BIH shares remain suspended as it investigates Pannu complaint
THE owners of Birmingham City FC – Birmingham International Holdings – have said shares in the company remain suspended while it investigates a complaint regarding comments from the CEO and managing director Peter Pannu.
Trading in BIH shares on the Hong Kong Stock Exchange was halted earlier this month pending an announcement by the board.
In an update to the HKSE, the board said shares remained suspended.
The statement said: “The Stock Exchange has received a complaint relating to comments made by Peter Pannu, an executive director, the ex-chief executive officer and ex-managing director of the company, on Often Partisan, a public website relating to the company and Birmingham City Football Club Plc.
“The company is in the process of clarifying the comments in order to issue a detailed clarification announcement. Trading in the shares will continue to be suspended pending the release of the clarification announcement.”
Often Partisan had criticised activities at the club in a blog and Pannu, using an anonymous name, had hit back.
His post contains comments such as “You can fan as much anger against me as you can. Your site and those posts in here (and remember it is not me who blows my own trumpet here but you wish people to feel that way…) does not bother me. Frankly, I don’t give a F….. F*, Likewise can I also say that you are wearing many hats to slag me off here. You have made it clear you hate me very much, and I can tell you I don’t hate you at all, just pity you.”
Regarding a potential bid for the club by former Swindon Town chairman Jeremy Wray, it adds – sometimes in rather curious English: “Jeremy Wray’s latest approach through me represented the best opportunity for the group as we have worked out a strategy that would have allowed us to sell the full club by Jan 2015 and yet possibly retain the listing status in HK.
“As for funds, there is 1.8 GBP (£1.8m) potential tax liability which is not factored in the UK cash flow yet, which comes from the novation of the funds to HK. If that materialises, funds runs out in Jan/Feb 2015 and I don’t there are any plans in HK as I see it with the failure of 120M HK CB subscription exercise, which the subscribers just dumped and fled with impunity, albeit being a company held by some directors. This of funds and survival….. I am daily thinking of this in HK.”
Pannu resigned from Birmingham City FC shortly afterwards and the club distanced itself from his comments as the Football League intervened and asked for an explanation of his comments.
Pannu now faces being relegated from his position as BIH’s CEO and managing director to a lowlier executive director. That would have formed a key part of the BIH AGM which was due to have taken place in Hong Kong today.
However, the meeting has been postponed until January 6 following the addition of new business relating to remunerations to directors.
Ironically, on the field the Championship club has seen a remarkable transformation under new manager Gary Rowett. He has elevated the team away from the relegation zone and into mid-table security in a matter of weeks.
