Birmingham City Football Club chairman Peter Pannu has moved to clarify ‘unwelcome rumours’ regarding a new shareholder in the Premier League side’s parent company Birmingham International Holdings Limited.
Media reports had said that Pollyanna Chu, the controlling shareholder of Kingston Securities Limited, had purchased a 14.11% stake in Birmingham International Holdings Limited. But Pannu, appointed by current owner Carson Yeung, has dispelled the speculation.
A statement on the club’s official website said: "The company has noted certain press articles indicating that Mrs. Pollyanna Chu has taken a 14.11% stake in Birmingham International Holdings Limited.
"The company wishes to clarify that this is untrue and incorrect. Mrs. Chu is the controlling shareholder of Kingston Securities Limited, a company that had entered into a placing agreement with the company on 22 October, 2010. The longstop date for the placing is 25 February, 2011.
"Pursuant to the Hong Kong Securities and Futures Ordinance, Kingston Securities Limited is required, as a result of the entering into of the said placing agreement, to make a disclosure of interest filing in respect of the shares in the company to be placed.
"Accordingly, Mrs. Chu is deemed to have a 14.11% interest because of her shareholding control of Kingston Securities Limited. Once the shares in the company have been placed, their disclosure obligation will cease and their interests removed from the disclosure register.”
Pannu was also critical of the unwanted speculation, “The club needs to focus on its efforts in the Barclays Premier League rather than being side-tracked by unnecessary and inaccurate reports causing concern and instability,” Pannu said.
"Anyone wishing for clarity should write or speak to us first before putting out inaccurate information in the public domain," he added.