Date: 5th February 2014 at 3:41pm
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Birmingham city acting chairman Peter Pannu has spoken out today about a more optimistic future for the club and its finances.

Carson Yeung yesterday announced that he had resigned from both the board of BCFC and the board of the clubs parent company Birmingham International Holdings Limited. This paves the way for the club to resume trading on the Hong Kong stock exchange.

Yeung resigned as he is due to have a sentence passed on his money laundering case February 28. He is now set to concentrate obtaining a favourable ruling. Should he be found guilty the Football League would more than likely of ordered Yeung off the BCFC board as he would then fail the ‘fit and proper` person test.

Pannu speaking about BIHL he said that all of the independent shareholders have voted to restructure the company`s equity position. Birmingham city are now relieved of the liabilities owed to Carson Yeung and that is said to be going to make a big difference to the operations of the club.

Here is what he had to say in a statement:

‘The shareholders were eager to see that happen as they support the board’s strategies and endorse the work being done in Hong Kong and the UK.

Birmingham City Football Club is relieved of Carson Yeung’s debt, which will be converted to equity in Hong Kong thus making the club’s financial position better. This has to be beneficial to the club’s operations going forward, certainly ahead of any negativity that will stem from Mr Yeung’s court case.

Various fundraising activities were also approved and this will ultimately lead to new equity for the use of the group and the football club. The enlargement of the share capital of BIHL to facilitate the subscription of new shares upon resumption of trading to generate fresh capital will be envisaged.

These are all important steps which I have been attending to since I joined the BIHL board here in Hong Kong. This was in order to improve the financial position of the group, and ultimately the football club. Of course, the current position was as a result of the freezing of Mr Yeung’s assets and the suspension of trading of BIHL’s shares on the Hong Kong Stock Exchange. This is a position that nobody wanted to be in but it had to be dealt with and these will soon be issues of the past.

Hopefully going forward some of the financial problems will be eased and the group can operate and endeavour to generate new revenue under the leadership of the new chairman, Cheung Shing, following the departure of Mr Yeung.

I will look to address supporters more often on the developments in Hong Kong and any matters that may have an impact on our beloved football club.’

 
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