Author Topic: Anything Birmingham City  (Read 225490 times)

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WBASPE77

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Re: Anything Birmingham City
« Reply #100 on: March 09, 2011, 12:52:20 PM »
Im hoping for an Everton win tonight, they have picked up good results in the last few weeks, and I expect them to pull away from the lower reaches of the table.
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Rich99

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Re: Anything Birmingham City
« Reply #101 on: March 09, 2011, 06:42:33 PM »
Yes, I think Everton will be OK.

After tonight, 6 of Brum's last 10 games are away (including away to Chelsea), so should they lose tonight they are very much in the mix I should think.
« Last Edit: March 09, 2011, 06:48:25 PM by Rich99 »

baggieboyjop

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Re: Anything Birmingham City
« Reply #102 on: March 09, 2011, 07:08:56 PM »
Has to be an everton win tonight for me, would love to see this 'established premier league club' go down and i feel that if they lose both their games in hand then imo they are in the crapper
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Re: Anything Birmingham City
« Reply #103 on: March 09, 2011, 07:27:56 PM »
Hopefully Small Heath ship a few goals. We need all our rival's goal-difference to take a beating to be honest.
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Re: Anything Birmingham City
« Reply #104 on: March 09, 2011, 08:22:57 PM »
1-0 to the Blues  :(
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Re: Anything Birmingham City
« Reply #105 on: March 09, 2011, 08:29:24 PM »
Boo  :(

crazedwbafan18

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Re: Anything Birmingham City
« Reply #106 on: March 09, 2011, 08:39:27 PM »
Heitinga makes it 1-1 :D

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Re: Anything Birmingham City
« Reply #107 on: March 09, 2011, 08:41:24 PM »
Woo  :D

westbrom87

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Re: Anything Birmingham City
« Reply #108 on: March 09, 2011, 08:47:09 PM »
The ref just gave the Blues player an invisible card!!

I thought I was going mad but they've just shown a replay.  he puts his hand in his pocket, puts hand up in air as if showing a card, and nothings there!

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Re: Anything Birmingham City
« Reply #109 on: March 09, 2011, 09:03:58 PM »
BBC Stat: This season Everton have not lost any of the 12 matches in which they have been drawing at half-time.

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Re: Anything Birmingham City
« Reply #110 on: March 09, 2011, 09:08:57 PM »
Please stuff them Everton, would love to see Small Heath go down the pan. Relegation should entail administration for them, they can take their Carling Cup right down to the Championship.

Everton have been bossing this game, by the way. I'm probably one of the few watching it over Spurs.

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Re: Anything Birmingham City
« Reply #111 on: March 09, 2011, 09:55:52 PM »
Finishes 1-1, good for us as birmingham dont move ahead, but its another point gained by a fellow relegation rival, and everton pressed and pressed for their 2nd but couldnt find it. Uninspiring game all in all. Next.

B_H_Baggie

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Re: Anything Birmingham City
« Reply #112 on: March 10, 2011, 09:49:24 AM »
I thought this was a blog worth reading.

http://andersred.blogspot.com/2011/03/distant-subsidiary-who-is-peter-pannu.html

“A distant subsidiary” – Who is Peter Pannu trying to kid?
Background
Last week Bloomberg and the various other media ran reports that Birmingham International Holdings Limited (“BIH”), the direct parent company of Birmingham City PLC (“BC”) which is itself the sole parent of Birmingham City Football Club PLC (“BCFC”) had some financial problems.

Statements published to the Hong Kong Stock Exchange by BIH relating to its interim results to 31st December showed that the Chairman, Carson Yeung, was having to take out a HK$150m (c. £12m) personal loan (secured on his own Hong Kong properties), and that BIH was raising HK$310m (c. £25m) through a placing of new shares to keep the business going.

Today the press is full of vehement denials by the BCFC board that anything is wrong. Peter Pannu (BCFC’s acting Chairman) said on the club’s official site (my emphasis):

"It is important to note that BCFC (the club) is a separate corporate entity from BIHL (a listed company in Hong Kong). Although a distant subsidiary, BCFC's accounts are separate and it operates on its own financial basis.
"BCFC is in credit with their bankers and there is no financial impediment to its operations. We will have no problem securing UEFA licence approval for which the club had already filed the papers.
"As for BIHL, the financial support by a major shareholder is a common occurrence and there is no cause for concern or any direct links to BCFC's wellbeing."

This is a completely ridiculous and totally misleading statement that insults the intelligence of Birmingham City's fans.

"Material uncertainty"
BIH’s interim accounts show a “material uncertainty” that the group (i.e. including subsidiary BCFC) can continue as a “going concern”, in other words there is a major risk of insolvency. That is the source of press stories last week.

BC and BCFC’s full year accounts (published in October 2010) both contain exactly the same “material uncertainty” as BIH’s accounts (see pages 7 and 13 respectively). In note 1 of the BCFC accounts (page 13) more details of the club’s cash needs are given:

“The forecasts show that the Group [i.e. Birmingham City Football Club] needs funding of around £7.5m from its parent company [BIH] in the short term in order for the Group to continue to operate within its agreed bank facilities..... The sensitised forecasts [that BCFC stays in the PL but at a lower than hoped level] shows a further requirement for funding of up to £3m in June 2011.”

The BCFC accounts then go on to talk about the placing of new shares in BIH (also page 13) and say that:

“The directors of the parent company [BIH] have confirmed that £7.5m of the funds to be received from the placing are expected to be transferred to the Group by the end of November 2010 and have also confirmed that additional funds of up to £3m will be made available to the Group from the placing proceeds noted above later in the year as and if required.”

So BCFC is entirely reliant on funding from BIH to stay within its banking facilities. This money is needed even if BCFC fight off relegation and no forecasts have been presented to the auditors on the basis that BCFC (currently in 18th place but with games in hand) go down.


Far from being a “distant subsidiary” of BIH, BCFC is entirely reliant on it for financing as is described in detail in UK Companies House filings from October. Peter Pannu is significantly misleading supporters by claiming the financial fortunes of BCFC are not tied to those of BIH. If BIH fails, so does BCFC.



Where things stand in March 2011
The comments by the auditors in the BC and BCFC accounts were from October, so perhaps Birmingham City fans should heed Pannu’s words that there are no “financial impediments” at the club? Well what the BIH statement to the Hong Kong Stock Exchange on 3rd March 2011 tells us is that things have not got any better since October:

1. It is not clear whether Carson Yeung has actually taken out a personal loan secured on his Hong Kong property. The 3rd March statement by BIH say that he will “apply [for] a credit facility”. The BIH accounts in October 2010 said the same thing (page 56). Does the loan exist?

2. The placing referred to in the BCFC accounts as the source of funds to keep the club within its banking facilities has still not taken place. Although the BCFC accounts said the money would be transferred to the club “by the end of November 2010”, on 25th February 2011, BIH announced the placing would be extended until 25th March 2011. Only 29% (around £7.2m) of the placing is “underwritten” (i.e. guaranteed by the broker leading the placing), the majority may or may not be raised.

3. BCFC represents 94.5% of BIH’s turnover in the six months to 31st December 2010. BIH has no other material businesses.

4. BIH has announced and then aborted two deals to buy businesses apparently owned by Carson Yeung since it bought BIH. BIH has also announced two property deals with Mr Yeung to acquire land he owns or is intending to buy in China. The largest of these two property deals includes the payment by BIH of £5.6m in cash to Mr Yeung (see page 4 of BIH circular published on 19th January). No information is given as to where BIH will obtain this cash.

5. At 31st December 2010, the BIH balance sheet showed a cash balance of only HK$ 18.5m (c. £1.5m). In addition to its HK$ 125m (c. £10m) of debts (all related to BCFC), the club also owes a further HK$ 128.3m (c. £10m) in stage payments on previous transfers.


Unknowns
Carson Yeung may or may not be a wealthy man, we have no way of knowing.

Mr Yeung (who has already lent the club £15m) may or may not have borrowed £12m to support Birmingham City. Whether the loan has been taken out is not clear.

Mr Yeung may have property assets in mainland China which he intends to sell to Birmingham City’s parent company, but the ownership of the land is not properly disclosed. The source of any cash consideration for these deals is not clear.

If one of these deals takes place (the purchase of development land in the Liaobin Economic Zone, Panjin City, Liaoning Province, PRC announced on 19th January 2011), unnamed "guarantors" may end up holding convertible preference shares allowing them to become majority owners of BIH and hence Birmingham City Football, but again disclosure is inadequate.

Birmingham City’s parent company may be about to raise around £25m in new shares through a placing to help the club, but the placing is four months late and only a third of the money is guaranteed.

The Premier League may be on top of all this. But maybe not....

If I was a Birmingham City supporter I'd want answers rather than patronising bull from Mr Pannu.

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Re: Anything Birmingham City
« Reply #113 on: March 10, 2011, 10:03:46 AM »
This is exactly why I do not want a foriegn owner at the Albion.

We might not win things, but we ain't about to go bust either. Portsmouth struggled after there FA Cup win, as will Blues I believe.

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Re: Anything Birmingham City
« Reply #114 on: March 10, 2011, 11:46:09 AM »
I've allways thought Yeung was just a front man for a silent party to be honest.

Chinese business is a shady world, all smoke and mirrors.
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WBASPE77

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Re: Anything Birmingham City
« Reply #115 on: March 20, 2011, 06:23:48 PM »
There Carling Cup final win seems a long time ago now, there last league win was against Stoke five weeks ago now, they play Bolton in two weeks.
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Mister AT

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Re: Anything Birmingham City
« Reply #116 on: March 21, 2011, 11:58:55 AM »
Big next few games for Blues, the cup win has shadowed their poor league form.

Few more losses and can really see them being in trouble.
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Re: Anything Birmingham City
« Reply #117 on: April 03, 2011, 08:52:44 AM »
Just watches MOTD.  Ben Foster had a blinder.

Its a wonder how he finds time to train etc.......especially while he is plating that gay lad off Emmerdale as well!!
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Re: Anything Birmingham City
« Reply #118 on: April 03, 2011, 01:16:39 PM »
Foster has had a great season for Blues, that was a big win for them yesterday.
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A5HB

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Re: Anything Birmingham City
« Reply #119 on: May 08, 2011, 11:29:40 PM »
Could still be in big trouble for these last two games I think. Winnable home game against Fulham next but if Wigan and Wolves both get results in their games next weekend and Blues don't then they have to go away to Spurs on the last day which isn't an easy game at any time.

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Re: Anything Birmingham City
« Reply #120 on: May 09, 2011, 09:18:55 AM »
Foster made some great saves for Blues the other day, must beat Fulham. But jsut in the last few weeks Blackpool and West Ham have got a point there so they have a chance.
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Re: Anything Birmingham City
« Reply #121 on: May 09, 2011, 10:02:16 AM »
I think theyll have enough to stay up this season.
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WBASPE77

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Re: Anything Birmingham City
« Reply #122 on: May 09, 2011, 05:29:53 PM »
I do to, but they do need a much better striker that what they have got for next season.
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GrGr

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Re: Anything Birmingham City
« Reply #123 on: May 09, 2011, 07:51:30 PM »
I do to, but they do need a much better striker that what they have got for next season.

They will probably upgrade the forward yes, but then again it looks like Larsson wants out of there which would be a bit of a blow to them.

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Re: Anything Birmingham City
« Reply #124 on: May 18, 2011, 06:09:14 PM »
Get's worse for Blues, poor performance against Fulham, a long injury list and going into their tough final away game against Spurs out of form and now have two players going out drinking until the early hours.

http://www.telegraph.co.uk/sport/football/teams/birmingham-city/8519916/Birmingham-City-goalkeepers-Ben-Foster-and-Colin-Doyle-accused-of-late-night-drinking-after-awards-ceremony.html