A little-known Hong Kong businessman called "the King of Penny Stocks" is set to take over "troubled" League Championship club Birmingham City, according to the SOUTH CHINA MORNING POST. An announcement to the Hong Kong Stock Exchange on Tuesday "revealed imprisoned Carson Yeung Ka-sing’s reign as owner is almost over." The 61-page statement "outlined how and when" Paul Suen Cho-hung’s Trillion Trophy Asia will complete its purchase of Birmingham, setting out details of a complex restructuring which includes a "capital reorganisation" to pave the way for TTA to take majority ownership. Hong Kong-based Suen and Daniel Sue Ka-lok would be Birmingham’s directors. They plan to make available HK$120M ($15.5M) for signing new players. Influential blogger Daniel Ivery, the co-author of "Haircuts" and whose site Often Partisan has "chronicled the woes" of Birmingham under Yeung, was "cautiously optimistic" about the appointment. Ivery wrote, "Mr Suen is known for his competence in dealing with 'distressed stocks'" (SCMP, 6/8). In London, Ben Bland reported Suen, "a serial investor in small listed companies in Hong Kong," is proposing to acquire at least 60% of the shares in Birmingham Int'l Holdings, the club’s Hong Kong-listed parent group. The transaction, which will see Yeung’s stake in the company drop from 28% to less than 8%, will generate net proceeds of HK$264M ($34M). Birmingham City, which was relegated from the Premier League in '11, "will be vying with its local rival Aston Villa next season to be promoted back to England’s top division" (FINANCIAL TIMES, 6/8).
