What AGM?

An event went under the radar this week - Blues AGM.

Only a few attended at St Andrew's, the first such meeting of the Carson Yeung era.

It was no surprise that it was a low key affair as most shareholders sold out to Grandtop International Holdings (Birmingham International Holdings are they are now) at £1-a-share.

But there are still about 3,000 people who have not parted with their Blues shares.

Many apparently want to hold on for as long as possible for sentimental reasons, others have have had problems in the transfer process and some have simply lost their certificates or forgotten.

Yeung's position, of course, is under no threat whatsoever. He can force the sale of the remaining two million shares in circulation, but he doesn't want to do that; he doesn't need to do that.

Blues were duty bound to invite these shareholders to the AGM and a smattering turned up.

And the feedback the board got was that most them simply wanted some way of keeping their share certificates as a momento before acceding.

Formal processes were undertaken at the meeting with Yeung, Vico Hui and Michael Wiseman being re-elected as directors.

It was, unsurprisingly, no contest - 78 million proxy votes for, zero against!

As Blues went private under Yeung's ownership and were delisted from the Alternative Investment Market in November, there probably won't be any such AGMs in the future.

Blues announced a £20.4 million loss for the last financial year on turnover of £27.5 million, which was 44.8 per cent down on the previous 12 months.