BMC Birmingham City

 

TIDMBMC 
 
RNS Number : 1568Z 
Birmingham City PLC 
16 September 2009 
 

Birmingham City plc ("Birmingham" or the "Company") 
 
 
Statement regarding Karren Brady and David Sullivan 
 
 
The board of Birmingham has today made the following statement regarding the 
position of Karren Brady, CEO, and David Sullivan, Chairman. Further details 
will be provided when the board responds formally to the offer by Grandtop 
International Holdings Limited ("Grandtop"). 
 
 
 
 
"The board of Birmingham City FC notes that the offer document has now been 
published by Grandtop, with a first closing date of 6th October 2009, and if it 
is completed Karren Brady, CEO, has decided to leave the club along with the PLC 
Chairman, David Sullivan. 
 
Since joining the club in 1993 Karren became the first lady of football and 
together with David Sullivan they have turned the Club's fortunes around. Karren 
took over as CEO of Birmingham City when the owner was in receivership, and in 
her first year at the helm, the Club recorded a financial trading profit. In 
1996 the Club made an overall profit for the first time in modern history and in 
February 1997 the Club was launched on the Stock market making Karren the 
youngest managing director of a PLC in the UK. Karren has overseen the takeover 
of Birmingham City Football Club PLC to Grandtop valuing the club at GBP82m. 
 
Karren said, "It was a hard decision for me to make to leave the Club after so 
long but with the new change in ownership I feel the time will be right for me 
to move on and pursue my other ventures. Grandtop have asked me to retain my 
position as CEO, but I honestly feel they must be allowed to stamp their own 
mark on the club and I believe that this is best done without the current board 
looking over their shoulder. 
 
 
I leave with very fond memories of the past 16 years; I arrived with David 
Sullivan in 1993 and I want to leave with him. Whatever he does in the future, 
you can rest assured I'll be standing by his side. We have been extremely 
successful at running the club together, setting the business standards that, if 
continued, will ensure the long term future and prosperity of this great club. 
David Gold has confirmed that he is remaining in his position as chairman so 
that he can continue doing the fantastic PR job he has done for us over the past 
10 years for Grandtop. 
 
I would like to thank all the fantastic supporters for welcoming a 23 year old 
woman into the club, and sticking with me into middle age! Most importantly I 
thank my fabulous staff, who I shall miss immeasurably for their support, 
dedication and loyalty they have shown to me over the last 16 years." 
 
 
David Sullivan added, "Karren and I have worked extremely hard to make 
Birmingham a bigger and better club over the past 16 years. Through some 
fantastic initiatives like 'Kids for a quid' we built the club from the ground 
up. I have worked tirelessly on bringing in the managers and players that have 
taken the club into the Premier League, as well as being involved on a daily 
basis in all aspects of the club's business. We have given 16 years of our life 
to Birmingham and are proud of what we have achieved. 
 
 
I intend to remain in football, so following the takeover I will be looking for 
a new challenge where my experience, my success and sound business acumen will 
make a difference. 
 
 
Finally, I wish the supporters well and hope that the new owners will be able to 
build upon the firm foundations we have laid for them" 
 
 
 
 
 
 
Enquiries: 
 
 
+------------------------------------+------------------------------------+ 
| Shore Capital and Corporate        | 020 7408 4090                      | 
| Limited                            |                                    | 
| Graham Shore                       |                                    | 
| Stephane Auton                     |                                    | 
+------------------------------------+------------------------------------+ 
 
 
Dealing Disclosure Requirements 
Under the provisions of Rule 8.3 of the Takeover Code (the 'Code'), if any 
person is, or becomes 'interested' (directly or indirectly) in 1% or more of any 
class of 'relevant securities' of the Company, all 'dealings' in any 'relevant 
securities' of that company (including by means of an option in respect of, or a 
derivative referenced to, any such 'relevant securities') must be publicly 
disclosed by no later than 3.30pm (London time) on the London business day 
following the date of the relevant transaction. This requirement will continue 
until the date on which the offer becomes, or is declared, unconditional as to 
acceptances, lapses or is otherwise withdrawn or on which the 'offer period' 
otherwise ends. If two or more persons act together pursuant to an agreement or 
understanding, whether formal or informal, to acquire an 'interest' in 'relevant 
securities' of the Company, they will be deemed to be a single person for the 
purpose of Rule 8.3. 
Under the provisions of Rule 8.1 of the Code, all 'dealings' in 'relevant 
securities' of the Company by an offeror or the Company, or by any of their 
respective 'associates', must be disclosed by no later than 12.00 noon (London 
time) on the London business day following the date of the relevant transaction. 
A disclosure table, giving details of the companies in whose 'relevant 
securities' 'dealings' should be disclosed, and the number of such securities in 
issue, can be found on the Takeover Panel's website at 
http://www.thetakeoverpanel.org.uk/. 
'Interests in securities' arise, in summary, when a person has long economic 
exposure, whether conditional or absolute, to changes in the price of 
securities. In particular, a person will be treated as having an 'interest' by 
virtue of the ownership or control of securities, or by virtue of any option in 
respect of, or derivative referenced to securities. 
Terms in quotation marks are defined in the Code, which can also be found on the 
Panel's website. If you are in any doubt as to whether or not you are required 
to disclose a 'dealing' under Rule 8, you should consult the Panel. 
If you are in any doubt as to the application of Rule 8 to you, please contact 
an independent financial advisor authorised under the Financial Services and 
Markets Act 2000, consult the Panel's website at www.thetakeoverpanel.org.uk or 
contact the Panel on telephone number +44 20 7638 0129; fax +44 20 7236 7013. 
Shore Capital and Corporate Limited is acting for the Company and for no-one 
else in connection with the matters referred to herein and will not regard any 
other person as its client nor be responsible to anyone other than the Company 
for providing the protections afforded to clients of Shore Capital and Corporate 
Limited nor for providing advice in relation to any matter referred to herein. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCFGGMLGVGGLZM 
 

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