HE appointment of Peter Pannu as boss of Birmingham International Holdings Limited has already started to take effect.
Pannu this afternoon announced to the Hong Kong Stock Exchange that Blues parent company received an offer to buy the club, but it was rejected.
This is NOT a new bid, as it was merely BIHL's formal response to stories about Gianni Paladini's consortium in the Chinese media, who followed up the developments that were reported here first.
But the very fact that Pannu is keeping the Hong Kong Stock Exchange abreast of developments - as per listing rules - is a change in tack by the company.
It shows that Pannu, as the chief executive officer and managing director of BIHL, is overseeing a more transparent approach.
Should any further formal offers for Blues be made to BIHL - they own 96 per cent of the club - then the the news will be disclosed to the Hong Kong Stock Exchange and fans not kept in the dark.
To all intents and purposes, Pannu and BIHL have no other choice.
The company was censured by the Hong Kong Stock Exchange this week for a rule breach dating back to 2009 and from now on everything they do has to follow correct procedure and be beyond reproach.
The statement is also further evidence that Carson Yeung and Pannu are actively prepared to sell Blues, if the price is right, and shareholder approval will be required.
The statement read: "The Board of Directors of the Company (the 'Board') wishes to inform the shareholders of the Company and potential investors that it had been approached by a potential purchaser for the Birmingham City Football Club.
"However, as the offer was not attractive, the offer was rejected without serious consideration. Should the Company receive any future offers on terms which are deemed to be favourable and attractive, the Company may consider the overall offer and seek shareholders’ approval on a potential sale. A further announcement will be made as and when appropriate."
Read More http://www.birminghammail.net/birmingham-sport/birmingham-city-fc/birmingham-city-fc-news/2012/09/21/birmingham-city-peter-pannu-starting-to-make-waves-at-blues-parent-company-who-admit-offer-for-club-made-97319-31882586/#ixzz277RetCyC