BFC Investment Company

Discussion in 'Bulletin Board' started by Exile, Jul 26, 2022.

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  1. Exi

    Exile Well-Known Member

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    This is the Hong Kong based holding company which owns the club and last week it submitted it's annual return to the Hong Kong Registry. This year's return is of interest as it now provides the full ownership of the club.

    As we know, during the year, the share-holding previously represented en bloc by Paul Conway/Pacific Management Group broke up into two with all the investors under the previous PMG grouping withdrawing their holdings from the PMG umbrella and nominating Julie Anne Quay as their new representative.

    The individual investors from the original PMG grouping are now listed separately as in the full list below.

    The only other movement on share-holdings during the year has been a further transfer of 1.5% from Neerav Parekh to Chien Lee in September 2021.

    BFC Investment Company Ownership is now:-


    Chien Lee 31.25%

    Neerav Parekh 21.25%

    Holdings Collectively Represented by Julie Anne Quay 20.00%

    JAQ 20.00% consisting of:-

    Jamakepe Investments LLC 3.25%

    LP303 LLC 2.75%

    Joshua D Samuelson 5.00%

    Zachary J Schreiber 9.00%

    Oakwell Holdings Limited (Crynes) 20.00%

    Pacific Management Group (Conway/Hung residual holdings) 7.50%


    Jamakepe Investments LLC is the company associated with Matthew J Edmonds’ holding. Edmonds is Julie Anne Quay’s husband.

    LP303 is the company of Lee Pollock, Managing Partner of Atwater Capital and former associate of Matthew Edmonds at Atticus Capital.

    Joshua D Samuelson is a Partner at Pointstate Capital, a Hedge Fund.

    Zachary J Schreiber is the Chairman, CEO and Co-Founder of Pointstate Capital.

    (Basically, they are all New York Capitalists).


    The new director make-up of BFC Investment Company is:-

    Chien Lee

    Julie Ann Quay

    Neerav Parekh

    James Cryne

    Robert Zuk

    (ie Quay and Zuk replace Conway and Hung)
     
    Exile, Jul 26, 2022
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  2. Dan

    DannyWilsonLovechild Well-Known Member

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    Thanks for digging that out and providing clarity which wasn't volunteered from official quarters.

    Have you seen any movement re the capital injection/new share offering? We're some time on since Parekh shared the intent and I'm interested to see if there has been any dilution of the Conway and Lee stake.

    Keep up the good work!
     
    DannyWilsonLovechild, Jul 26, 2022
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  3. Cun

    Cunning Stunt Well-Known Member

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    Interesting. Cheers for that.
     
    Cunning Stunt, Jul 26, 2022
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  4. Exi

    Exile Well-Known Member

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    .
     
    Exile, Jul 26, 2022
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  5. Exi

    Exile Well-Known Member

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    Thanks - nothing as yet on the new share issue. There are still the original 10,000,000 shares per this document filed last week and there's nothing more recent, will keep an eye out though.
     
    Exile, Jul 26, 2022
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  6. Spr

    Sprotbrough Red Well-Known Member

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    Sort of confirms what I believed, they (the ownership combination) swapped an unpopular public face ie. Conway & Lee and replaced with (they hope) a more fans friendly one, ie. JAQ, Neerav and the Crynes while little changes behind the scenes
     
    Sprotbrough Red, Jul 26, 2022
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  7. dreamboy3000

    dreamboy3000 Well-Known Member

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    I don't get why Neerav would help Chien strengthen his percentage in our club when we are led to believe they don't get on.

    What a mess our ownership is. Far too many people have a percentage. At least the secret owners have been outed. Maybe they can now be asked why they didn't want us to know who they are.
     
    dreamboy3000, Jul 26, 2022
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  8. She

    Sheriff Well-Known Member

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    Great job digging this out. That fills in the gaps we had around ownership, but also confirms that all the information we currently had, including the speculative bits, were essentially correct.

    The small transfer from Neerav to Chien Lee in September 2021, at least with regard to what prompted this at the time. It flows slightly against the general direction of travel with regard to the changes in control we've seen take place. However, it doesn't change the overall picture we have that the control of the club now rests with people who appear to have more of a genuine interest in making it perform to its maximum potential.
     
    Sheriff, Jul 26, 2022
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  9. Dan

    DannyWilsonLovechild Well-Known Member

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    Hmm, curious.

    The shareholder agreement stated that all existing parties had 10 days to confirm their acceptance upon an additional share offer, and if rejected, their % of the new share offer allocation would be offered to all remaining interested parties.

    Given how fractious I suspect things now are between some of the parties, I'd expect the shareholder agreement to be followed to the letter to prevent/minimise the risk of anything litigious.

    Given the precarious balance and the very small holding directly associated to Quay's immediate family, I'd think its all the more a priority to attempt to dilute Conway and particularly Lee's holding.
     
    DannyWilsonLovechild, Jul 26, 2022
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  10. Cun

    Cunning Stunt Well-Known Member

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    Me too. On a positive though for me is that (hopefully) the C&L combo don't have any say in the day to day running. Since they were 'outed/removed' the whole vibe around and surrounding the club has increased immensely.
    For now the feel good factor to some extent seems to have returned a bit. As a fan I'm happy with that. Long may it carry on building.
     
    Cunning Stunt, Jul 26, 2022
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  11. Exi

    Exile Well-Known Member

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    Without having any absolute proof I would speculate that the transfers from Neerav to Chien were part of an historic agreement, pre-dating the fallout probably, as similar transfers have occurred in previous years.
     
    Exile, Jul 26, 2022
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  12. Arc

    Archerfield Well-Known Member

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    @Exile Great work.

    None of those new names appear on Conway’s Spac board but they may be investors. However, given the fractious relationship i assume not.
     
    Archerfield, Jul 26, 2022
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  13. Gally

    Gally Administrator Staff Member Admin

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    That's not what happened at all.
     
    Gally, Jul 26, 2022
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  14. Cun

    Cunning Stunt Well-Known Member

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    Divulge ........
     
    Cunning Stunt, Jul 26, 2022
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  15. dreamboy3000

    dreamboy3000 Well-Known Member

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    dreamboy3000, Jul 26, 2022
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  16. Dan

    DannyWilsonLovechild Well-Known Member

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    DannyWilsonLovechild, Jul 26, 2022
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  17. Loko the Tyke

    Loko the Tyke Administrator Staff Member Admin

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    Glad you replied with that before me.
     
    Loko the Tyke, Jul 26, 2022
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  18. Arc

    Archerfield Well-Known Member

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    If you are looking purely at the shareholding of BFC investments then nothing happened.

    The representation of the shareholders on the board of Barnsley football club has changed.
     
    Archerfield, Jul 26, 2022
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  19. Loko the Tyke

    Loko the Tyke Administrator Staff Member Admin

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    He was responding to the claim that little has changed and the motive was just changing an unpopular face. I think we can all agree that there's been significant progress in our approach to running the football club since the announcement was made. Stripping it back to just shareholding of BFC Investments isn't really what was mentioned.

    Still work to do but we're in a more positive place than we were three months ago in terms of the running of the club. The negative swipes will continue, as is the ingrained way for some, but I still think we should be thankful over what action was taken post the season end. Time will tell if that confidence is well placed though.
     
    Loko the Tyke, Jul 26, 2022
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  20. Tyke_67

    Tyke_67 Well-Known Member

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    Interesting information, thanks for doing this
     
    Tyke_67, Jul 26, 2022
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