Birmingham City Chairman clarifies ownership issues
Wed 19th Jan 2011 | Clubs Ownership
Birmingham City Football Club’s acting chairman Peter Pannu has received clarity from Hong Kong regarding the ownership of the shares in the club's parent company.
Following unwelcome and unsettling rumours in the media in recent weeks, Pannu was eager to keep the Premier League informed and clear up any uncertainty amongst Blues supporters.
Having consulted lawyers representing Birmingham International Holdings Limited, the club's parent company, Pannu has received a statement that confirms that there has been no changes in the shareholding and the composition of the Board in Hong Kong or at Birmingham City FC.
The statement reads: "The Company has noted certain press articles indicating that Mrs. Pollyanna Chu has taken a 14.11% stake in Birmingham International Holdings Limited.
"The Company wishes to clarify that this is untrue and incorrect. Mrs. Chu is the controlling shareholder of Kingston Securities Limited, a company that had entered into a placing agreement with the Company on 22 October, 2010. The longstop date for the placing is 25 February, 2011.
"Pursuant to the Hong Kong Securities and Futures Ordinance, Kingston Securities Limited is required, as a result of the entering into of the said placing agreement, to make a disclosure of interest filing in respect of the shares in the Company to be placed.
"The number of shares in the Company to be placed is 450,000,000 representing approximately 14.11% of the issued share capital of the Company as at the date of the placing agreement.
"Accordingly, Mrs. Chu is deemed to have a 14.11% interest because of her shareholding control of Kingston Securities Limited. Once the shares in the Company have been placed, their disclosure obligation will cease and their interests removed from the disclosure register.
"The Company confirms that neither Mrs. Chu nor Kingston Securities Limited has any direct equity interest in the Company nor are they in control of the Company as alleged."
Pannu added: "The club needs to focus on its efforts in the Barclays Premier League rather than being side-tracked by unnecessary and inaccurate reports causing concern and instability.
"Anyone wishing for clarity should write or speak to us first before putting out inaccurate information in the public domain."
(image: Peter Pannu, courtesy of BCFC.com)
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