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BIH: Deal done with Pannu
Birmingham International Holdings yesterday announced to the stock exchange that they had reached a deal with Peter Pannu to end their court claims against each other.
The announcement confirms that Pannu will withdraw his claim for unpaid fees and damages against BIH, as BIH withdraws its claim against Pannu and his companies for damages. The deal will also see Pannu formally end his interest in Birmingham City Ladies FC.
Is that it? Can we expect the EGM now?
This was the last hurdle before BIH could proceed to announce an EGM, so we should expect an announcement for that shortly. There will need to be some time for paperwork to be processed and for full confirmation that the court cases have been withdrawn and as such I suspect the EGM would be held around July.
The EGM will be held for three reasons; firstly to confirm shareholder approval for the three special deals done with Carson, U-Continent and Pannu; secondly to confirm shareholder approval for the as yet unknown restructuring of shares and thirdly to confirm a new board of directors to replace the Receivers from Ernst and Young.
Has Pannu been paid off?
There is no mention of money crossing hands in the announcement but it wouldn’t surprise me if some money has been paid to Pannu to get the deal done. I know some people would like to have seen him in court to give his defence against his alleged actions while running the company but that would have taken a long, long time and it’s preferable that things are sorted out now so the takeover can proceed.
What’s this about Blues Ladies? Pannu owned that?
Peter Pannu was the sole shareholder and a director of a company that owned Blues Ladies’ golden share in the WSL. He never had any say or input into Blues Ladies, and indeed it’s been BCFC that have put money into the Ladies team – Pannu has never put a penny in. I believe from conversations with past prospective owners that Pannu was to be paid for the golden share is and when those past prospective owners bought BCFC; obviously this will not happen now.
So what’s next?
Now we wait for the EGM announcement. The takeover of BIH by Trillion Trophy Asia is now a matter of time rather than anything else; all the major hurdles have been completed. This is another big step forwards towards a new era for BIH.
Tags: BIH, Ernst and Young, Peter Pannu, The Takeover, Trillion Trophy Asia
65 Responses to “BIH: Deal done with Pannu”
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Great news Dan, will this mean TTA will finally be installed before the start of the 2016/17 season?. Did you pick up any scraps of news while in China that they would be making any transfer funds available?.
I don’t think it’ll quite be before the start of the season, I’ve said before I think we’re looking at the final quarter of this year.
Ok thanks mate, still good news though that things are starting to fall into place.
Assuming that the takeover is just for BCFC and not Bihl as a whole, keeping it as is with just new owners, E & Y are there to sort Bihl and not BCFC, unless you know differently?
Not sure what you’re getting at Adam.
Ernst and Young are sorting out BIH.
The takeover by TTA is for all of BIH not just the club.
I suspect they will then sell on just BCFC down the line.
He had no input into the ladies. lol lets leave that one there shall we. Hes only into lady boys (so ive heard)
Great news and a step in the right direction for BCFC. Now lets see what the move trillion dollar trophies make now. Not overly convinced about the backing they have financially but we will have to wait and see
Good news all round light at end of the tunnel at last kro
I hear Nigeria and Afghanistan are up and coming tourist spots if PP wants to take a holiday to calm his nerves after all this furore.
I do hope the new board shows Panos Pavlakis the respect he deserves , by keeping him on the board , as he is a perfect foil between the fans , manager and board , all must move forward for the greater good of the club but keeping it family orientated , to keep all in Birmingham a feeling of belonging .,KRO
It will be nice to see the difference if Panos is kept on and given the freedom to run the club and talk to the fans, then we will see how good he is for our club. Kro
Ps its sad that mitch didnt make it at blues. Always gave 100% but isnt championship level. Good luck to him anyway.
Buxton, tesche are a must as first signings
Over the last few years I feel that ‘keep right on to the end of the road” has been for this very moment.
Onwards and upwards now.
So TTA may possibly be installed as the new owners by the final quarter of this year. It’s been previously intimated that they’re an investment vehicle purely set up to take control of BIHL.
Do you suspect that they have a buyer lined up? Or will there then be another protracted period of tendering, exclusivity etc.?
I suspect that they have.
I don’t think it would be as complicated a deal; they’d have to inject another business into BIH to be able to sell but they have the funds to do that.
The buyer should not be a problem, they have a list of 7 prospects before they were given exclusivity. Kro
Read that our foes across the express way have some chinese interest. Wounder if its a hair dresser and his trust worthy assistants. ?????????????? Bring on next season cant wait already.
Does this have any impact on what little funds Gary Rowett has for players or do we have to wait for the takeover? I do believe we are finally seeing light at a very horrible dark tunnel. I have to say that despite whats gone on in the very years, Blues have done considerably well and have progressed a great deal, i think everybody connected should be congratulated. We could so easily gone the same way as the Blackpools, Portsmouths of this world
Paul – it merely confirms what I’ve written before on that front…
Amazing what 1 typo error can do. Brain is a bit slow this morning and could not work out the sentence about the Golden Share…..then it all made sense when you realise that it is “IF and when” not “IS and when”. Great news for the Ladies Team though in removing possible big problems in the future.
Lets hope that the fantastic happenings at Leicester, which have partly been brought about by owners from Thailand, will inspire TTA, to back Blues financially. If they know anything at all about football, they must have heard about the new Premier League champions, surely the best thing, ever to have happened in premier league history.
Daniel imo with pp equally going the court route he knew this would block any deals without his say so….
I must congratulate Ernst & Young on the work it has done on securing the Settlement Agreement with Peter Pannu.
I look forward to the announcement of a date for the EGM and thereby approving the resolution in respect of the Proposed Restructuring.
The Special Deal quoted in the Announcement states that Pannu will be deriving a benefit from the Settlement Agreement, which will NOT be extended to all other shareholders of the company.
I hope that all this will mean that the HKSE will approve the resumption of trading in the Shares as soon as the Proposed Restructuring has been agreed and finalised.
With the interest in football going through the roof in China surely we can have hope of a big money owner coming in for us. After all we are an established second tier club not far short of the promised land and have much to offer.
when sacking a manager what do we look for;
under LVG spent (250m spent) – 63 points from 37 games
season moyes was sacked (60m spent) 63 points from 37 games
I would love to here the answers to that lol obviously TTA don’t have that kind of money do they????
Hopefully TTA will be installed before the January Window… if we can secure at least 5 decent players in this summer window and we can produce a similar or even better performance to last in the first half of the season then hopefully when the january window comes with new owners and new money to invest(fingers crossed) we will be able to add some proper signings and push for promotion next year… all ifs and buts at the moment but definately reasons to be optimistic with this news that the new era could be on the horizon…could the tide be about to turn..KRO
Although it`s good news we have to accept that this is still going to drag on for a while yet. There has to be an EGM (weeks away),TTA have to acquire BIH,buy another asset and then sell the club which has to go through a process of due diligence. In all honesty i`d write next season off in terms of a promotion push because there are too many big hitting clubs with large wallets in the Championship.Only today there were rumours on SKY suggesting the Vile were looking at Ross McCormack for £12m. We cannot compete with that spending power.
I think we should make a move for Nathan Redmond and Cameron Jerome.
Great work and News Dan, I am still not celebrating until the New Owners are installed and they have a Massive cheque book and know what a football is!! But for now, I might just raise a glass that the end of this era is in sight and a new one is on the horizon. Kro
Dan, will you be ready to bring out a new book? “Pot Noodles and FA Cup’s”. Kro
adidas just launched Man u kit looks shocking imo wonder what ours look like…..
This is great news and I’m hoping we can match our managers ambitions going forward.
We are in a fabulous position reference playing squad because our wage bill and number of players are low.
If our manger is backed in the transfer market with quality then you never know.
The club appears to be waking up SO COME YOU BLUES FANS LETS MAKE OUR CLUB GREAT AGAIN !
BUY THEM SEASON TICKETS AND LETS FILL ST ANDREWS.
CV7Blue
Thanks for the great news Dan- the light at the end of the tunnel is getting brighter.
As for Pannu- hopefully his reputation is in ruins and the prospects of him getting a top job will be limited.
I think he has demonstrated he’s never to be trusted.
On this note given he was a Director of the club could he be prosecuted by HK stock exchange-assuming of course he’s broken the rules.
With the ex’s he claimed from Blues i dont think there is much of a rush too find another job
At last that slime bag has been ousted.K.R.O. S.O.T.V
Great news, that long,long dark tunnel gets ever brighter, Dan,thanks for keeping us informed, much appreciated.
If TTA do have a buyer for BCFC lets hope they’ve got quite a few million pounds of “real” money lying around and are genuinly interested in making blues a success. That’s all we as fans can ask.
Good riddance to Pannu. All these commenters talking of massive cheque books and loads of quality players coming in need a reality check mind.
Have to be honest Otto, I haven’t seen anyone anywhere talking about massive cheque books & quality players coming in, I think most of us that post regularly are completely aware of what’s going on & will just be glad to see the back of CY & his mob. I personally am under no illusion that it’s gonna be quite a while before we’ll be bringing in any multi million pound players
Yes they do otto so for once Ime staying carm and collected over the situation and just ride with the tide . KRO
Problem is that we have been punch drunk for far too long to get excited about any news coming out of HK-even though deep down we do feel pleased with today’s news. If more upbeat news is quickly forthcoming then the healing process will continue.
Dan – do you know if Peter Pannu still reads your blog? What message do you have for him, if any?
No comment.
LOL KRO
This is great news over the moon.dont expect a big transfer kitty like dome clubs boast 15 20 million but a couple good bosmans and 3 -5 million spent keep our quality players and ibelieve we would have chance of promotion.
If you look at this season dropped points at home to silly teams Rotherham Charlton we could easily made play offs with what we got.
Bit more quality would hopefully eradicate these mistakes.
All in all future looking more and more posdettive
Thanks for updates Dan
Apologies for typos in my post sure you all got gist
Has anyone seen kinsella play whos just been released by the scum of villa village?
Formerly of arsenal so cant be that bad and a left back
Great news. Things seem to be moving quickly now. I reckon they will manage to get it sorted for the new season. What a great way to kick it off. New owners, albeit maybe temporary, renewed optimism, new faces, lots of anouncments, little bit of money. Can’t wait now.
I can see the Mr Blue sky through the dark clouds… KRO !!
Fingers crossed a takeover can happen before the start of the season! Thank you for the update, Dan! Keep right on!
I expect it to be business as usual re new faces on the playing front. With reports earlier in the season that we’ll need “another £10m” just to keep operating, I can’t see TTA wanting to loan too much in addition to that plus the existing loans if they’re looking to move the club on themselves. I can’t see anything else other than frees, loans and lower league targets in the meantime.
Ranieri wins premier league at 64 , Guidolin gets new contract at Swansea at 60 , Arsenal still love Wenger , LVG pushing for top four and in the FA cup final , big Sam keeping Sunderland up ?? ….. Maybe IF things change for next season then an older more experienced manager might be needed to spend what money we have wisely and have a plan B and plan C because this manager as much as I’ve supported him over the last 19 months does not seem to .. We need to be able to adapt accordingly because otherwise it’s same as next season whoever we sign .. My opinion and just a thought ! KRO
I have thought the same….more experience coupled with the fact that an older head would also have more connections and able to call in more favours for loans etc..GR has done OK but became meh!
(good news on Pannu but I wont believe the bobbing turd has finally been flushed until the water clears!)
Even before Rowett was appointed, I said that I wasn’t convinced he had what it took to come from League 2 to take on a job this big with not much experience. I’m still not convinced, but I’m quite happy for him to continue as long as he learns from the mistakes of this season. Maybe we could do better.. but we could also do a lot worse.
He seems a thoughtful, philosophical guy and sometimes, I think he overthinks things, instead of coming to the obvious conclusion. I have to admit, that sometimes during interviews, I wonder what he’s actually just said… a bit like a politician lol. But like I said, I’m more than happy for him to lead us again next season, I want to see what more he’s got in his locker.
Staffs bad news mate, the locker to which you refer belonged to Burton Albion & GR was ordered to leave it behind when he moved to blues!!, my understanding is he never replaced it, or so it seems!!
Frankly, what we’ve seen so far has been good.. but not good enough. If he’s going to make a success of the job and put in a genuine challenge for a top 6 finish, he has to have more than what we’ve seen. From the way he was talking about player recruitment, he seems to think we’ll mount a challenge next season, so let’s see if he can live up to that.
From being 4th favourites with most bookies for relegation a top 10 finish is about the best he could do with limited funds.
His real problem has been when there was a bit of money available,his signings didn’t come off.Brock-Madsen was a flop,Fabrini didn’t seem to fit in and splashing out for Buckleys wages didn’t work.If anything he needs a bit of help in the recruitment area if he gets some money to spend.
Awaiting to see hearing from HK final court om 31st May and What happen then??????????????????????????????????????????????????????????????????????????????????????????????????????????????………..Brilliant GR manager
Ian
It’s immaterial…
Golden Shares were originally introduced by HMG to maintain some control over privatized defence industries.
They have now been banned by the EU, not sure how this applies in this case.
There are some good out of contract players this window I just hope blues are fast enough and positive enough to afford their wages , as we only have to go to when TTA take over to be able to afford the rest of their wages ..Get in there ….KRO
Some good news at last. Well done Dan.
Great news Dan. Being from Australia, it’s hard to keep track of what’s going on. Cheers for keeping us updated.
TTA will have a preferred purchaser lined up.They will have a business to inject into the listed shell lined up.All will be organised. That sounds great but as this will clearly take time the really crucial thing is that somehow the football club gets money to make aquisitions in the early stages of the transfer window. Now it is possible that the purchaser may guarantee money to TTA or indeed TTA may say to the purchaser that any money that they spend on players – a given budget clearly-will be added on to the purchase price of the football club. There is a way and it needs to done.We need to strengthen and strengthen early and decisively. KRO
Dan has eluded to the fact this might be the case in the past and if so it would be a big shot in the arm for everybody.TTA after all have no football background and will not ideally want to pump much more money into the club so let’s hope something has been lined up.
With the rapid rise of Ronan Hale and his now international status scoring two goals yesterday-I wonder how GR will now handle this prospect in regard for next season. Before the ‘ease him in slowly’brigade gets going – my view is that this player be groomed for first team level,which would certainly give us fans a much needed boost and a yearning to see him as a potential hero at Stans. Likes of Bradshaw etc.could be similar with this player. My plea to GR is give it a shot,train him up in the summer and put him in there. Hesitant,careful approaches under GR especially with VSO could rebound unless he manages with a bit of risk.After all,with teams like Burton,Wigan,Rotherham etc this striker could well flourish.
Fully agree with what you say Mitchell.To bring in these sort of quality youngsters is crucial to the future of Blues.However I suspect GR will rely on the old brigade whilst bringing in players from the lower divisions again.
In fairness lets see what he can do if and when he gets some decent money to spend.
Bring on the new owners asap…PLEASE!