If you want to criticise Celtic for taking a January holiday while the country suffers and you have been stuck at home for 10 months, go for it, there’s acres of space below. The football bubble is difficult to reconcile when people are currently falling ill and dying in such numbers, the optics are poor; Celtic, really?
But if you are responsible for setting the rules of the football bubble, like the Scottish Government are, you are responsible for what is permitted within that bubble.
If you gave specific permission for Celtic’s trip to Dubai, like the Scottish Government did, you and you alone have no right to issue PR statements of condemnation.
This contrasts with the Scottish Government’s congratulatory comments for Newco after punishing their players who broke bubble rules, a marked contrast to their reaction after Celtic punished Boli Bolingoli.
I get that this Government is a world leader at PR, that their leader appears to spend much of her day preparing and delivering her message of PR brilliance and that they effortlessly dig into Celtic without self-awareness.
And I know this is a lot easier than their day job, like deciding whether to send infected patients to care homes or not, running an education system, controlling a police force who witness sectarian crime without concern, and ensuring NHS hospitals do not have to issue statements of regret after poor cleaning-related deaths.
All this magnificent PR keeps eyes away from how that day job is being performed. Scotland has a death rate higher than all but six countries in the world, including countries run by incompetent fools, like the rest of the UK – who we continue to shadow for inexplicable reasons – and the US.
Your government wants people to talk about Celtic, not look at the death count. The former is embarrassing and the latter is worse only in Peru, Belgium, Italy and three former Yugoslav countries. I am not part of this cult.
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Big bad proddies are after us again, isn’t it terrible.
I think we have a lot more to worry about right now than justified criticism of our stupid trip to Dubai.
Anything to say about the waste of money on Boli or Duffy or still not having any wingers or being 19pts behind?
Nah didn’t think so.
Sounding like a Club 1872 press release again.
Another disappointing article from Paul.
Let’s focus on why, as a club we have allowed an eight year old sham of a club to overtake us.
Let’s focus on why the board are going to continue with this debacle.
Let’s look at how the board have demonised the supporters and ran to rags like the Sun to do their bidding.
Pathetic Pauj, pathetic.
Paul as much as I agree with the majority of what you are saying.
Personally I would rather read about the plan to replace the current management team and install a DOF.
GARYGILLESPIESHAMSTRING @ 04/01/21 – 1:32 PM,
“I think when Ferguson [Fergus] sold his shares, there was not enough uptake by supporters and so underwriters such as DD picked up the tab for the rest of the shares.
Could be wrong though.”
No one seemed to answer your post yesterday, I was certainly interested in what you asked, I believe some DD’s shares were a kind of loan to help fund the Stadium re-build, he gets a dividend on these, a sort of equivalent of an interest payment but really no idea how the deal was structured.
Maybe the CST Chairman could give us an insight.
What I do remember was in the early two thousands – there was a share issue to fund a world class academy.
CQN had a lead article atvthe time warning Celtic supporters; urging us to buy shares, stating that DD was underwriting the issue and if we failed to buy them DD would increase his share holding.
Now, the issue was well over subscribed but DD still managed to increase his share holding!? A lot of money was raised but the Academy was never developed.
Looks like we are dealing with some very shrewd operators…
Hail Hail
Don’t get the critics of French Eddie because of his so called bad body language. FFS, the poor guy has been playing as a lone striker most games this season, no wonder he looks pissed off, wouldn’t you be. He has improved massively since being paired up with Griff, hasn’t the team!!!
Any finger pointing should be re-directed towards our manager, end of.
SCHUMMI
TIMMY7_NOTED on 5TH JANUARY 2021 12:01 PM
onenightinlisbon on 5th January 2021 11:11 am
Not a chance in hell??? Really? After the service he has given to our club you have such disregard for the man? I think that is very unfair.
I agree his time is up, personally I would have preferred a new coach to replace Brendan.
But I have a lot more issues with the board and our signing policy than I do with NFL.
Any manager working under these conditions will struggle.
I would want to hire an up and coming European manager and a Director of football giving them control of all football operations. I’d clear out all the current scouting and coaching staff and preferably most of the board but I do realise this is not within our control.
Relentless abuse of NFL the man does us no credit.
…………………………….
You make a very good point but when the Board continually treats the fans with contempt relentless abuse of the man is what starts to happen. Just about everybody thinks it’s past time for action on the managerial front. Remove the problem and the abuse will stop immediately. The fans are frustrated and this is how that frustration manifests itself.
From the Celticwiki
———
1995 Share Issue
Following his rescue of the club in 1994, Fergus McCann sought to raise money, and crucially expand the number of shareholders within the club by turning the club into a public limited company (PLC) by floating it on the London Stock Exchange. Part of the desire behind expanding the shareholding was to prevent one person, or a small group of people, run the club as had happened under the previous regime.
In early 1995 the club was floated on the stock exchange. The flotation was an unqualified success (the most successful share issue ever in a football club) and was over-subscribed and raised £21M. A feature of this flotation was that ordinary fans were encouraged to buy shares. 10,500 did contributing £9M in the process, with remainder being contributed by McCann and other investors. This take up of shares placed about 40% of the issued share capital with ordinary fans. These fans had not invested for financial returns, but rather for emotional ties to the club and many share certificates were framed and hung on the wall.
One fan who took up the opportunity to invest in the club for the first time was slightly different from the rest – Irish billionaire Dermot Desmond who invested £4M and took a place on the PLC board. Desmond would be key to future issues.
The money raised by the club through this issue was used to provide working capital, and was key to funding the massive redevelopment of Celtic Park.
1999 Share Disposal
Following his takeover in 1994, McCann had always stated that he would only stay at Celtic for five years, and he was true to his word. In 1999 McCann put his 51% shareholding in the club up for sale. This was not quite the same as the previous share issue, or the subsequent ones, where new shares were issued and the capital invested in the club. This was McCann selling his shareholding and the money would go to him and not the club. McCann did put in place an interest-free payment scheme which would help ordinary fans buy shares, however a nasty taste was left in the mouth. McCann had promised that if enough fans bought shares, then he would donate £1.5M to help fund a new youth academy at the club. While the amount raised by fans was more than amount expected, crucially the number of fans did not meet the targets set by McCann for this clause to be activated, i.e. fewer fans bought shares, but those who did more than expected (or required under the sale regulations). While McCann was correct that conditions had not been fulfilled, it was galling to the ordinary fans who had poured money into the club to see McCann walk away with a large profit and, in their view, welch out of the donation on technicality.
This disposal was underwritten by Dermot Desmond. 9,997,728 ordinary shares were offered for sale at £2.80 each. 7,525,880 (75%) of these were bought either by fans or by institutional investors. The remaining 25% went Desmond as underwriter. This increased his shareholding in the club to 19.8%, and for the first time he became the largest shareholder. At this stage 63% of the shares in Celtic were owned by the fans, 17% by institutional investors and the remaining 20% by Desmond.
How’s the get rid of Eddy poll,coming along Paul?
Paul
You have to be joking.
Here’s what a fellow non-cult member has to say.
https://www.spectator.co.uk/article/snp-vs-celtic-why-their-covid-showdown-matters/amp?__twitter_impression=true
Paul67
Why don’t you get Peter to quote you on a bigger platform?
All you say is true but just for once it would be interesting to hear one of our esteemed board members say that to the media. Then see what happens.
With is being 19 points and 22 goals behind the first placed team (with 3 games in hand), I dont really care where Celtic are training today.
Nor do i care what anyone else thinks of this.
An article, criticising SG and suggesting they have more important issues to consider, is irony overload
The 2001 Share issue –
https://www.investegate.co.uk/celtic-plc–ccp-/rns/issue-of-debt/200106291705041646G/
Celtic PLC
Issue of Debt
Celtic PLC
29 June 2001
29 June 2001
CELTIC PLC
Offer for Subscription by Old Mutual Securities of New Convertible Preferred
Ordinary Shares
Celtic Plc (‘Celtic’ or the ‘Company’) announces its intention to raise up to
£25 million (before expenses) by the issue of up to 20 million New Convertible
Preferred Ordinary Shares which will be offered for subscription by Old Mutual
Securities on behalf of the Company at 125p per share.
Background to the Offer
Celtic has achieved outstanding success during the past twelve months in all
Scottish Competitions, winning the Scottish Premier League, the League Cup and
the Scottish Cup under the guidance of its new manager Martin O’Neill. Next
season, Celtic will participate in the Champions League for the first time
since 1998/99. Celtic last achieved the domestic Treble in 1969 under the
management of Jock Stein.
The Board of Celtic is already looking to next season and to the future. To
build upon its recent achievements and to achieve its strategic objectives,
Celtic is seeking to raise new funds through the Offer for Subscription, which
is not being underwritten. Funds raised will be invested in the Celtic First
Team squad; Celtic’s scouting , coaching, training and youth development
operations; Celtic’s Multimedia and Communications operations and; other
related revenue generating capital projects.
The Offer for Subscription
On behalf of the Company, Old Mutual Securities is offering 20,000,000 New
Convertible Preferred Ordinary Shares of 100p at the offer price of 125p per
share. Applications for the New Convertible Preferred Ordinary Shares being
offered may be made by Qualifying Shareholders, Season Ticket Holders and
Qualifying Players and Staff and also other applicants. The minimum amount in
respect of which applications for New Convertible Preferred Ordinary Shares
may be made is 400 New Convertible Preferred Ordinary Shares at a total
subscription price of £500. Applications for New Convertible Preferred
Ordinary Shares in excess of £500 in value may be made for shares of a value
of £1,000, £2,000, £5,000 and thereafter in multiples of £2,500.
Good post. I’m not part of it either. Literally on a work call trying to sort out the shambles that is the vaccination programme in Glasgow & Clyde.
What I would say is that if you live by bullshit you can’t really complain when you die by it.
Take note Peter Lawwell.
Uncle Jimmy.
You mean CQN should stick to its day job??
Scottish Government agreed that Celtic should be able to go to winter training. The legislative guidance issued yesterday continues to mention elite sports and training as an exception to non-essential travel.
Though this is a football site the unnecessary deaths of thousands of citizens mostly elderly but also disproportionately from ethnic minority and Irish backgrounds is more important than 10-in-a-row, who manages or runs Celtic or whether a league campaign is null or void or not. Football is important but not more important than that. Bill Shankly got it wrong.
Chairbhoy
My impression was that the building of Lennoxtown was to be funded by a share issue that would be underwritten by DD in addition to the investment he had made towards the funding of the stadium.
Fergus was going to contribute one million from his share profits if there was a certain level of uptake from supporters.
I didn’t buy shares then as I had already bought them and couldn’t justify buying more.
I thought that there hadn’t been enough uptake as supporters had all maxed out on the shares from previous issues, leaving the project to be funded by the underwriter(s) picking up the slack. Wasn’t aware that the share issue was oversubscribed.
Hh
LabourQuickNews…
Paul 67,
I am not part of this cult either, and I can see right through their PR and lack of substance.
However, we must utilise personal responsibility and imo Celtic have not. Put simply we have not done the right thing.
How many times have we discussed the fact that we cannot leave the door wide open for an open goal. We have removed the door here.
This is an OG of incompetence personified.
With the game on Saturday, and all pointers stating NFL is staying indefinitely; we have a hat trick of Own Goals.
Depressing on all levels.
HH to all.
I agree with every word P67, the scotgov are masters of handling media and shaking perceptions.
Celtic have been attacked several times by Hoolyrood to change headlines.
You’ve done the same thing though. Today you chose to talk about politics and deflect, rather than discuss the nonsense that was Celtic’s January review of our incompetent and failing manager.
st stivs
Thanks for that. Makes things clearer
Biggest deflection since Scott Nisbet against Bruges!
So it seems the outcome of the – ahem – “review” is that the management team stays in place. Who’d have thought! We could have lost 5-0 and that would still have been the case.
If you appoint a manager because he knows the city and he still knows the city then there’s absolutely no need to change.
No way in the world will they ever risk getting someone in who might be good again. Look at the problems that caused with Rodgers when we got way too far ahead of our partner club.
Are all the eggs now in the voided season basket?
Gets more embarrassing every day. Some people have no shame.
The Paul, Pedro and Desmond cult sounds about right.
Celtic 2020/21 – The banter year.
Paul, see if you hadn’t made a fool of yourself banging on about crowds at football matches and the unfairness of it all and how the ScotGov is out to get Celtic and god alone can remember what other similar awareness-lacking bollox, folk might listen to you on this one.
You could say that Mr DD played a strategic and tactical blinder to become the largest individual shareholder with the most voting rights, without having to make an outright bid for the whole shareholding.
You could also say the supporters well was dry, because their % shareholding was diluted with each issue or event.
So within 11 years of the old board and owners removal, we actually had a new set of owners, and the “fans” shareholding is so small it is almost irrelevant.
—————–
The 2005 share issue –
Celtic PLC
28 October 2005
Celtic plc
(‘Celtic’ or ‘the Company’)
Open Offer and Offer for Subscription to raise up to £15 million
Key Points
Celtic aim to raise up to £15 million before costs
Funds raised to be used for establishment of a purpose-built training
facility, incorporating a youth academy, football development and balance
sheet strengthening
Dermot Desmond to underwrite up to £10 million
Transfer from Official List to AIM
Celtic plc
(‘Celtic’ or ‘the Company’)
Open Offer and Offer for Subscription to raise up to £15 million
The Board announces that the Company proposes to raise up to £15 million, before
expenses, by way of an Open Offer and Offer for Subscription (‘the Share
Offers’). The Company proposes to raise up to approximately £9.9 million under
the Open Offer and up to approximately £5.1 million under the Offer for
Subscription. Up to £10 million to be raised under the Share Offers has been
underwritten.
Mr Dermot Desmond has agreed to underwrite up to £10 million of the Share
Offers. Mr Desmond has indicated that he does not wish to obtain control of
Celtic by reason of his underwriting of the Open Offer. Accordingly,
irrespective of the take up under the Share Offers, Mr Desmond will not hold
more than 49.9 per cent of the voting rights of the Company following completion
of the Share Offers.
If Mr Desmond is required to subscribe for New Ordinary Shares in the Share
Offers in excess of his pro rata entitlements, it is possible that Mr Desmond
will increase the proportion of his shareholding with voting rights to more than
30 per cent of the voting share capital. This would mean that, unless further
action is taken, Mr Desmond will, in accordance with Rule 9 of the Takeover
Code, be required to make an offer for the entire issued share capital of the
Company not then held by him.
The Independent Directors of the Company are therefore seeking approval from the
Independent Shareholders for a waiver granted by the Panel from the obligations
that would otherwise apply to Mr Desmond under Rule 9 of the Takeover Code on
his subscription for New Ordinary Shares under the Share Offers.
For the record, before I’m inevitably accused of being in a cult, I think there’s much that’s been wrong about the Scottish Government’s response to Covid. Ironically, given the party in power, they’ve aligned themselves too closely to the uk approach imho.
Now let’s take a moment to read what John Swinney said, “ “I don’t think it’s a particularly great example to set. When we are asking members of the public to take on very, very significant restrictions on the way in which they live their lives, I think we have all got to demonstrate leadership on this particular question.”
Really no different from so many others have already said on here. Or as you paraphrase above Paul, “Celtic, really?”
Yes, Dubai may have been okayed by the authorities in November. But so much has changed, since then in terms of disease prevalence & efficacy, restrictions on people’s personal and working lives and the ever-widening points gap that any business with an ounce of self awareness would have seen this as a ‘Ratners/Let them eat cake’ moment that had to be avoided.
If fans of newco are pissing themselves, no wonder. At least they had a floating pitch to look forward to, at their equivalent moment of impending implosion.
The banter years continue apace. It’s just now, we’re the punchline.
In other news, you can dress up as many squirrels as you like in ‘big bad SNP sashes’. They’re still squirrels.
HH jg
GGH
Lennoxtown was funded by a share issue either the 3rd or 4th share issue.
Sturgeon is a disaster junkie who believes herself to be some kind of New Zealand Jucinda when in actual fact she has merely being following westminster 95% of the time.
If she has power to close borders now then she should have last year, quicker and for longer.
This PR sheen she has is a disgrace.
The SNP haven’t tackled sectarianism, the Police as paul says are a sectarian disgrace. That’s enough for me.
I was SNP all my life but this is a shambles pretending to be a serious government.
Have written to John Swinney asking if I as a “Taig” I should now fear for my life. I also asked about why no government official made any statement about the treatment of the Celtic players and staff as they entered that other place on 2 January. Will I get a reply?
When was the last time the Scottish government voiced any criticism of the huns?
so Duff y has returned home from the’ training camp’ , is that the last we will see him at Celtic Park
oh and Paul dearie dearie.
GARYGILLESPIESHAMSTRING @ 12:40 PM,
Yes, it is rather confusing and thanks St Stivs for adding some clarification.
The share issue I was refering too was the 2005 one.
http://news.bbc.co.uk/sport1/hi/football/teams/c/celtic/4386814.stm
It always made me wonder why DD managed to increase his shareholding while the issue was over-subscribed and his stated aim was not to have a controlling stake in Celtic.
It was interesting that Dave King got in so much trouble at Rangers for doing something similar.
Apparently DD is a much smarter cookie (who knew;) – he simply wrote a letter to the stock exchange (ToPs maybe?!) and stated he didn’t want to make an offer to buy the rest of the Celtic shares, if he went over the controlling threshhold.
So he raised the funds from supporters from the over-subscribed share issue
He managed to raise his shareholding giving him in effect control of the Club
The money wasn’t spent on developing a world class football academy
Make of that what you will!?
Hail Hail