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.
Birmingham Sports Holdings today announced their interim results for the six months ending December 31, 2018 today. The results have shown some improvements but the company still reported a HK$173million (around £16.6million) loss in just six months.
Mystery has swirled around the ownership of Western Melbourne Group since the consortium were confirmed as the 11th team to play in the Australian A-League from next season. Today, I can reveal that Birmingham Sports Holdings are the financial backers for the project.
Birmingham Sports Holdings today announced to the Stock Exchange of Hong Kong that Trillion Trophy Asia have extended a HK$250million loan facility for a further two years. The loan was due to elapse on December 21, 2018 but both parties have agreed to extend the facility and its loan repayment period.
On Monday Birmingham International Holdings finally announced to the Stock Exchange of Hong Kong details of their delayed EGM to approve the second part of a investment deal into Cambodian property. If approved by shareholders, the deal will see another 832million shares in the company created and reinstate Vong Pech as second largest shareholder in the company.
Birmingham Sports Holdings announced their end of year accounts to the Hong Kong Stock Exchange on Friday. The accounts, which are for the year ending June 30, 2018 showed a huge loss of HK$437.7millon, up from HK$182.6million the year before.
Birmingham Sports Holdings yesterday made an announcement to the stock exchange warning that there would be a substantial increase in the loss suffered by the company for the year ending June 30, 2018. The poor results are blamed on the increase in spending on player registrations and staff costs.
The two-year anniversary of the takeover of Birmingham Sports Holdings by Paul Suen Cho Hung’s Trillion Trophy Asia vehicle approaches in October. With it being public knowledge that Suen could not sell his stake in BSH within two years, will this anniversary herald a change of owner?
While things at St Andrew’s Trillion Trophy Stadium have been much calmer and less chaotic than our friends over the expressway, there still remains a slight cloud of secrecy over just where Blues are going.