Yeung's Blues bid fails
21 Feb 2008 - 14:21:42
Birmingham City have confirmed that leading shareholder Carson Yeung's plan to appoint advisors Steve McManaman and Fan Zhiyi to the current board of directors has failed.
Yeung wanted to elect former players McManaman and Fan to act as his representatives via his company GrandTop International Holdings at an Extraordinary General Meeting held on Wednesday.
The Hong Kong businessman owns 29.9 per cent of the club's shares but angered existing co-owners David Gold and David Sullivan when his proposed takeover at St Andrew's failed to materialise late last year.
Earlier in the week, Sullivan and Gold strengthened their positions after increasing their stakes in the club and managing director Karren Brady had recommended to shareholders they reject the bid by Yeung.
"Birmingham City PLC announces that, at the Annual General Meeting held on 20 February 2008, all the resolutions proposed were duly passed," read a statement released to the Stock Exchange.
"At the subsequent Extraordinary General Meeting to elect two directors proposed by GrandTop International Holdings Limited, the resolutions were not passed."
