Embattled Trillion Trophy Asia owner Paul Suen suffered another potential setback in Hong Kong last week. Suen, who is the largest shareholder in Birmingham Sports Holdings, quit his role as Non Executive Director at EPI Holdings (689:HK) after a shareholder revolt at the company’s AGM.
Birmingham Sports Holdings announced to the Hong Kong Stock Exchange their interim accounts for the six-month period ending December 31, 2019 on Friday. While these accounts are unaudited and are for the entire parent company rather than the club they do give us something of an insight into how things are going with the club this season.
Birmingham Sports Holdings today held their Annual General Meeting in Hong Kong to approve their accounts and re-elect directors to the board.
As the protests continue to rumble on in Hong Kong, the economy there shows signs of further weakening. While the Hong Kong stock market is as yet to be affected, various financial news outlets have spoken of potential investor flight from the former colony as long-term prospects grow increasingly bleak. What could this mean for Birmingham Sports Holdings and by extension its subsidiary Birmingham City FC?
Birmingham Sports Holdings made an announcement to the Stock Exchange of Hong Kong yesterday to clarify their acquisition of a Chinese lottery company. The announcement cleared up some of the confusion re prior connections between the holding company and the lottery firm, as well as offering more insight into how BSH are going to make money from the project.
Birmingham Sports Holdings today confirmed in a voluntary announcement to the Hong Kong stock exchange that they have entered into an agreement to buy a Chinese lottery company. The announcement confirmed that the new company should guarantee a profit of around £3million for BSH over the next three years.
Documents from Companies House confirm that a new subsidiary of Birmingham Sports Holdings has been created in the UK in the last fortnight which looks to be specifically to complete the sale of the stadium. This confirms previous thoughts that the club were looking to make moves to improve its standing for P&S purposes.
Birmingham Sports Holdings confirmed a couple of board room changes to the Hong Kong Stock Exchange yesterday. The announcement confirmed that Anita Chan Yuk Yee, who was both executive director and company secretary of the holding company has been replaced.
While Blues secured their Championship status for another year by winning away at Rotherham on Monday, Birmingham Sports Holdings have been doing what it can to secure its own financial status on the Hong Kong stock exchange.
Just prior to announcing their interim results on Thursday, Birmingham Sports Holdings also announced a rights issue in an attempt to raise HK$297.7million. The purpose of the rights issue is to reduce the frightening levels of borrowing within the company and to provide more working capital to keep the company going.