Why the Net has the advantage in the ‘Undies world’
- Shopping blogger Emma Iannarilli
Enforced takeover threat for Blues
Thursday 15th April 2010, 9:05AM BST.
Birmingham have been threatened with an enforced summer takeover after a row erupted with London stockbroker Seymour Pierce.
The firm claimed they will have power to sell Blues shares – possibly leading to a change of ownership – if £2.2million of fees are not paid by May 27.
A £2.2million ‘success fee’ was reportedly agreed when Seymour Pierce advised owner Carson Yeung and his company on the acquisition of Birmingham City in 2007.
Rosenblatt, the City law firm acting for Seymour Pierce, obtained a charge over the shares in Birmingham yesterday preventing Blues from paying a dividend or selling shares, according to national newspaper reports this morning.
Seymour Pierce spokesman Neil Bennett said: “It’s very regrettable that Seymour Pierce has had to go to this extent to recover a fee, but a contract is a contract and the company has a right to be paid for its services.”
Though Seymour Pierce were no longer involved by the time the Birmingham takeover was completed last year, it claims to still be entitled to the success fee under the terms of its contract, said the Telegraph.
In response to yesterday’s ruling, Vico Hui, the chief executive of Birmingham International Holdings, said: “The company is seeking leave from the Court of Appeal to appeal this decision.
“A further announcement will be made as and when appropriate.”
Bennett claimed the charge on Blues shares obtained yesterday would enable Seymour Pierce to use them however it needed to reclaim the unpaid fees.
That could include selling shares, leading to a potential change in regime.
He said: “During the summer they could well be a change in ownership.”
Yeung has been widely praised since taking control of Blues, with the club’s transfer market activity helping them survive this season in the Premier League.
Sponsored Links
UK Sport
Latest Blog — Lou’s Women on babes, ducks and chicks
In the old days it would have been “madam” – but now it’s more likely to be “babe (or round these parts ‘bab’)”, “love”, “duck” or “chick/chuck”, writes Louise Jew.
Lou's Women
Business Awards
Book a Business Awards table
Join our celebrations of the region's best in business on Thursday March 22 - book your table now
Lifestyle
Interactive Dining Out map
Hundreds of reviews by the Express & Star and Shropshire Star's teams to help you decide where to eat.
entertainment
All the film reviews
Before you plan a trip to the pictures, get our critics' verdicts on all the latest movie releases
OUR NEW APP
Get the new E&S app
Download the Express & Star’s new app to your iPad or iPhone to get one week of access to our digital newspapers absolutely FREE.
expressandstar.com
Popular sections
Useful links
