BSH: Cambodia deal approved

Birmingham Sports Holdings have today confirmed to the Stock Exchange of Hong Kong that shareholder approval has been granted for the proposed Cambodia deal at today’s Extraordinary General Meeting.

Hong Kong Stock Exchange

The text of the announcement can be found here.

The Cambodia deal sees BSH take an interest in a mixed office and residential development in Phnom Penh along with the construction of a commercial and educational building.

The deal will see Graticity Real Estate Development become 24.90% shareholders in BSH (and therefore owners of a similar percentage of shares in BCFC by extension), and reduce Paul Suen/Trillion Trophy Asia‘s shareholding to 45.65%.

There is one thing that intrigues me about the vote.

Taking out Paul Suen’s 3.825billion block of shares – which had to have been voted as the number of shares that didn’t vote was 2,468,154,672 – only 57,312 other shares voted in the EGM.

Were BSH shareholders truly that apathetic with respect to this deal? Or did they feel disaffected as their shares are once again diluted?

How will this affect BCFC?

The deal sees a new name enter the ownership equation.

Vong Pech, who owns 100% of Graticity Real Estate Development will by extension be 24.90% owner of BSH and owner of roughly 24% of BCFC.

This means he will have to take the Owners and Directors Test as laid out in the Football League rules.

It also means BSH will have a diversified business in their listing, allowing them to sell BCFC off separately once the 2 year exclusion period elapses on October 17 2018.

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