Often Partisan

OP in HK – Day 4 – The Announcement

Yesterday saw an announcement made to the HKSE, confirming that BIH have reached an agreement with U-Continent and also putting into the public domain some of what will happen with the upcoming EGM.

I wanted to talk about a couple of things with respect to that announcement that I think people have misconceptions over. I’ve made mention yesterday that the deal with U-Continent left one barrier in place prior to the EGM being held and the relisting of shares – finalisation of negotiations with Peter Pannu, and I’ve seen people asking as to why as Pannu’s declared shareholding in BIH is so low.

Although the deals have been about ensuring that neither Carson nor his wife’s brother Wang Lei (owner of U-Continent) can vote in the EGM, that hasn’t been the purpose of the deals.

BIH submitted a relisting proposal to the Stock Exchange which meets the conditions that have been set out – which pretty much boil down to the outstanding court cases between BIH and Carson, U-Continent and Pannu being resolved. With the two deals the Receivers have cut, they have dropped the legal actions against Carson and U-Continent meaning that those court actions have finished; however the one against Pannu is still currently live and this remains an issue.

What EY has done is clever – they have got all three parties into a position whereby they will want a quick settlement to the court case in order to leverage out what they want. I can understand why people might want to drag Pannu through court but that would be cutting off our collective noses to spite our face; the time taken to do so would inflict a massive delay on a proposed takeover which has already taken too long.

The point was not lost on me when I met a friend today from the HK press who I met three years ago on Friday at the start of Carson’s money laundering trial. Interestingly, from my conversations with friends who work in the business press here, none of them have heard of Paul Suen – which could be seen as a good or a bad thing,

Another contact I met yesterday did say he thinks the deal with Pannu is close and I hope that is truly the case; I think it might be June now before we see the EGM actually take place but with the notice needed to be given we should get an idea of when it will be pretty soon. The hope is with the restructuring plans EY are announcing at the EGM that the transfer of power will take place fairly rapidly – and then we can see if TTA really are worth being patient for.

This trip wouldn’t have happened without the support of Blues fans including: Richard Wildsmith, “Eudyptula”, David Pugh, Art Watson, Roger Hooper, Gordon Fletcher, Gary Loveridge, Michael Hancox, G Miles, Neil Pouney, the Blues Trust, Blues Middle East, PJ Planning, Open Tax Services and many others.

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44 Responses to “OP in HK – Day 4 – The Announcement”

  • Bluepenguin76 says:

    Great work Dan! I am hoping this time next year we may have seen the back of the current ownership structure and could be looking at a takeover. I am still sceptical (Making a deal with Pannu probably wont be easy) but any positive news on this side must be enjoyed! Keep up the good work over there!

    • atko says:

      Making a deal with Pannu may or may not be easy, Bluepenguin76 but it is in neither parties interest to let it drag on and on and through the courts. Especially when agreements have been made with the others. Pretty sure Pannu himself will want it to come to a conclusion because he gains as much as BIH by the delays – nothing!

  • Jaffa says:

    Finally Dan let’s hope we are going to see the back of Carson and Pannu.Good work.

  • MA24 says:

    I thought this yesterday. Let them deal with Pannu, he’s not worth bothering over and the club is bigger than him. His reputation has been degraded. Also, I don’t think he’d dare step foot in Birmingham ever again – Some fans make exceptions to the law in certain circumstances.
    Great work Dan, thanks for the clarity and information.
    Kro

  • Brian says:

    Hi Dan do you know how much the new owners are worth and what their plans are for the club

    • almajir says:

      Brian

      Have you read anything I’ve posted in the last couple of days?

      • Brightside says:

        Got to say you must be doing your nut in having to answer people who clearly can’t read again and again and again

      • Brian says:

        Sorry no Dan only just come on this site won’t bother you again also don’t need comments of any one else cheers

        • steve says:

          Brian don’t take it personally. Some people on here think they’re really important.

          • Brian says:

            Cheers Steve kro

          • almajir says:

            Is that a dig at me?

            It’s my site mate – if I think someone should maybe take a look at what I’ve already written before asking the same question again, I’ll say that.

            And as I’ve said many, many times if you don’t like what I say, don’t read it.

        • almajir says:

          Sorry you took it that way Brian – it’s just annoying that when I’ve written so much about something and then someone asks a question I’ve answered fully only the day before across two articles.

          • Brian says:

            Not a problem Dan it’s the first thing I looked at on here . Just don’t know why someone else needs to pipe up I’ve looked at your other blogs and now it’s answered the question I asked KRO all you blue noses roll on next season

          • steve says:

            Yes,it is your site but it would be nothing without posters. It’s not what you say it’s the way it’s said.

          • almajir says:

            We’ve had this discussion before, and I’ll reiterate what I’ve said before.

            This site is a blog, not a forum. Anyone who comments is a commenter, not a poster, and people comment because I allow comments. When I decide I don’t want to do this any more, I’ll have no problem with shutting it down.

            Thus if you want a true forum to push your views, use a messageboard or start your own site – as there are no guarantees that you will be able to use this one to do so.

          • steve says:

            Aren’t peoples comments their Views?

          • almajir says:

            You’ve missed the point completely, as you did last time this came up.

            See, if I turned off the comments – this site would continue – maybe some people would feel a bit aggrieved because they think the comments are important but as I’ve found before when I turned them off for legal reasons, it didn’t actually affect traffic that much.

            If I decided I didn’t want to run it any more and shut it down, then you wouldn’t be able to comment at all. Thus if you want somewhere guaranteed to post your views – because the day will come when I decide it’s time to finish with this site – then you’re better off using a message board or similar.

  • retroblue73 says:

    I would hope that the takeover could be done and dusted in quicker than 12 months. Sure Pannu will probably did his heels in but he is a very small fish compared to Ernst & Young and already they have showed they are canny operators, so I think it will happen fairly quickly if as Dan says the deal is close. With Pannu he really is the villain of the piece and as MA24 says he would be very careful not to venture to Birmingham again with the way some of our fans would exact their forms of justice. Not that is matters now but I felt that Pannu was always in it for himself where as Carson I believe did initially have the clubs interests at heart. Hopefully we can see an EGM in June and new ownership at some point this year – would definitely like to see Panos involved with the club, make no mistake, Panos has contributed more good into the running of the club than he gives himself credit for and I think as fans, we will always be very appreciative of what he has done so far.

  • Bluenosesol says:

    Enjoy the trip Dan and good luck with your endeavours. The key players in HK know you are digging and I suspect that you have agitated some actions and responses and concentrated minds. In Dan Ivery the HK end know that us Bluenoses are on their case -KRO and well done!

  • ChrisG says:

    Dan, I don’t know if i’ve missed this somewhere along the line but is the EGM like a yes or no vote between the remaining shareholdes to vote for a takeover by TTA?.

  • john says:

    I still get the feeling, that Carson Yeung and Pannu , enjoy the fact, that they continue to hold some kind of power, over the future of OUR club. If only because, the inordinate amount of time this whole sorry affair has taken, their names are still in the headlines. It would appear, that we will go into next season, with still a lot of unresolved problems off the pitch, which will continue to present problems on the pitch. It is tremendous credit to the people who are employed at St. Andrews , that they have managed to keep the club going, through these very trying times, with, of course, a lot of help from very loyal supporters.

  • ZR says:

    new owners by Christmas !

  • rhees says:

    This must make Garry rowett feel optimistic that his plans for the future
    I’ve herd he has plans and he is excited about them.
    Fingers crossed

  • Dorsetblue says:

    Owners are not just for Christmas but for life…remember that :)

  • Preston Bob says:

    Things are finally starting to take shape. We need you to stay out there Dan, it is the only way we get any news!

  • BlueScribe says:

    Thanks for all your hard work & patience Dan ! You’re a Star

  • Dave Mann says:

    From Hong Kong to China and back to Birmingham I am as chilled as always .. Enjoy the experience Dan .. I’ve had many and Blues will be back next season no problem , whatever the situation it’s Groundhog Day as per usual .. Let’s hope your trip supports what we all want . KRO

  • BhamCityJulian says:

    Did you ask the question whether getting promoted this season would have made negotiations more difficult?

  • Mitchell says:

    Just reflecting on earlier comment made by Brian and Daniels reply. Also Brightside chipping in.-my sympathies are with Brian especially as a newcomer to this site. Nobody deserves to be ridiculed in this way and I hope Brian continues to be a contributor.

    • zxcv says:

      couldn’t agree more mate, no need for it. been through it all before on here. same every time you come on here.

  • Blue Eyed Boy says:

    All speculative stuff but not enough substance I’m afraid. How many times have we all been down this road,I am as keen as anyone else to get this lot out of the way and welcome new owners but my head tells me its not going to be quick. Oh for the want of UK Investors.
    Mitch,I share your views on recent messages as we await
    in anticipation, KRO All.

  • Muzzy says:

    I agree ask a question get shot down .. Then somebody
    Popping there 2 pence in .. Good read sometimes but bit of a godfather site.
    Coming from some1 who bin shot down in past … Brian kro

    • almajir says:

      If you don’t like what I say…

      Seriously – and I really do mean this – it’s annoying when I spend time writing stuff out as fully as possible and people ask the same question the next day cos they either can’t or won’t look at what I’ve written.

      I wouldn’t be so snappy if people actually looked to see if I’ve already answered something…

  • Murph says:

    Also agree to a certain point but Brian has been reading site as he knows the sites boss as Dan so think he’s being either ignorant to ask a silly question or is a vile fan !? Any way keep us informed as best as usual boss man your doing a lot for the fans fair play . Kro

    • steve says:

      Didn’t you read what Brian said ? He’s new to the site. And you call him ignorant.

    • steve says:

      Look at the first three words of the first post. “Great work Dan”. Not rocket science is it Murph?

  • Murph says:

    We’ll said dan , I’d be the same as the effort you put in to be going forward then dragged back to what you said before !!! Lol keep up the fantastic effort your doing boss man , and here’s looking forward dan . Kro murph


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