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Loose lips and share issues

241

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’!

Click here to read the fabulous CQN Magazine for free, or strain your eyes squinting below. You can also buy a hard copy of the magazine here from Magcloud.

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  1. tomtheleedstim on

    Absolutely heart breaking photo of wee Oscar on twitter.

     

    I wish that family all the luck in the World.

  2. SoT

     

     

    Possibly that’s where our hero Craigey has gone into hiding, amongst his ‘off the solar system’ wealth.

  3. Memories:

     

     

    <a href=”https://www.youtube.com/watch?v=OAVI0US_htI&feature=related”How to Silence the Huns

  4. kitalba

     

     

    ’80 Cup Final

     

     

    I only lived half a mile from Hampden. Took me 2 hours to get home dodging angry Huns looking for stragglers

     

     

    I remember being covered in dust and all sorts of rubbish when we scored. What a dump of a ground Hampden was then

     

     

    Memories indeed

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

    Estorilbhoy

     

     

    Was your Dad involved in professional boxing?

     

     

    A referee perhaps?

  6. ASonOfDan

     

     

    Ramsden’s Cup weekend. The Div 3 fixtures are re-arranged. I expect their Ramsdens Cup game is being held over for worldwide TV coverage, oh wait…….

  7. tomtheleedstim on

    Rangers Owner a complete joke

     

    Posted by ianrobo on October 12, 2012 in Aston Villa Blogs, News

     

    OK how is this Villa related.

     

     

    Well Charles Green the new owner of ‘newco’ Rangers has said this when discussing the future of his club and a European Super League.

     

     

    These days Arsenal are struggling to sell out their game against West Ham. How can Manchester United’s revenues be £320million and Aston Villa, who are completely useless, get £250? It all comes from Sky and it’s not decided by what a club puts in.

     

    Of course in the one fact he is totally wrong. Our revenues are around £100M and next season will go to about £125M due to the TV money.

     

     

    On the useless point, well he is right, we have hardly ripped up the PL the past three seasons but is from the chairman who just lost to …..

     

     

    STIRLING ALBION

     

     

    Foot in mouth anyone ?

  8. philbhoy – it’s just the beginning!

     

     

    14:30 on

     

    12 October, 2012

     

    Estorilbhoy

     

     

    Was your Dad involved in professional boxing?

     

     

    A referee perhaps?

     

     

    —-

     

     

    Sorry Phil, no. Gave me a good clip round the ear a few times if that counts :))

  9. I see the wee too da looers who were trying to provoke trouble by stopping outside an R.C church, have had their collars felt GOOD!!!

     

    bbc.co.uk/news/uk-northern-ireland

  10. jungle jim

     

     

    14:14 on 12 October, 2012

     

    estorilbhoy

     

    Small world. I am going to my niece`s 30th bithday party in Garrowhill Bowling Club and stayinh with my other niece in Maxwell

     

    Road(?)

     

     

    —-

     

     

    You’ll enjoy good club, try and keep the noise doon :)))

  11. Doctor Whatfor on

    What’s all this talk of plane’s taking off and bombing foreign lands.

     

    This stuff is as weird as esotEric Cantona’s seagulls and fishing boat statement. At least he could claim that he was speaking in his second or third language.

     

    Whither the straight talking Yorkshireman?

     

     

    AND they’re still here as far as I’m concerned. Liquidation day my esra!

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

    estorilbhoy

     

     

    Cheers!

     

     

    Oh, and you probably deserved it!

     

     

    :)

  13. OG Rafferty,

     

     

    Once again, what you have stated has come to pass. That was a nice wee birthday read, and it must, as you said a couple of weeks ago, be driving the Sevconians bonkers.

     

     

    AT has again succinctly summed up some of the relevant events of the past year in such a way as to inform the wider public about the apparent immunity enjoyed by supporters and officials of that entity against prosecution by authorities, legal or football.

     

     

    Keep the info coming. Many of us enjoy the anticipation…

     

     

    HH

  14. The 1980 cup final was my first experience of a game against them.

     

     

    I was 9 and we used to live close to Hampden so often took the opportunity to make a few pennies ‘watchin’ the motors’.

     

     

    Usually it was Scotland games so we would sit around during the actual matches awaiting the return of the owners.

     

     

    On that day in May a few of us, who often attended Celtic games by that point, decided to hang around the stadium and sneek in when the doors were opened to allow those inside to leave early if they so desired.

     

     

    Think I was in my 30’s before I final confessed to my dad what I’d done.

  15. .

     

     

    That Thompson Blog..

     

     

    You know when Sometimes you read Something and You think..I Have read that Before..

     

     

    I Have Not had very much time for the Guy since l hear him on Clyde..Yet some other posters were Drooling over Him..And didn’t he tell us..I thought it was Cringe worthy..

     

     

    Also the Constant reference to..”Well this is Glasgow”..wtf..

     

     

    To me it merely read of a Collage of Posts from CQN..

     

     

    A Journalist Messiah he is Not..

     

     

    Just my Opinion tho..:O(

     

     

    Many will Disagree with me..Buy they Disagreed about Sammi..Ha..

     

     

    Summa

  16. Just thinking,

     

     

    If the share issue under sells and Chuck needs to underwrite £10 Million, will we see him doing a bombing run on Tehran a bit like the character out of ‘Murphy’s War’ in order to have the whole thing scrapped.

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

    Summa

     

     

    Lovely heart warming post yesterday.

     

     

    Thanks for that.

  18. Hamiltontim

     

     

    Hmmm.

     

     

    It is my clear recollection that it was wee bhoys, of perhaps nine, right at the front of the Celtic end who, in the collective jubilation at the final whistle, ended up on the track, thereby leaving the Darnellian hordes no option but to start a riot.

     

     

    You have a lot to answer for, amigo.

  19. Mountain_Bhoy is Neil Lennon on

    Has Chuckles forgotten that many many investors, including institutions, lost money today when Rangers Football Club PLC were officially liquidated?

     

     

    in the city of london this brand is toxic

  20. I'm Neil Lennon (tamrabam) on

    Charlie Green in the red tops today apparently pronouncing that rangers are the biggest club in the country by any type of measurement. Naturally his outbursts go unchallenged by the MSM

     

    a) Is it because sevco are 3rd best in the 3rd division that they are the biggest team in the country

     

    b) Or Is it because they charge half price entry that they are the biggest team

     

    c) Is it because they don’t have an away win to speak of yet, that makes them so mighty

     

    d) Is it because they (just might) have the 3rd biggest stadium in Glasgow

     

    e) Is it because less fans have paid to enter ipox than Paradise, this season and every season since before Martin O Neill walked in the door

     

    f) Is it because the debt they walked away from is the largest tax dodge ever in Scottish fitba

     

    g) Is it because their players wage bill is a fraction of Celtics, that makes them so big

     

    h) Is it because their income is a fraction of Celtics that makes sevco the biggest around

     

    i) Is it because sevco have never won a trophy, that makes them so great

     

    j) Is it because sevco have never been in Europe that makes them enormous

     

    k) Is it because they have never even had a set of accounts, that no one can confirm they are so huge

     

    l) Is it because they play in a league where the average attendance in 457

     

    m) Or Is it because they can stay up later at night than their 3rd division rivals who have got to go to get up for work in the morning

  21. Just droppped in to say

     

    ___________________________________

     

    kitalba

     

     

    13:50 on 12 October, 2012

     

     

    Memories:

     

     

    Scottish Cup Final 1980

     

    ____________________________________

     

    Superb Stuff as usual M8.

     

    Wonderful memories of one of the best days

     

    in my life.

     

    P.S. You wouldn’t per chance

     

    know where the full – 90 mins of that game could be

     

    obtained ?

     

    Thanks in advance M8

     

    God Bless

     

    Hail Hail

  22. By the way, as I go to bed, Brian Quinn is a Celtic Legend, his skills were in his head, not his feet, but he served our club like a Charlie Tully, – without fear – and not enough people sing his praises.

  23. From ‘Aston Villa News and Views’

     

     

    Rangers Owner a complete joke

     

     

    OK how is this Villa related.

     

     

    Well Charles Green the new owner of ‘newco’ Rangers has said this when discussing the future of his club and a European Super League.

     

     

    These days Arsenal are struggling to sell out their game against West Ham. How can Manchester United’s revenues be £320million and Aston Villa, who are completely useless, get £250? It all comes from Sky and it’s not decided by what a club puts in.

     

     

    Of course in the one fact he is totally wrong. Our revenues are around £100M and next season will go to about £125M due to the TV money.

     

     

    On the useless point, well he is right, we have hardly ripped up the PL the past three seasons but is from the chairman who just lost to …..

     

     

    STIRLING ALBION

     

     

    Foot in mouth anyone ?

     

     

     

    Chuck making friends and influencing people. Southcoast media also up in arms about his Southampton comments. lol!

  24. Loving Chuck’s latest rant in all it’s mental glory!

     

     

    “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.”

     

     

    Yep. The man’s mental.

  25. The Battered Bunnet on

    Ol’ DBBIA bang on the money as usual with reference to Chuckles’ Laughing Stock. Might steal that one.

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