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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. Whilst AT’s latest offering may not be nuclear, it is still a noteable attempt to report in a single, cohesive report the true character of the people behind Sevco.

     

     

    Hate filled, hurtin huns.

  2. Lennon n Mc....Mjallby on

    Not caught up on yesterdays blog but I just want to say Ive listened to Clyde a few times this week for aftermath of the hun result and I dont care if they get hammered every week now I wont be listening again.

     

     

    One of the panel and its probably been mentioned said the GB banner was paramilitary,now even if he meant thats how it was viewed by the public its a disgrace Clyde let him away with that and I feel Celtic should be making a complaint on behalf of the GB.

     

     

    As Ive not read back Im sure its been discussed but it was a shocking thing to say.

  3. South Of Tunis on

    Real thing investors [ those looking for a return ] won’t touch Green’s pig in a poke .

     

     

    He is making a pitch to the Hun support ———- give us money or we are finished .

  4. Not sure if mentioned already as I haven’t read back too far but Questor in the Telegraph today rated the proposed share issue as AVOID!

  5. Hamiltontim.

     

     

    Me and my mates made a few bob collecting the gingees when they opened the gates early at hamden.

     

    A wee bit before your time though.hh

  6. Tour de France director Christian Prudhomme says there should be “no winner” of the seven titles Lance Armstrong won if the decision to strip him of his victories is upheld.

     

     

    Armstrong, 41, has been accused of being “a serial drugs cheat” by the US Anti-Doping Agency, who removed the titles he won between 1999 and 2005.

     

     

    The International Cycling Union can still appeal the decision.

     

     

    “What we want is that there is no winner,” Prudhomme said.

     

     

    “We cannot be indifferent to what Usada has unmasked this week, it’s a damning picture that’s been drawn.”

     

     

     

    I like the void idea, so there is a permanent reminder of the cheating that went on.

  7. South Of Tunis on

    ” Avoid Rangers like prune juice ”

     

     

    Questor Daily Torygraph 12 10 12 .

     

     

    He ain’t the only one .

     

     

    Anybody who invests in that lot are setting themselves up to be told _ [ a few months down the line ] __ ” we are flat broke and busted – you didn’t give us sufficient funding “

  8. Just_a_Bhoys_game on

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

     

     

    Er, not quite got the hang of this Sales Pitch thing yet has he!!!!

  9. johann murdoch on

    Chuck looking very pleased with himself as he states some chinese interest now in the share issue from

     

     

    Wi Phatpolegwen

  10. Chuck has came across as absolutely desperate in the past two days.

     

     

    They have no money to carry the club forward, he has confirmed that to the whole world with his rambling, ranting statements and his Secondry School artwork right out of the Technical Drawing class.

     

     

    The investors want a return, what are you going to do Chuck?

  11. Just_a_Bhoys_game on

    Wi Phatpolegwen, lol took me 10 seconds to work that out.

     

     

    Was in the pub yersterday(in England) an one of the regulars exclaimed when Sally was on the TV next to Chuckles.

     

    “Who’s that sat next to CG?”

     

    “Sally McCoist”, i informed him.

     

    “Yer Jokin! Look at the size of him” he said.

     

    You had to be there, but it made me laugh.

  12. Doctor Whatfor on

    Chap on KDS avers that ‘ Charlie is talking out of his chocolate factory.’ Just the right blend of schoolboy literary allusion and lavatorial talk.

     

    True into the bargain..

  13. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    SOT

     

     

    Can … Yup thats the guy and the spelling ;-)

     

     

    I will try my very best not to upset your sensibilities regarding krautrock again ;-)

     

     

    TBB

     

     

    Read your article … If it was up to me you would get the job. The money is being drained by the blazers.

     

     

    Everyone

     

     

    Brian Quinn is a super hero. He should have a green and white cape and green wellies. I do hope more than anything that he has real influence at UEFA level.

     

     

    Again any suit involved in the liquidation of the huns has his place in history assured. Tell your children.

     

     

    HH

  14. Chunky spouts psycho-gibberish with £’s attached and the huns take it as holy writ…..do they still point at helicopters?

  15. TBB

     

     

    A most excellent article.

     

     

    There is a wave of convergence of circumstances, opportunity and technology that I sincerely hope Celtic are aware of and are planning to surf.

     

     

    The key issue is as you say leadership and the willingness of the SFA to put the real good of the game above their and one other’s narrow self interests.

     

     

    Once UEFA are seen to allow leagues that transcend national boundaries the dam will break.

     

    I hope that article wings it way around cyberspace.

  16. celtic_cross

     

     

    14:54 on 12 October, 2012

     

    Estorilbhoy, Sannabhoy,

     

     

    Also from G’hill, Maxwell Avenue

     

     

    —-

     

     

    Near the bowling club? Did you used to have a taxi?

  17. Got it…..I’ve been tryin’ to figure out who in god’s name Chunky on a rant reminds me of, and the answer came like a blinding light with fanfare….Sarah Palin.

     

    And come to think of it….maybe even Michael Palin in a ‘Ripping Yarn.’

     

    Nah….Sarah, as she looks towards Russia and sees The Mongol Hordes invading Alaskee.

     

    The man has that air about him : confabulation with a dollop of menace.

  18. Green = CONMAN. Same thing happened at Sheffield United – I KNOW – I live here in Sheff and work with lots of Sheff U fans!!!!!

     

     

    Still, not to worry eh, can only be GOOD for us that such a d*ckhead is “at the helm”!

  19. mighty tim

     

    14:50 on

     

    12 October, 2012

     

    HT 9 in 1980 you have really depressed me now my YOUNG FRIEND

     

    ======================================================

     

    Keep imagining HT as an auld looking 9 year old,in the mould of

     

    Jimmy Clitheroe.

  20. Celtic_Cross

     

    18:07 on

     

    12 October, 2012

     

    estorilbhoy

     

     

    Not the bowling club end , down the bottom at the Bannerman end.

     

     

     

    Sorry guys , been out all afternoon. I’m other side of Edinburgh Rd in persimmon estate. Watch the away euro games in The Rhindsdale if you fancy meeting up for a beer.

     

     

    Sanna

  21. palacio67, celtic40me

     

     

    Thanks for the welcome in the traditional manner LOL

     

     

    Definitely not a Zombie or a hvn

  22. 67Heaven ... I am Neil Lennon..!!.. Ibrox belongs to the creditors on

    asonofdan

     

     

    15:33 on

     

    12 October, 2012

     

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

     

     

    Now that’s what you call progress

  23. Chasing the big price; so here goes…………

     

    WESTERN PRIZE 3:35 NEWMARKET

     

     

    Regards & Hail Hail

     

    TBM

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