CY and how it all works.Events today can’t really come as a massive surprise to them surely.

  • DoctorD says:

    Ah all the old comments come out of the woodwork once again. They fall into three main categories
    1. Why doesn’t CY just give up and walk away? (Answer – he’s a persistent guy.)
    2. Why does the Football League have such weak rules about owners? (Answer — they’re in love with the money many of these rich owners bring to the game.)
    3. How can we get rid of CY? (Answer — give him lots of money and let him keep face and clear his name.)

    • Hillfield Blues says:

      He gave Sullivan/Gold over 80 million.CY is going to try and get back what he can….wouldn’t you?

    • Strettonbluenose says:

      1. CY wont just give up and walk away because he’s seriously out of pocket. Even with what he’s creamed off recently, it nowhere near covers the £81m it cost to buy the club and I also don’t believe they’ve got back what they’ve spent on transfers and wages since they bought the club. I don’t think he loves the Blues and I don’t think he wants revenge for comments about him – he thinks there’s a better deal still out there.
      2. The Football League rules about owners are as strong as they can be. You don’t need pots of money to own a club – it’s quite possible for the club to run on it’s income. You don’t need to have special skills – you can hire in managers, coaches, directors of football, accountants or anything else you want. What you need is honesty but how do you test for that? Ask them – are you honest Y/N? The only way you can do it is to check for a criminal record and CY didn’t have one when he bought the club. Once the clubs been bought, they can’t force them to sell. All they can do is suspend the club from the league. That would be really bad news for CY, BIHL, BCFC, E&Y and us fans. No one wants that.
      3. We can we get rid of CY by making him a good financial offer. He doesn’t love Blues. He’s not so stupid as to lose tens of millions of pounds on revenge. He just wants as much cash as possible.

  • swissjonny says:

    I personaly think that CY will win his appeal.The conviction was quite frankly weak.The law has been revisited and he and a handful of others will and should get off.This has nothing to do with guilt or innocence merely that a law was badly written.There is no way that he will give up the club-he wants his money and he wants face.If this happens then do not be surprised to see a large cash injection into the club.CY stuck to the script and as such did not implicate or drag others into the mire.He was a model scapegoat or fall guy.Expect the red envelopes to be forthcoming!!!

    • Stephen says:

      Perfectly summed up. CY bank accounts showed vast amounts of monetary transactions. If they were legal, he would have been prepared to disclose the true sources. He did not; hence it can be assumed that the money was not legitimate. The prosecution have never proved this, so he will walk. When the red letters arrive, he will have money to spend. However the prosecution will keep vigilant tabs on the sources so he may have difficulties utilizing it. I guess we will have to wait until end of May. If Blues scrape promotion the money obtained from Sky will be insufficient (on its own) to avoid the bottom 3 places.

  • Art says:

    I fear this will have a serious impact on the level of investment/loans which are essential to keep the club afloat or to improve our promotion prospects.

    If I was a potential investor I wouldn’t go anywhere near BIHL.

  • Roger says:

    Dan have you any transfer new in or out?
    I’ve heard blues are in talks with Patrick Bamford if he allowed to leave Crystal Palace in January .
    Any truth in that one ?
    And that Dimmie to Leicester for 3.75m is a done deal?

    • Shirley Blue says:

      Bamford would be a great signing (on loan I assume). Interesting to see where we would play him given it is unlikely he would be happy to play second fiddle to Donaldson i.e I cant see him agreeing to come unless he has some assurance of starting games which he hasn’t done at Palace. I believe he is an out and out striker rather than a wide attacking player or a number 10 if we keep playing 4-2-3-1.

      • StaffsBlue says:

        IIRC, Middlesborough often used him as a loan striker.. so he can certainly play in our system. But as you say, how many players are going to want to play second fiddle to Donaldson? Bamford has already wasted half a season, he’s not going to want to waste the second half.

    • Hillfield Blues says:

      Where have you heard we are in talks with Bamford?

      • StaffsBlue says:

        There’s no word about it. It’s just speculation because he ended his loan with Palace yesterday.

  • Steve-0 says:

    Come on guys, everyone deserves a second chance.

  • Car Sonyeung says:

    It’s a new dawn it’s a new day
    Could it be possible that Carson wishes to keep the club and when his court case has been resolved he will invest money in the club.
    All this negativity towards him can not help and could be detrimental to the club
    Remember the best times ever at the blues have been with him in charge.
    I hope he gets off and comes back to Brum
    With all that cash we will be the new Man City.

    • bhamcityjulian says:

      Let’s not forget didn’t the court say he’d used the club as a cash machine. So no thanks

  • Alex T says:

    I wonder how quickly our tune will change if Carson does come back and ploughs money into the club? Im thinking there will be protest to begin with, but if he got the same kind of success prior to our relegation, then maybe forgiveness would not take too long? I must admit, I am probably that shallow….. but please, NO PANNU or I may be tempted to take a key to the side of his car (im not punching him, he’s much bigger than me!)

  • KC says:

    If he was in charge again and sitting inthe in the directors box , after 58 years that’s the day i finish.

    • bhamcityjulian says:

      I would have to say that would finish it for me too. The fact he might throw money at it would only be worse because he would be sending us to bankruptcy

      • Rocksteddie says:

        After 50 years, I am finished whatever happens. I’m finished with football full stop. Been to one game since Wembley, it will never be better than that, so a good one to go out on.

        • jonno11blue says:

          Sorry if you have only been to one game since Wembley then you aren’t a Blues fan. Personally I don’t think you’ve even got any right to be making comments on anything that’s happening at the club. The club needs people who support the team, people who go to every match whatever the financial situation is, whichever league we are in. I’ve been going since 1967 and go to around 55 games a season including the preseason friendlies and whilst I might moan occasionally I’ll still be there the following week..

          • Tony says:

            JONNO That’s rubbish just because someone does not go does not mean they are less of a fan than you are, you do not know peoples situation.
            What right have you to say people should not be able to comment on the club? You deserve credit for your loyalty but pity for your attitude, we are all Fans.

  • ian ambrose says:

    Wait wait wait someone 7 bidder and waste time cos CY trouble in HKSE and court too long!!! What happing as above all lisit comment then NEW YEAR 2016 blues future??…… Please Blues all players pushy pushy to back to play off and primeirs league Blues fans will bring in and new fresh move on…

    Blues needing point 4-4-2 is best and Good luck to GR

  • Maggs says:

    Whatever happened to the Blues Trust in all this? Aren’t they supposed to be helping towards a fans’ takeover, of some sort?


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

Archives

Weekly Newsletters