BFC Investment Company Ltd Shares

This is the source site Jay.

網上查冊中心 Cyber Search Centre (cr.gov.hk)

I'm a bit loathe to go too far as the full version of the document which the extract in the opening post is taken from contains things like Conway, Lee and Hung's addresses and passport numbers!

 

£10 million was/is the value of the share capital in BFC Investments.

It's a moot point if the actual value of the company is anything like that right now!

 

Just checked and the most recent paperwork on the Hong Kong registry is the same as that in the opening post.

I'll keep an eye out for updates!

 

I don't like Paul Conway. But I have no desire to see his personal details distributed.

Thanks for posting all this. I find the most interesting part to be that Chien Lee (or Chien Lee investments, which I still believe it to be without any evidence to back that up) can be the largest single investor, but can still be voted off the board as a combination of the other interested parties have the majority. He currently has almost 3 million invested in a company that is pretty much worthless and has no say in how it's run. Did I say interesting? I meant funny.

 

Parekh may have been sidelined by Conway and Lee. Parekh owns a data analytics company, so may have seen his investment as a way to expand into football, working alongside the established system implemented by James Crynes. When PMG came along with Billy Beane on board that probably was a big selling point in Parekh and PMG working together. It's clear that at some point Conway has moved away from those philosophies, Beane has left, and the analytics have gone out of the (transfer) window. The philosophy of the club shifted from winning football games to put players in the shop window to fielding players to make a profit. As Neerav said in his statement, the aim is now to win football games, and being successful at that probably does more to benefit his data analytics business in the long run. The PMG investors clearly feel the same. Today is a good day because it probably represents a change in philosophy, away from the incompetent approach of Conway. Perhaps Neerav will be inclined to provide financial support now he is taking on a leading role.

 

A while ago, I mapped the ownership structure out (more so to get my head around it). Luckily I kept it, so have been able to update it based on this.
Of course, it may be slightly different if the number of shares during the "changes" have also altered. But if it was a straight swap from PMG (as a representative) to J.A.Q as a rep, then at least this should hopefully help anyone struggling to understand the various Company names and where they fit etc....

 

Does this actually mean they have no money in the club ?

 

We don't know for definite as yet if Conway/Hung had their own money in the club. We do know that if they do personally own any shares they haven't got enough to give them a majority when added to Lee's holding.

The only thing we can definitely say is that they personally own somewhere between 0% and 20% and given the fact that the other investors within their original 'block' of shares were able to assert their authority to remove Conway as nominee that firmly indicates that they can't have more than 13.5%.

I'm guessing a little but I'd say it was probably nearer 0% than 13.5%.

 

Thank you Exile,I remember at the time of the original sale,Patrick converted the club into a business of 2000 Shares. My understanding of this is that the cash price, the investors would pay is £8 million for their 80% share. I think that was cheap for a English football club, that had small losses and cash reserves. I was horrified when I discovered that they didn't pay in full at the beginning and still owe up to £3.5 million. One problem with the foreign investment group is that although we have a rough idea what % of shares they hold,we don't know how many members there are. For example, it could have been funded by many individuals buying 1 share. It would be good to hear that the court case has been abandoned and the remaining debt converted back into Share ownership to the Cryne Family Trust. Which would give them around 55% ownership of the club, based on the original sale price.
Not sure if that is allowed under UK law. A sort of reverse takeover.

 

Ok,thank you for clearing that up Paul. It was just in all the debate over the years, I never saw a direct reference to it.

 

I think Grace Hung & Conway would be in the 80% too but a small amount.