After Celtic’s reversal in Astana I pinned the decision to allow Kelvin Wilson to leave after the Elfsborg tie as critical. It left us playing an unaccustomed central defensive partnership against Shakhter while generating only £2.5m.
Before Saturday’s game with Dundee United Neil Lennon suggested the player and his agent had been “naughty”, which might explain things.
It is not unknown for players to cite that they are “not in the right frame of mind” to compete for the club which pays their wages while there is an alternative deal on the table. This tactic is a certified banker for the player, who does not need to fail a fitness test, he just needs to look a bit down in the dumps. It is a shocking state of affairs which can cost their employers dearly.
I’m absolutely delighted to see the emergence of some interest in Celtic’s financial position over the last week. The club have long term loan agreements, an overdraft facility, and, at any point in time, cash on deposit. We have preference shares which, as long as the club attains certain financial covenants, will attract a dividend. At any point in time we also money owe trade creditors, utility companies, other football clubs and HMRC, but as you know, for 126 years Celtic have always paid their bills.
Our NET debt position at on 30 June 2012 was £2.77m. Since then we have had an excellent financial and footballing year. In 2005 UK accounting rules changed, re-classifying some equity categories and debt. In their 2006 financial statement, then chairman, Brian Quinn wrote:
“Under FRS 25 the group’s Preference Shares and Convertible Preferred Ordinary Shares, previously defined as equity, were reclassified as a combination of debt and equity; and non-equity dividends were in essence re-classified as interest. As a result, net assets were £3.8m lower, net debt £4.7m higher and interest charges £771,000 higher than would have been reported prior to the implementation of FRS 25.”
This was “hidden” away on page one of the accounts. Further details were published at appropriate places throughout the accounts. A video presentation was also given to shareholders and the media to explain the situation further.
Perhaps the word “transparency” should be used instead of “hidden” by some.
For further reading on FRS 25 see page 5 of this report.
[calameo code=000390171c1dd95770bec lang=en page=100 hidelinks=1 width=100% height=500]
1,029 Comments- Pages:
- «
- 1
- ...
- 21
- 22
- 23
- 24
- 25
- 26
- 27
- 28
south of tunis
10:27 on 3 September, 2013
A C Milan ——-
9 players in
15 players out .
Spent 25 million euros .
Received 12 million euros .
Net spend = 13 million euros ..
First pick team —– 4-3-1-2
Abbiati
Abate Zapata Mexes De Sciglio
Montolivo De Jong Poli
Kaka
Balotelli Matri
———
I’m really not that afraid of this Milan side. I don’t think they’re a great european side at all. They are however a great European Club. Always seem to dig out results. For me, we’re more than capable of taking points of them.
THM
Ah a question mark now ? I thought the Pope was on the phone to you there mate .. asking advice ;-)
No my beleif is that those that WISH TO exclude-marginialise-judge-pidegon-hole-malign another Celtic supporter (whether he be Happyclapper mineshafter) due to a legitimately held opinion he holds and expresses as being one that should exclude him from being a Celtic supporter as it is different to their opinion is simpy not adhering to the clubs mission statement about tolerance and is in fact a green hun.
I have to say though that its the happy clappers that do this the most 90 odd perecent if we were to get an honest show of hands. It mainly arises I feel due to the inability of the offended to understand the argument that is being presented.
HH
Bump for Puff Piece theory (it’s looking more and more like it) and Petition:
Big Nan
09:19 on 3 September, 2013
Top of the morning to you all from a fair but blustery Fife.
The latest from Charlotte is interesting or is it?
Similarly the Question and Answer session with Andy Muirhead and Jack Irvine leaves me with a feeling that it is designed to show Jack as being the all-powerful PR man while at the same time allowing him to imply that supposedly harmful docs related to him were illegally obtained and would therefore be inadmissible as evidence in court a la Levison!
I originally thought that CF was Whyte’s proxy and a means of getting a pay-off for Craigy boy from SDM but the more I see of Irvine strutting his stuff as the man who must be feared and revered the more I tend to think that Irvine is running a court spoiler to protect his chums should the beans be spilled.
Inadmissible evidence obtained by criminal acts.
Lord Bingham: “fraud unravels all: fraus omnia corrumpit…….. it vitiates judgments, contracts and all transactions whatsoever”.
Talking of Law Lords there is this petition with the Scottish Parliament that demands that they declare membership of secret societies. Heard of it? It is here: http://www.scottish.parliament.uk/GettingInvolved/Petitions/judgesmasonregister
H.H.