HKSE Complaint – Part 3
Since the 1875 group launched, we have organised two complaint emails to the Hong Kong Stock Exchange about various issues where either Birmingham Sports Holdings Ltd or employees of Birmingham City FC have failed to uphold their fiduciary duties.
It’s been clear that the continued trading of shares on the HKSE is of vital importance to the owners of BSHL; and thus to effectively protest and potentially effect ownership change we have to do what we can to affect that.
On Friday, January 13, Daniel wrote to the Hong Kong Stock Exchange as a shareholder in BSHL to complain about the lack of reporting to shareholders with respect to costs of repairs to St Andrew’s along with contingencies for lack of tickets sold. He has already received an email back to confirm that the HKSE are investigating.
Initially, it was our intention to ask people following our page and social media pages to send by email a similar email with the same complaint.
However, as it is clear that the HKSE are already investigating that, we think it would be of more use if people emailed the Stock Exchange about a different complaint. We think that with two or more complaints being investigated concurrently, there will be infinitely more pressure on BSHL from the authorities, which could potentially lead to trading in shares being suspended.
Our sources in Hong Kong have told us that this course of action is what the people at BSHL fear most, as it forces them to answer regulators questions that they may not wish to; furthermore from past experience initial investigations can quickly get opened up into a whole heap of trouble for a listed company – which might finally force the owners of BSHL into letting BCFC go.
We have attached our template letter below; it needs to be emailed to info@hkex.com.hk with the message title “2309 Birmingham Sports Holdings”; it’s imperative you append your details at the bottom as well as attaching this document.
You should receive an automated response fairly quickly once you have emailed them, followed up by a proper response with their intended action.
To: info@hkex.com.hk
Subject: 2309 Birmingham Sports Holdings
Dear Sir
I write in relation to Birmingham Sports Holdings Ltd (BSHL) a company listed on the main board of the Hong Kong Stock Exchange with the stock code 2309.
I wish to draw your attention to material evidence of a purchase of a company made in July 2018 by Birmingham Sports Holdings which has neither been announced to shareholders, nor been mentioned in accounts published by the company since.
I have attached a file which is the sale and purchase agreement between Nama Sports, a company registered in Spain and Birmingham Sports Holdings Company, for the sale of 80% of the shares in Cornella SAD (a company registered in Spain) for €3,500,000.
It is my belief that this transaction would be classified as a notifiable transaction under rule 14.34 as published here: https://en-rules.hkex.com.hk/rulebook/chapter-14-notifiable-transactions
Furthermore, it is my belief that this is a reportable segment in accounts submitted by Birmingham Sports Holdings for the period year ending June 30, 2019 etc.
I believe that the lack of notification and accountancy is grossly negligent to the company’s shareholders.
My details are as follows:
[Name]
[Address]
[Phone Number]
[Email Address]Kind regards