Birmingham International Seeks to Resume Trading TomorrowJoshua Fellman
Birmingham International Holdings Ltd., owner of English soccer team Birmingham City, has applied to resume trading in Hong Kong tomorrow, ending a more-than-2 1/2-year suspension.
Shareholders yesterday approved transactions including the sale of new shares and convertible bonds and a debt capitalization, all of which were completed, according to a Hong Kong stock exchange filing dated Feb. 5.
Birmingham International said it has now fulfilled all of the conditions set by the exchange for ending the stock trading halt that started on June 30, 2011. Carson Yeung, who’s awaiting a verdict in a money-laundering trial in the city, resigned as chairman and as a director on Feb. 4.
The company said yesterday that it may reappoint Yeung as an executive director if he’s cleared of all charges in the court case and “if it is in the overall interests of the company and the shareholders.”
Yeung has pleaded not guilty to five charges of laundering HK$721.3 million ($93 million) of deposits from parties including a Macau casino operator and securities firms over a seven-year period to 2007. Part of the money was used to pay for a stake in the English soccer club, Hong Kong prosecutors have said. He remained chairman during his trial.
The company named Executive Director Cheung Shing, 60, as the new chairman and Yeung’s brother-in-law, Executive Director Ma Shui-cheong, 52, as vice chairman, according to a Feb. 4 filing. Executive Director Charlie Penn resigned on Feb. 5 “due to his own business,” according to a separate filing yesterday.
Birmingham International said yesterday that talks for the possible sale of as much as a 24 percent stake in Birmingham City soccer team continue. It hasn’t signed any binding agreements.