At the time of writing the Celtic ordinary share price is sitting at 68p. For more than a year before the Rangers International share price was announced last month the price of Celtic shares never left the thirties. There has been considerably conjecture on why this is, which is probably worth some comment.
Rangers International’s (RI) opening share price of 70p valued the company at around £50m. By contrast, Celtic, who are and always have been, a top flight club, and who are in the financially rewarding Champions League, were valued at around £34m. On an initial pass, Celtic looked undervalued.
There are a few caveats to this story worth telling before you empty your holiday fund on the latest batch of Dutch tulips. Since Fergus McCann took over in 1994 Celtic have only paid dividends on preference shares, which the FSA require the club to regard as debt, not equity. No dividends have ever been paid on the ordinary shares and there appears to be no appetite among shareholders for this to change.
Celtic shares are also particularly illiquid – very few are available for sale at any point in time. When even a small surge of new buyers enter an illiquid market, without a corresponding rise in the number of sellers, a share price can be bid up considerably. Consider a stable average of 10 buyers and 10 sellers each day of a stock with 29,000 shareholders suddenly changing to 20 buyers and 10 sellers. The price would rocket despite no change in the fundamentals.
The possibility of Celtic playing in a domestic league beyond Scotland has again been on the agenda. Such an outcome would radically change the financial prospects of the club and is likely to have a considerable impact on the share price, but this remains no more than a talking point at the moment. Investors should regard this potential outcome as speculative.
Rangers International attracted considerable investment from organisations seeking a level of financial return which supports that £50m valuation. We can speculate what percentage return they will expect but the RI board have been explicit on their intention to produce a financial return.
I’ll not be investing in either company at the moment. Celtic will not pay a dividend on equity shares (which in years to come will evidently be a really good thing) and although I am sure Rangers International’s board will deliver an on-target return for investors (which in years to come will evidently be a really good thing), they appear negatively surprised by recent news on structural change in the Scottish game. Always take professional advice before investing more than you can afford to lose.
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Hail Caesar
That is all.
sorry my mistake
post was at 19.12
(can’t read my 24 hour clock)
Parkheadcumsalford 20:39 on 11 January, 2013
Big Billy wasn’t ‘pandering’ to anyone. He was giving his opinion, just as you and I are giving ours.
As I said earlier, it was hardly an endorsement of Sevco.
Big Billy can put on a hun top and sing the banger’s and mash
I don’t care, he is above reproach.
Make your mind up,
—————————————————————-
CELTIC can survive without Rangers.
But I’d much prefer that they didn’t have to — because the Old Firm derby was the biggest game in Scottish football.
It was a desperate blow when I heard the news there wouldn’t be another league meeting between the teams for at least three years.
For me the SPL is devalued by the absence of Rangers.
I appreciate there are many Celtic fans who are delighted to see Rangers in the Third Division.
And, let’s face it, they are where they are for a reason.
Exclusion from the top league was the course of action decided by the other clubs.
But it doesn’t stop me from wishing Rangers were still a part of the top fight.
Celtic will win the league again this year and obviously I think that’s terrific.
They will do so in as professional a manner as possible.
However, with the greatest respect to the likes of Inverness, Aberdeen, Hibs and Hearts, it will still prove easier without their bitter rivals.
And that may be okay for plenty of folk.
But me? I’d always prefer Celtic to win the league with Rangers in it.
The clubs drive each other on and provide a proper edge to the title competition.
I suspect that Neil Lennon, deep down, also misses the derby rivalry.
In my day I couldn’t wait to check the fixture list at the start of the season and see when we were due to play Rangers.
I loved the derbies. Couldn’t get enough of them.
Some were scared of the fixture, intimidated by it.
But I relished the challenge, was inspired by the build-up and the atmosphere.
Don’t get me wrong, often there was an unpleasantness about it all. An unacceptable level of abuse.
But it was just a wonderful derby which provided an intensity you simply couldn’t get with any other game.
Unlike today, we were friendly with a lot of the Rangers players. We’d even socialise with them frequently.
The likes of Jim Baxter, Ronnie McKinnon and Willie Henderson were all great pals.
But, of course, once the derby kicked off that all went out the window.
There would be plenty of verbals and, occasionally, the odd boot off the ball.
Everyone was just desperate to win the match and there would be no quarter asked or given.
The talent of the players on each side meant there was good quality football — but we could also look after ourselves!
Just thinking about those derby matches that I played in gets me going again.
Hearts-Hibs is another fantastic, historic derby in Scottish football.
But I’m biased, nothing will ever come close to beating the Old Firm showdown.
Celtic are currently demonstrating through their success in the Champions League — and their latest big-money shirt sponsorship deal — that they can continue to make plenty of cash while Rangers are languishing in the lowest tier of the SFL.
But I still feel they need the competition the Ibrox side used to provide.
The events of last summer which saw Rangers first go into administration and then full-blown liquidation remain bewildering for me.
I still find it hard to grasp how such a great club and institution fell into such a perilous state.
It’s incredible to see Rangers in the Third Division.
And it’s going to be a long, hard road back for them.
I read Charles Green insisting they will look to quit Scottish football if the current reconstruction plans are approved. But surely that would never be allowed to happen.
Rangers being out of the top flight is bad enough — but out of the country completely?
Scottish football could never afford to let that nightmare scenario happen.
We just couldn’t cope with the loss of one of the two biggest clubs we have.
Rangers are arguing they should be invited to play a key role in discussions to reshape our game’s senior set-up.
Yet, as I understand it, they are presently not even allowed a vote because they are officially classed as only associate members of the SFL.
It will be three years before that changes.
Rangers have no choice but to accept that because of the wrongs they confessed to and were duly punished for.
But, for all of that, I still don’t believe Scottish football should turn its back on them.
Rangers have over 45,000 fans turning up to watch them for every home game and that is simply remarkable.
It’s a tribute to the loyalty of the supporters.
And it underlines the importance of Rangers to our game.
They have packed out all of the stadiums on their travels and brought much needed revenue to the local economies.
Of course, Rangers shouldn’t be allowed to do whatever they want.
The debts they built up were staggering and the unpaid taxes were shocking.
There had to be severe punishment levelled.
I’ve stated on several occasions that it’s no longer the Rangers I once recognised.
But it’s still a club with an incredible following and hopefully they will be back in the top flight as soon as possible.
Not, as their chief executive has threatened, in a league in another country.
Over..and…Over
20:34 on 11 January, 2013
I think the big man said some great things in there like ” They are where they deserve to be” and ” It’s not the same ra***rs that I used to know “
——————————————————————————–
he also said
The events of last summer which saw Rangers first go into administration and then full-blown liquidation remain bewildering for me.
I still find it hard to grasp how such a great club and institution fell into such a perilous state.
But it’s still a club with an incredible following and hopefully they will be back in the top flight as soon as possible
petec, My late beloved Mum always taught me to never argue with a Fool at their level, cos they will always win. I will debate any subject with a person I believe to be genuine. If I think guys are taking the pi**, I’ll just scroll on by.
Estadio Nacional 20:05:
On Miku, things have not worked out for him off the field, family not settling and him having difficulty with the language. However, having been at a meet the Manager event last year I can confirm that Neil rates Miku very highly but cited the aforementioned problems as being a barrier to Miku.
Keep the Faith!
Hail Hail!
Big billy is obviously a legend … In the true sense of the overused term
But
Hes old… senile .. .. gullible … Maybe even struggling for £££££
Hes talking keek … But i for one will overlook it ….. Cos theres only one king billy – thats McNeill ;)
Parkheadcumsalford
Really disappointed u feel that way.
Anyone who criticises Big Billy for saying he misses playing the Orcs is entitled to do so but much of Caesars triumphs came against them and he rightly has a proud and nostalgic way of thinking about them.
I am disappointed that the living legend and greatest living Celt is being spoken about in derogatory terms…
IMO Billy is exempt from criticism on any front least of all this!
Hail Hail Caesar
Many tks to Easyjambo for posting the Dec circulation figs for the MSM rags. Delighted to have contributed to their continued decline – none of my family touches, reads or even looks at the DR and Sunday Herald cancelled.
The Herald is in the last chance saloon – btw has anyone seen any apology for the Hugh Adams obituary disgrace yet?
For any MSM looking in, reasons are pretty obvious – the abject failure of these papers to tell basic truths and ask a serious question of CG during the whole of 2012 (not even one …..in a whole year!).
I heard some of Hughie Green on Gray and Keys today – only for a second mind as have learned to turn off immediately (same with SSB) to avoid the utter nonsense being peddled (which is funny). It’s the refusal of the presenters to challenge anything he says that gets my blood pressure going, so easier to simply turn off.
Miki 67 – Foghorn Leghorn – even my wife and son laughed out loud at that one. Spot on and that’ll stick as far as I’m concerned!
Chicken lickin’
The Raven
yes, afraid so, the man is only stating his feelings while outlining that the huns have caused their own demise
setting free the bears
18:56 on
11 January, 2013
Stats beat selective anecdotes anyday
The stats are interesting. But you don’t provide them for any of your bracketed countries – UK, Japan, Holland etc.
Another thing – I’m really surprised at the low murder rate in Iraq. At times of social anarchy there’s usually a spike in murder numbers as there’s less chance of being detected. But your stat indicates that Iraqi murderers are less opportunist than most.
canamalar
http://www.youtube.com/watch?v=m-H0uIH5HHQ
Let the music begin Big Chap.
All them bleks and immigrants with guns, it must be genetic, cos us good whities are statistically less likely an all that shit
I was talkin to a catholic priest today, from Ghana, with a face as black as coal… as the ole song goes…. I really should inform him of these facts, given to me by good catholics
Billy McNeill, yes Billy, being slated on CQN!
Low point of the year for me.
It wiz only a few days ago that someone – sorry can’t remember who – posted a link of Billy in the tunnel at the wee grun’ in Lisbon, extolling the genius of Wee Bertie starting up “Hail! Hail!” which set the tone of that particular day. We all know what happened afterwards…..
Hang your head in shame……aye you should.
nothappycsc
Valentine’s Day 20:35 on 11 January, 2013
“Shame on you Terry Cassidy
“thank’s
“back tae therapy.”
I’d like to apologise for any flashbacks (or Cassbacks) you may have received there.
But your reaction to that name says it all. What the Zombies are enduring is 10-times as bad. Think how they really feel, deep down … and laugh.
Valentine’s Day 20:47:
Billy would never wear one of those retro Tops and I think it would be unacceyable. However, you are spot on, he is beyond reproach.
Keep the Faith!
Hail Hail!
Forget the rag version of what Billy McNeil said Celts, its the Scottish media spin, nowt else.
There’s only one king Billy, that’s McNeil CSC
V
oh, oh…………..spoilers………….
Magnificentseven
20:49 on 11 January, 2013
The Raven
yes, afraid so, the man is only stating his feelings while outlining that the huns have caused their own demise
————————————————————————–
agree too disagree on that m8………any other ex celt would have beeen
slaughtered for that in my opinon…………..
Chuckles now demanding Swansea and Cardiff are kicked out of English Football.
His hysteria should be ringing alarm bells with all investors.
corkcelt
20:47 on 11 January, 2013
petec, My late beloved Mum always taught me to never argue with a Fool at their level, cos they will always win. I will debate any subject with a person I believe to be genuine. If I think guys are taking the pi**, I’ll just scroll on by.
______
Your Excellent mammy was obviously as wise as a serpent. Great comment.
The Raven
20:53 on
11 January, 2013
Magnificentseven
20:49 on 11 January, 2013
The Raven
yes, afraid so, the man is only stating his feelings while outlining that the huns have caused their own demise
————————————————————————–
agree too disagree on that m8………any other ex celt would have beeen
slaughtered for that in my opinon…………..
disagree all you want…..the man is not just a legend for what he did for Celtic….maybe if you had met him and knew something about him you would know he is a legend as a person as well
cheap shot from a stirrer in my opinion
Evening Bhoys, Ghirls & quizzards
The Friday nite footie quiz is upon us. Normal rules apply.
Round 1 follows shortly
Good luck
HH
CRC
Round 1 of 5: If you know your Celtic History?
(2pts if you are first to answer Q correctly, 1pt if correct but not first. One submission only per round )
1)Which Lisbon Lion made the most substitute appearances at his time with Celtic?
2)In 1894, what architectural feature, the first of it’s kind in the UK, did Celtic add to Celtic Park?
3)Which 2 strikers scored their only Celtic hat-tricks against Montrose in 1992?
4) What was unusual about the opening league game against Killie in the 1972/73 season?
5) Name Kelvin Wilson 3 previous clubs?
6)Which player made the most substitute appearances with Celtic
7) What 2 other Scottish teams has Anthony Stokes played for?
Lennybhoy… 20:48
Cheers, midnight here, Im off now.
EN
Those Irish Catholics, back in the day, were statistically more likely to be accused and convicted of violent crimes, than their plastic anglo-saxon hosts don’t ya know.
The prevailing whine from the educated elite – churches and newspapers – was that this was an inferior race. The temptation of thought from this is, of course, that they’re not human at all. They’re “other”. This categorises “them”, then act II – the fear. You should be scared. They won’t utter act III, because that would be incitement, and they haven’t got the baws – that’s where you’re supposed to attack “them”.
fritzsong
I tried not to be too lengthy but those stats I did provide were indicative of the pattern.
The USA is a much less murderous country than most in Africa where life seems to be held cheaply and there are fewer guns.
But it is a much more murderous country than other “first” and “second” world countries for whom they are a more reliable comparator. Anyway, if you type Command F and then type in the country you are interested in, you can find their rate on here:-
All countries and regions
P.S. I suspect that the immediate period around the recent war in Iraq may have been discounted to reduce distortion
Round 1 of 5: If you know your Celtic History?
(2pts if you are first to answer Q correctly, 1pt if correct but not first. One submission only per round )
1)Which Lisbon Lion made the most substitute appearances at his time with Celtic?
STEVIE CHALMERS
2)In 1894, what architectural feature, the first of it’s kind in the UK, did Celtic add to Celtic Park?
FLOODLIGHTS
3)Which 2 strikers scored their only Celtic hat-tricks against Montrose in 1992?
GERRY CREANEY,
4) What was unusual about the opening league game against Killie in the 1972/73 season?
IT WAS PLAYED AWAY FROM HOME DESPITE US BEING CHAMPS
5) Name Kelvin Wilson 3 previous clubs?
NOTTS FOREST, DERBY COUNTY
6)Which player made the most substitute appearances with Celtic
DIXIE DEANS
7) What 2 other Scottish teams has Anthony Stokes played for?
FALKIRK, HIBS
Scotland is this…..
http://www.youtube.com/watch?v=YfpRm-p7qlY
Quite hard to get to certain youtubes these days. Minority Report.
Until we meet again…
Keep the Faith!
Hail Hail!
just back from the pub and after looking at the quiz questions will give it a miss since I can only answer one oot of seven already:(
oops
3) AND TOMMY COYNE
1 Lennox
2 stairs
3 creaney coyne
4 champions but away from home
5 forest derby
6 deans
7 Falkirk hibs
The Raven20:53 on11 January, 2013
“any other ex celt would have beeen slaughtered for that in my opinon…………..”
If any of the ex-Celts you are thinking about are Nicholas, Burley, Provan or MacLeod – one of the major differences between them and Billy is they never have a good word for Celtic.
Cesar?
‘I was a fenian bastard then and I’m still a fenian bastard’.