Football

Yeung on brink

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Carson Yeung's takeover of Birmingham is effectively complete after his investment company Grandtop Holdings took their share ownership past the 90% mark.

Grandtop can now complete a compulsory purchase on the remaining shares with a view to taking the club off the Alternative Investment Market and into private ownership.

A statement from Grandtop read: "Grandtop is pleased to announce that, all conditions of the offer (for Birmingham City plc) having been satisfied or waived, the offer is hereby declared unconditional in all respects. As at 1pm on October 6, 2009, Grandtop owned or had received valid acceptances of the offer in respect of a total of 76,620,136 Birmingham City shares representing in aggregate approximately 94% of the current issued share capital of Birmingham City."

It continued: "Birmingham City shareholders are reminded that because the level of offer acceptances has passed 90% of the Birmingham City shares to which the offer relates, as set out in the Offer Document, Grandtop intends, as soon as practicable, to exercise its rights pursuant to sections 979 to 982 (inclusive) of the Companies Act 2006 to acquire compulsorily the remaining Birmingham City shares in respect of which the offer has not been accepted."

The news represents the formal end of the David Sullivan, Ralph Gold and Karren Brady era at St Andrews, although David Gold is poised to remain as chairman.

Blues boss Alex McLeish insisted yesterday he was looking forward to working with Yeung, and said: "We are looking forward to a new era. There is a buzz about the place and the fans and they are anticipating another step forward.

"I am looking forward to working with the new owners. I am ambitious and they are ambitious and, of course, if there is money to spend, we would welcome it.

"It is exciting times and something I have great anticipation for."

Copyright (c) PA Sport 2009, All Rights Reserved.

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Topics:
Football
Premier League
Alex
Birmingham

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