Takeover Completed

Last updated : 06 October 2009 By Brian Cartlidge

The Hong Kong businessman's Grandtop International Holdings company have announced that they had now acquired over 90 per cent of shares in the club which allows them to purchase the remainder of the shares on a compulsory basis.

A statement from Grandtop read: "Grandtop is pleased to announce that, all conditions of the offer (for Birmingham City plc) having been satisfied or waived, the offer is hereby declared unconditional in all respects.

"As at 1pm on October 6th, 2009, Grandtop owned or had received valid acceptances of the offer in respect of a total of 76,620,136 Birmingham City shares representing in aggregate approximately 94% of the current issued share capital of Birmingham City.

"Birmingham City shareholders are reminded that because the level of offer acceptances has passed 90% of the Birmingham City shares to which the offer relates, as set out in the Offer Document, Grandtop intends, as soon as practicable, to exercise its rights pursuant to sections 979 to 982 (inclusive) of the Companies Act 2006 to acquire compulsorily the remaining Birmingham City shares in respect of which the offer has not been accepted."