Yeung seals City takeover

06 October 2009 04:06
Carson Yeung has completed his takeover of Birmingham City after his Grandtop Holdings investment company took their shareholding past the 90 per cent mark. Yeung's acquisition of the Blues signals an end to the St Andrews reign of David Sullivan, Ralph Gold and David Gold, although the latter is set to remain with the club as chairman. A statement from Grandtop read: "Grandtop is pleased to announce that all conditions of the offer 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 per cent of the current issued share capital of Birmingham City. "Birmingham City shareholders are reminded that because the level of offer acceptances has passed 90 per cent 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."

Source: ESA

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