Loose lips and share issues


I remember interviewing Brian Quinn in 2005 ahead of the share issue Celtic announced would take place later that year.  For Brian, it was a relatively safe environment to speak freely, and he did on many subjects, on and off the record, but when it came down to money, the share issue and financial plans, there was a discernible pause before each answer.

Every word attributable prior to a share issue becomes a hostage of fortune, which the club had learned to its cost.

Within days of Celtic announcing this share issue a newspaper and a broadcaster (it was one journo working for both outlets) misrepresented one stated intent of the 2001 share issue to develop a Youth Academy (which Celtic did in customary winning style) as an intent to build a physical building (which Celtic didn’t, never raised enough money to do, nor included in any notice of intention or prospectus).  Readers bounced straight from the newspaper and phone-ins onto Celtic Quick News with their journalist inspired, but erroneous, complaints.  Proclaiming solid reasons not to trust Celtic at a share issue.  A muted retraction followed after the damage was done.

The short lesson from any of this is that when you advertise a public share offering you need to be careful when providing information, which casts so much of what Charles Green said yesterday in a surprising light:

“There’s not been anything underwritten in London in the past seven or eight years to my knowledge. Whenever it occurs someone takes a fee for it.”

“To my knowledge” is an enormously useful phrase.

“I’d be happy to underwrite it but what will happen is in three weeks’ time you lot (the media) will have my trousers around my ankles saying ‘Charles Green underwrit (sic) Rangers’ and took a three per cent fee when it didn’t need doing.

“The reality is we don’t need to underwrite it as there will be no shares left over.

“But if they’re not (taken up) of course we’ll take them.”
To potential investors this means a lot.  Companies raise capital because they have identified a need.  If the required sum is not raised it can jeopardise plans.  Enormously so, in some cases.  Having a share issue underwritten means that a company’s fall-back position is established.  The company knows that the minimum sum required will be realised before it takes money from investors – which, remember, is invested based on formal plans.

The phrase “of course we’ll take them” has a potential cost of £1m per letter.  The most expensive comment made in Scottish football, ‘to my knowledge’!

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  1. Apolgies if this has already been posted but just fell off my chair laughing



    Rangers are set to launch shares among fans today. They will be traded in euros only, as they cannot handle Stirling

  2. From memory, the minimum amount of shares you could buy in the last Celtic share issue was about £340 worth. I had to really think about doing it as I was on a small income at the time.



    Now, who’s got £500 to burn, which is the minimum Sevco issue, at the present time?

  3. From Garngad to Croy I am Neil Lennon. on

    Cheers Paul67



    Can anyone remember what our 1st share issue raised ?

  4. Rogue Leader



    “Scottish football is broken. Attendances are not there, the gates are falling, the interest is falling and it needs to be fixed.” According to Green.



    Why oh why oh why (points of view style for older readers, young yins ask yer Da) is there not one journalist in Scotland asking him to give specific examples of how the crowds are down and compare them to the crowds at those grounds this time last year.



    The facts do not bear the Yorkshire Pudding out.



    Almost every SPL ground has had increased ST revenues and average attendances are UP at most SPL grounds according to BBC stats.



    The only actual sell out anywhere in Scotland (i.e a FULL Stadium) was Tannadice for the Dundee derby.



    When he says the interests is falling what is he basing that on? TV viewing figures where the rest of Scotland are tuning in to watch his Circus act/Tribute act (Bjorn again Rangers) get pumped off of part time footballers? Because thaqt’s the only reason why they have higher viewing figures – everyone is pointing and laughing at them and their horrible fans.



    Is that a fact or merely his opinion/narrative/PR pledge (working more as a come and get us plea than a selling point for investors as you say)?



    The MSM are not behaving like journalists, they are merely well trained parrots repeating what their owner tells them.



    They have learned nothing, nor have their stupid fans.



    Hell mend the lot of them.

  5. Green thinks there is money to be made in football. lol!



    Fans in Spain are facing their first TV blackout of an international since 1981 due to a row over broadcasting fees for tonight’s World Cup qualifier against Belarus in Minsk.



    Television companies in Spain have so far refused to meet the asking price to show the Group I clash.



    German company Sportfive, which holds the rights to the game, initially demanded £2.4million and then dropped the price by 50 per cent.



    With no takers, Sportfive this morning cut the fee again to £650,000 but Spain’s tough economic climate means there is no guarantee a TV company will step in at the last minute.

  6. ArranmoreBhoyLXV11 on




    This is liquidation day? Thus all is smoke n mirrors. And as Stephen Byers famously mentioned ” burying bad news”..



    Alex Thommo great today re intimidation etc..



    Please Sevco worth Money?



    We re in champs league and have no such arrogance about our worth.



    Yet scots MSM lap it up.



    The Sevco mob are in trouble be in no doubt..



    I think next valentines day will be as much fun..



    If you’re a stiffed creditor you must feel pretty ill at the puffed of chest baying masses..




  7. Thursday 22 March 2012.



    UEFA and the European Club Association signed a Memorandum of understanding for 2012–18 to pave the way for a fruitful relationship between the two bodies.



    A renewed Memorandum of Understanding for the 2012–18 period was signed today between UEFA and the European Club Association (ECA) on the occasion of the XXXVI Ordinary UEFA Congress in Istanbul, Turkey.



    The memorandum was signed by the UEFA President Michel Platini and the chairman of the ECA executive board Karl-Heinz Rummenigge. It paves the way for a fruitful relationship between Europe’s football governing body and the association of European football clubs.



    The new agreement will run from 22 March 2012 until 30 May 2018.



    BOOOOM!!! There goes Chuck’s breakaway European Super League.

  8. Application number 00000047904


    10k Donation from Mrs Liqui. Dation.


    This share issue might just work….




  9. Philbhoy - It's just the beginning! on

    Did the original share issue raise around £13m?



    It was arecord for a football club at the time.



    (I think)

  10. A few Sevconians at my workplace continue to believe all the tosh that Green is spouting. They’ve even been to “meetings” with him and wax lyrical about all his plans for Sevco. Incredible, when every sane person in the land knows exactly what his plans are…..TO WALK AWAY! (with THEIR money!)

  11. Im getting impatient for CRAIGIY BHOY to reappear


    I dont believe for one second he has gone away.



    Chuck you can fool some of the people……. blah blah blah



  12. I see that its now been deemed legal to shoot zombies – phew thank goodness for that because the are becoming awfully troublesome…

  13. Blantyretim,& whitedoghunch.


    I’ll be in the Bacchus Bar & Cafe at the corner of Glassford St & Garth st at 2.30 Approx.


    If there are other lurkers in the area they are welcome to join us for a drink, or a coffee.

  14. A man in charge of a 3 month old 4th tier scottish club slags of EPL teams & talks about joining European super league.


    Even Minty would have blushed at that.

  15. JJP-ON



    Disagree, It is not to walk away.



    It is to upgrade all the property Sevco/Ticketus own and charge the zombies for using it before walking away.

  16. Hi to All on CQN



    First time poster and long time lurker. Looking forward to reading AT’s blog today, should be interesting if O.G. is his usual informed self.



    Back to work now. Introductions over for the moment.



    badbhoybubby (paying homage to a classic Aussie movie)

  17. 6 months from now…



    “Hi your through to Ally, whats your question”



    “Hi Ally? What did you whisper to Neil Lennon.”



    Ally: “I cant really divulge that, I…”



    Caller: “Whoa there pal, I paid two quid and I demand to know whit yae said to Neil.”



    Ally: “This line is really for rangers fans and I…”



    Caller: “Look mate I paid my money and I want an answer!”






    Next Caller: “Why ur you so crap as a manager?”



    Ally throws the head set down: Tae **** wae this, I am no playing anymare Chuck, they are constantly bammin me up!



    Next day the lines go down after making £4.00…

  18. ArranmoreBhoyLXV11 on




    I recall Minty having a few share issues / hailing new investments..



    We all know what happened there.



    Insanity- doing the same thing over and over, expecting different results.



    Welcome to Sevco s land of make believe..



    I await Stirling Albion- on recent form, better than Sevco-planning to take on Real Madrid in the Champions League..






    Big disappointment Paul Mc Bride QC cannot share these wonderful days…

  19. ASonOfDan


    13:02 on


    12 October, 2012


    Palacio67 12:53



    Seriously? lol!




    Yep, the form accepts false email address’s.




  20. ArranmoreBhoyLXV11 on

    Arranmore 12.44



    Are you going or on the island? Mrs AB and 2 younger ones over on Sunday .. They ll be in Phil’s or Gerry Earlys no doubt ..




    Under age drinking ? What’s that…






    Anyway great to see the name.. We’re on the school brae. Teach Sam ..



  21. estadio nacional



    08:25 on 12 October, 2012





    Dont suppose you can get a good deal at the Hotel Palacio in Estoril for the Benfica game? Always fancied a visit there.









    EN apologies but I am not based in Portugal (Baillieston which is far better ) moniker is after my late father who stayed in Estoril for the 67 final, came back named his house Estoril and have had an affinity since then.



    Hope you get fixed up. My son is going by the way. Flying to albefuera and travelling on the supporters bus from jinkys.



    Hail! Hail!

  22. “I’d like to get the cash in the bag. I’m 60 next year, I want to get this finished before I finish. The reality is, if Israel bombs Tehran this will not list – it’s nothing to do with whether it’s a good business, or whether Charles Green’s mad, just that someone took off in an aeroplane.”



    That is what Green told City AM today.



    Read the rest. He is absolutely mental. He must have been steaming when he did that interview.



    “If you look at the last eight years [Rangers] have spent £100m on players and received £5m back from sales.” – Crap. Utter crap.



    “”I’m going to stop Ally and the players speaking to the press, which is great news for the internet and content. What we want to do is put that onto Rangers media – and it can go out to press afterwards. We think we can make substantial revenues.” – Crap. You contractually have to let them talk to the press.



    “The minute they kicked us out of the SPL, you have your own image rights.” – Crap. Your media rights are held by the SFL hence you gnashing your teeth about getting nothing from your games being televised.



    “The real good thing is the predictability of this. We sold 36,000 season tickets at £320 average” Crap. Dearest ticket was £280 odd quid



    “I would be disappointed three years down the line if we’re not doing £30m and making £7m just from merchandising. Now, if we then say we’ve done the property deal and get £5-10m. If we’re back in the top league, in Europe, that’s £60m. Merchandising, better sponsorship and we’re turning over more than £100m.” – Absolute crap



    “”I say to the fans – I’m a Yorkshireman, I want to take money off them. But I don’t want to run off with it, I want to put it back into the club and make more money.”” – Then I will run off with it




  23. The absolute worst thing for Scottish football and Scottish society in general would be for Sevco to rise again from the ashes.


    Their fan base is the filled with the worst elements of Scottish & Irish society.


    If threats and intimidation, bullying, thuggishness, protectionism etc… are allowed to succeed, not only will Scottish football die out, I think Scotland would become a place where very few people want to live. And who could blame them?

  24. Philbhoy - It's just the beginning! on




    The huns deserve green.



    Green deserves the huns.



    A marriage made in hell.



    Long may it last.

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