Conway and Lee set to hoover up profit after wrecking KV Ostend

[SBRed48]

Conway, Hung and Lee, not a firm of solicitors but owners of 38.1% of shares at Barnsley FC, look set to make "a return on their investment" at KV Ostende..

After narrowly escaping relegation last season, KV Ostende have been relegated this season. The demise followed the usual pattern of the profitable sale of the best players replaced by cheap young players, free transfers and loans.

They bought 80% of KV Ostende for 4 million Euros, putting in Gauthier Ganaye as CEO to oversee their interests. The price being quoted by Conway is around 10 million Euros to buy the club with Premier League clubs Newcastle, Wolves and Bournemouth being interested in establishing a nursery club in Europe. A profit of around 150%.

Fans will recall OGC Nice being sold for £90million after being purchased for £30million after around £30 million had been made from player trading.

KV players are seeking moves and there is significant unrest amongst the fans.

Another day, another club.

In the Emergency Share issues announced by the new board this season to keep Barnsley FC financially afloat Lee has bought up £1,864,000 worth of shares and PMG (Conway and Hung) have bought up £400,400 worth. This compares with Parekh buying up his share allocation of £2,026,600.
They famously haven't yet spent a penny of their own wealth on purchasing the club from the Crynes. I do begin to wonder when they will be looking to seek "a return on their investment" at BFC and whether other existing shareholders are in a position to buy their 38.1% share of the club, expanded in cash terms by this season's share issues.

# Conway is an Arseoyle

[Shadrack the Red]

I read this myself SB & you have to feel sorry for the fans of Ostende who have been well & truly shafted by Conman & his buddies , I sincerely hope they get a buyer who gets them back on track although they have been put back years & it will take a lot of recovering to get back to the level the club was at before Pacific got their hooks in . I think they would have made an attempt to " seek a return on their investment" if the boardroom reset had not taken place when it did & probably this was brought about because the Crynes could see this on the horizon . I am not clued up like you about the clubs financial set up but I do believe our present stewards have acted with the best interests of the club & will continue to do so thus preventing Conman from making his fast buck at our expense .

[Young_Nudger]

What PMG has done at KV Ostende following what happened at Nice has now revealed a pattern - their business plan for acquiring football clubs.
No other club in their right mind will touch PMG with a barge pole after this.
I’d say their days in football are now numbered.
We need them out of Barnsley ASAP.

[Young_Nudger]

In relation to this IP - Gally has posted something interesting on BBS.

[POGGYWELL]

Here it is.

[SBRed48]

Here it is.

We need more detail from the next posting on the Hong Kong Registry regarding share movements and who has bought what.

To stop being a PSC--a Person of Significant Control--in a public company (which must be declared) a persons shareholding needs to fall below 25% of the shares. As Lee held 30.6% of shares it could be as little as 6% of Lee's shares being sold to someone (Parekh?) but it could mean a lot more, down to theoretically 0% meaning he has sold up completely.

What concerns me is how much Lee has received for his shares and either-

1 The buyer is another undesirable

2 The buyer is an existing shareholder(s) and has spent a significant amount buying Lee out leaving less left to invest in the club in future.
Buying out someone who has no power can be considered "dead money" and the only beneficiary is Lee himself, even if it feels good to have got rid. Lee would only have lost out if Barnsley FC became a more wealthy club in the near future and he could have sold his shares for more money.

We can only wait for further information.

[Young_Nudger]

As previously said before this latest revelation of Barnsley share sales - they have been rumbled.
There is no room for them in football now.
I’d expect them to leave football asap.

They certainly hoodwinked me - but more importantly they did the same to Patrick.
They will never be forgiven for the latter.

[SBRed48]

We don't know what has happened yet Nudge.

[Young_Nudger]

Another IP on BBS relating to this subject from MickyTyke.
As I’m not a member I can read messages but cannot see photos.
Any news ?

[animallittle3]

Another IP on BBS relating to this subject from MickyTyke.
As I’m not a member I can read messages but cannot see photos.
Any news ?

Sounds like Parekh has bought Chien Lee's shares but I can't see the image to fully say that is a fact .