Blues director Panos Pavlakis has been a key figure in the saga as the link man between Hong Kong and St Andrew's for the Receivers, BIHL
and TTA, who have provided significant capital investment since coming on to the scene.
As per the statement to the Hong Kong Stock Exchange, the next stage is an EGM which will take place on July 22, with the proposed restructure set for September 12 and a resumption of trading in BIHL
shares at the end of October.
The appointment of the receivers by the court on February 16, 2015, does not imply any insolvency of BIHL
nor its subsidiary Birmingham City Football Club.
The Club therefore wishes to explain why the majority directors on the Board of BIHL
had deemed it necessary to take this voluntary but unusual course of action.
Reportedly difficult relations between the two halves of the BIHL
board have made running the parent company very hard in recent months and independent receivers will now be responsible for the big decisions at BIHL
, which could include a decision to sell the football club, which would reportedly be welcomed by fans, who hope that in the long run this could herald a fresh start for their club.
board, based in Hong Kong, has moved to end the internal politics by asking Ernst And Young to run the company without any "obstruction and distraction".
No winding up petition has been filed against BIHL
, so they are NOT in liquidation.
The transition has brought on board additional skills from BIHL
to BIC head office.
As of August 1, the companies listed in the Banking sector of the BSM are Barclays, Standard Chartered, FNBB, and in the Insurance sector, the BIHL
is currently being run by Receivers, a move instigated by the BIHL
board which helped sideline former Blues president Yeung and ex-CEO Peter Pannu in order to clear the pathway to a change of ownership.
The auditors have now hit back, saying they were still waiting for BIHL
to sign off their financial statements and to supply requested documents, claiming it was an "unreasonable delay".
The statement says, " An announcement has today been formally made to the Hong Kong Stock Exchange whereby BIHL
entered into an agreement with a third party to sell 12 per cent of its share in Birmingham City PLC.