Birmingham City: Yeung boosts his Grandtop stake
Sep 4 2009 by Colin Tattum, Birmingham Mail
CARSON Yeung has boosted his stake in Grandtop International Holdings as the Blues takeover continues to rumble on towards a successful conclusion.
Yeung has upped his interest by two per cent to 16 per cent ahead of an EGM seeking approval of a rights issue to fund the purchase of Blues through Grandtop.
The Hong Kong listed company want to increase the share capital by more than 50 per cent.
The new offer is being underwritten by Kingston Securities, who plan to take a 29.9 per cent stake in Grandtop themselves.
Kingston have provided Yeung and Grandtop with a £57 million bridging loan to buy out David Sullivan, David Gold and Ralph Gold and so take Blues private. The Grandtop EGM is to be held on September 16.
