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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’!

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  1. I'm Neil Lennon (tamrabam) on

    I was on the pitch after the scottish cup final to get a piece of turf (onest ossifer) with my £1 tricolour at the ready I headed out onto the hallowed ground. I was in the process of digging up a bit of the famous turf when I heard a noise. I didn’t hear it through my ears as is the norm, I heard it through the soles of my feet and looked up to see the cast of the Grand National approaching at a fair old speed (probably a trot in reality) unbeknown to me neighbouring tim must have been standing on the Orange section of the majestic £1 tricolour so when I decided to bolt the course as the plods advanced, the flag ripped and I was left with a 2” strip of the gold section. I used it to wrap up the bit of hampden park.

  2. Just a wee but rather obvious point Chucky:

     

     

    If your club does indeed have a 140 year history, complete with a long list of trophies etc…, surely producing 3 years worth of published, audited accounts wouldn’t be a problem, would it?

     

     

     

    Mr Green? Hello?

  3. GlassTwoThirdsFull on

    Old Charlie all over the place again. Does anyone contradict themself more than this guy?

     

     

    He said: “The SPL threw us out. They then stole our money due for last year and also are pursuing us to strip titles.

     

     

    Is this the guy who said they had never been a member of the SPL?

     

     

     

    that’s why I am anti going back where we were told we weren’t wanted.”

     

     

    Won’t be going to SFL1 then presumably…..

     

     

     

    we need to be sat round that table with Celtic and the other people to look at how Scotland can move forward.”

     

     

    So now you want to sit round the table with people you called bigots???

  4. I'm Neil Lennon (tamrabam) on

    is charlie green actually john brown

     

     

    have they ever been seen in the same place at the same time

     

     

    thats the thing about zombies, they dont know who they are

  5. Dontbrattbakkinanger:

     

     

    I don’t think so either, but that does not make the mans efforts less worthy of recognition.

     

     

    After all, nobody is going to write a song about him.

  6. .

     

     

    PhilBhoy..

     

     

    Thanks for that..

     

     

    I will never Forget that Phone call..

     

     

    Praying for God to save a Wee Girls life and in a Split second he Sends Me a Daughter..(Who is Snoring right next to me Just now)..And he Also Answered My Prayers..

     

     

    I Look forward to Our friend in Celtic and Oscar telling a Similar story of his Son in the Future..

     

     

    Summa

  7. I'm Neil Lennon (tamrabam) on

    When is someone going to break the news to Charlie green that his club were never papped oot the SPL (as much as I would have loved to have down that) His old club Rangers went bankrupt and no longer exist.

     

    His current club sevco somehow managed to transfer the old rangers SPL share. as far as I know sevco have never been in the SPL, so how could they get papped oot?

     

    I wonder how something that was apparently worth 5 million a few months ago is now worth 30 million, it must be all those big star players that they signed who must be doing a grand job for them.

     

    That’s the thing about zombies, they always think they are the victims, so they dae

  8. P67

     

     

    What do you do on a Friday afternoon, winding down and looking forward to a week’s break with the family?

     

     

    Well, for me, a wee trip over to rangersshareoffer website to register a few acquaintences with a blue hew and commit them to £10,000 each!

     

     

    Seems like a very childish plan, but hey, it made me Chuckle(s)

     

     

    C’mon, roll up, roll up, the circus is in town……starring Ringmaster Green and Coisty the Clown…….just waiting for Davie Dodds to appear as the Elephant that can stand on 2 legs…..

     

     

    Time for a holiday…..Jimmy’swinningmatches

     

     

    hhplc

  9. Kayal – heard that a few weeks ago , though no specific club was mentioned,and that the club were more interested in cashing in on him than offering a new contract, Hooper defo wants to stay.

  10. I'm Neil Lennon (tamrabam) on

    settle an argument

     

     

    see that guy who scored for stirling against sevco last week

     

    was he a painter or a plumber?

  11. Just imagine for a second it was Peter Lawwell coming out with all sorts of rants like Green. Would the Scots MSM maintain their cowardly silence?

     

     

    Would they hell.

     

     

    At times like this it’s always worth remembering that whatever criticisms we can level at the board and PL (and yes there are some very reasonable, constructive criticisms), at the very least we are run by actual professionals.

  12. Correct me if I am wrong but did Chuckles not tell the Zombies that the share flotation would facilitate ownership of their club by the fans?:

     

     

    He said: “In two years’ time the price of entry for the fans will be three to four times higher than we can bring them in [at] now.

     

     

    Mr Green wants fans to end up with 15% to 20% of the club, with institutions holding another 50% to 60% and existing investors the balance.

     

     

    The zombies are obviously as stupid as the huns were.

     

     

    BTW the share issue is now subscribing into over 50,000. I have a least 4 people representing me for the maximum contribution, but please don’t tell anybody, sshhh!

     

     

    God bless wee Oscar!!!

  13. I’m Neil Lennon (tamrabam)

     

    15:15 on

     

    12 October, 2012

     

    settle an argument

     

     

    see that guy who scored for stirling against sevco last week

     

    was he a painter or a plumber?

     

     

    ………..

     

     

    Painter

  14. I'm Neil Lennon (tamrabam) on

    Ally McCoist is like a snowman

     

    We all wake up in the morning and hope he is still there

     

    That’s the thing about zombies- ye canny count on them, so ye cannae

  15. pedrocaravanachio67 on

    I’m Neil Lennon (tamrabam)

     

    15:15 on

     

    12 October, 2012

     

    settle an argument

     

     

    see that guy who scored for stirling against sevco last week

     

    was he a painter or a plumber?

     

    ——————————–

     

    Is he no the camera man @ babe station?

     

     

    Dont know if this has been posted, but apparently Stirling Albion were beaten 3-0 by Stirling Uni in a warm up for the sevco game……must have got them angry.

  16. That share site will take a pounding when I get home.

     

     

    Father Ted Crilly, Mr Jed Ward and Mr Rapid Vienna always wanted to own shares in ‘ra rangers’.

  17. Sally- hello hello super Sally’s phone line what’s you’re question

     

     

    Chic – hi Sally what are you wearing?

     

     

    Sally- well my red White and blue shell suit and brown brouges

  18. kitalba

     

     

    15:04 on 12 October, 2012

     

     

    KevJungle:

     

     

    I don’t but I will try and find it for you.

     

    ______________________________________________________

     

    That would be Magnificent Kit.

     

    I’m forever telling my son tales about that day.

     

    I had just left school that month and, started my first ever job as a delivery bhoy with

     

    Dunne & Moore down Brigton way.(Boo! Hiss!)

     

    Anyway….all the talk was about THAT game. Just being new, I had to watch my P’s n Q’s

     

    so, put my muzzle on and soaked in the surroundings of my first job. It lasted for one week then, I got something closer to home. Still…even though I had my muzzle on…I still got the cold/shoulder treatment as soon a folk learned my name ?!?!

     

    Having said that….some of the hun folk were surprisingly ok(maybe trying to suss me ?)

     

    Going back to THAT game…it was the ONLY time that I have seen hundom being – faced-off. The huns were that used to, rioting all over Europe and seeing the locals cower in fear of them. But, not this time !!!

     

    The Celtic End was on full party mode when, all of a sudden the young autograph hunting section of the Celtic support who had managed to find their way onto the pitch, suddenly found themselve’s under attack from the hun-hordes who had rioted all over Eroupe.

     

    That was the cue for the Jungle patrons of Hampden’s Celtic End to, do what was not in their DNA and, engage in a full-scale riot on the pitch. The huns didn’t know what had hit them. They were so used to folk hiding from them but, THAT was the day that Celtic fans put the huns in the picture.

     

    So Kit…If you turn up trumps…myself and my son will be forever grateful.

     

    God Bless Hail Hail

  19. Sally- hello hello super Sally’s phone line what’s you’re question

     

     

    Chic – hi Sally what are you wearing?

     

     

     

    Sally- well my red White and blue shell suit and brown brogues

     

     

    Chic – No Sally what are you wearing underneath?

     

     

    Click brrrrrrrrr

  20. South Of Tunis on

    Drop a dime before I walk away .

     

    Any song you want I’ll gladly play .

     

    Money feeds my music machine .

     

    Now listen while I play my Green tambourine .

     

     

    Watching the jingle jangle CSC -way down south

  21. Does Green really want a share flotation?

     

     

    If he does, it would appear that he knows that the only funds he will get is from the emotionally committed.

     

     

    Their dilemma is, if we don’t buy the shares, the ‘gers will die(again).

     

     

    If we do buy the shares, the ‘gers might die(again), but they might not.

     

     

    Stick or Twist.

     

     

    On the evidence, so far, of Green, Stockbridge and Barrel’s London appearance in London, all they have done is to alert the wider British public and more significantly, the City, of what a group of conmen they are.

     

     

    The strength of AT’s blog today is, that although there is nothing new in the revelations, as far as we are concerned; he has brought the Shame of Scotland to the wider British audience.

     

     

    It is no longer our own dirty wee secret.

     

     

    What will be interesting is, that now that the business sections of the national MSM have had a look see, will the News divisions pick up on Thommo’s blog?

     

     

    Not holding my breath, though.

  22. Terrific piece by TBB on league reconstruction, it seems inevitable money will talk one day.

     

     

    A few things:

     

     

    Away fans. Whichever way you slice it they will suffer and diminish in numbers.

     

    The Eesti/Lithy/Latvian league is not a breakout success so far. (Anecdotal reports).

     

    The BFL idea makes sense but it will feel like begging crumbs from the table of the EPL circus.

     

     

    Was a little surprised you were dismissive of a re-org of Scots clubs along the 2 x 16 lines. A vast majority of the paying customers have stated their preference for this. Are they to be ignored again?

     

     

    Thanks though for the update to a hardy bampot annual. May be some real momentum this time…

     

     

    HH

  23. Members of the loyalist band filmed marching in circles outside a Catholic church in Belfast have been arrested.

     

     

    The Young Conway Volunteers flute band were videoed playing loyalist tunes outside St Patrick’s Church in Donegall Street on 12 July.

     

     

    Police said 11 males, aged between 15 and 42, were arrested on suspicion of provocative conduct. Three others were also interviewed by police.

     

     

    All 14 were released pending a report to the Public Prosecution Service.

     

     

    The 11 were all arrested in the north Belfast area.

     

     

    All the males were also interviewed regarding a breach of the Parades Commission determination in the Donegall Street area on Saturday 25 August.

  24. Amazing the turnaround in little over a year.

     

    We can all recall the MSM and politicians campaigning vigourously about the toxicity of the OF fixture and yet here we are only a short while later and CG is using that same fixture as a core component of his shares flotation.

     

    Who needs who Chucky?

     

     

    Celtic are facing a double-header v Barcelona with Sevconians desperately clinging onto our shirt tails.

     

    Your share issue is as pathetic as your CVA, all smoke & mirrors with nothing of actual substance.

     

    Your promises to deliver are worthless.

     

    You could hardly put out a worse sales pitch if you had simply put yer bunnet at yer feet and started doin a wee jig.

  25. Mea Culpa

     

    ‘You could hardly put out a worse sales pitch if you had simply put yer bunnet at yer feet and started doin a wee jig.’

     

     

    I would throw a quid in to see that… lol!

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