Pannu cools takeover talk

Birmingham acting chairman Peter Pannu has cooled speculation over a potential takeover of the Midlands club.

Last Updated: 02/10/13 at 17:21 Post Comment

Peter Pannu: Has cooled speculation over a potential takeover

Peter Pannu: Has cooled speculation over a potential takeover

Rumours have been rife for weeks that City are attracting interest from potential suitors and that only intensified when Hong Kong-based Pannu flew back to England on Tuesday, attending the club's 4-0 victory over Millwall at St Andrew's.

But Pannu insists his return has not coincided with any plans to meet interested parties.

"The recent rumour about a takeover is not correct," Pannu told the club's official website.

"Due diligence was completed by a party some time ago and a timeframe for an offer was set, but we heard no more.

"As the offer did not materialise within that period, there is no imminent deal as is being suggested.

"I don't have an appointment to meet anybody during my time here in the UK and, due to non-disclosure agreements, I don't wish to discuss this any further.

"The key point to make regarding the ownership of the football club is that Carson Yeung (president) does not wish Birmingham International Holdings Limited (BIHL, parent company) to lose its listing status in Hong Kong and a full disposal of the club would hinder those plans.

"Plans for the resumption of trading of BIHL's shares are well underway in Hong Kong and when those plans are successful then the intention is that significant capital will be raised for the football club's general operations.

"Therefore the priority at the moment is the resumption of trading. A full disposal of the club would hinder those plans as the listing status would be lost and that would go against Carson Yeung's wishes or the wishes of the shareholders."

Owner and Hong Kong businessman Yeung, who remains unable to leave the Far East, continues to battle a lengthy court case over alleged money laundering.

Asked whether Yeung has plans to sell Birmingham once the resumption of trading in the Sky Bet Championship club has been completed, Pannu replied: "Carson Yeung is personally in preliminary discussions with some buyers from Asia.

"So yes, I believe it may be his (and the shareholders') ultimate intention, however, as outlined above, he is working to his own strategy on how to achieve this."

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