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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Are we happy with the proposed new set up? Last year we were all up in arms about us financing the other teams. I may be missing something, but what’s in it for us?
Summa…
Does the turntable in your microwave go in the opposite direction from my scottish micro
Winta of heating up last nights lamb korma leftovers
HH
Notice the herald re writing history..a new obituary for Hugh Adam…just shows the chaos at that paper..That the first article was ever printed..
Also noted 9 more arrests over Hamilton and Falkirk match..total arrests 18… The MSM have not declared this a disgrace,riot or embarrassment …
Strange- it’s only Celtic that get “riots” declared..
Shame on the press…
HH
Just saw a wee gem.on a fb page
Chuckie Green … Carstairs Candidate
Arranmore
Its significant that no-one is surprised about the heralds actions
The Boy Jinky
12:40 on
12 January, 2013
Hungryhouse etc….the curse of the take away delivery driver.
The ability to pay online usually results in the recipient not tipping!!!!!!
Good afternoon CHAMPIONS
Any gems from ole chuckles today then? Very many happy returns to Awe Naw.
Has the yank signed yet?
Weefra HH
lol!
MTHForum 4
@GrahamSpiers Did you know Competitive Sport was exempt from the Sex Discrimination Laws? Or are you too busy still clapping like a seal?
HT
Tipping is a throwback to the days of the old class system. I find it demeaning to the proud employee…. So i resist the urge to fill his boots. Lmao
A new and very fitting obituary for Hugh Adam.
Robert McIlroy and Rangers FC should hang their heads in utter shame.
Herald has redeemed itself somewhat but must also take a long hard look at itself. An apology for the original obituary should have been published.
http://www.heraldscotland.com/comment/obituaries/hugh-adam.19879110
HH
You said it BOY JINKY..
Spiers,Wilson,Grant all spout Sevco propaganda through the pages of the Herald Sport never mind the editors..
And were reason I stopped buying it.. The mask slipped off many faces last February .. And what are glasgow s polis doing allowing Neanderthals to gather with flegs at the city chambers ?
HH
@ celticrumours
Attention media: 1. Currently 7
year waiting list to have case heard in Strasbourg 2. Competitive sports exempt from sex discrimination law 3. This information not hard to find.
The Boy Jinky.
I forget when you said you’re going back to your holiday paradise,but I think it is pretty close.
Have a nice time when your holiday comes around.
“So to be endorsed by your peers – never mind what lawyers and the authorities might say – was a good thing” – CG, on the Official Sevco site, talking about an ECA letter stating Sevco are the same as old Rangers.
So just what is it that the authorities have said regarding Sevco and Rangers (IL)?
Arranmore
The media here refer to the riots in belfast as ” protests ”
Heard a numpty on ssb saying he had never been to an oldco match.. Bought a season ticket for sevco out of defiance and will never set foot in an spl ground
Oldtim
4 weeks …. Leave glasgow on 8th feb
Got a few games between now and then .. And my brother is home next weekend so need to get him a ticket for the match against the embra huns
The Boy Jinky
13:10 on
12 January, 2013
HT
Tipping is a throwback to the days of the old class system. I find it demeaning to the proud employee…. So i resist the urge to fill his boots. Lmao
——–
Trust me….if you tip I’ll overcome my feelings of being demeamed!! ;-)
HT
I always believe in being respectful to fellow workers … As in animal farm we are all equal
I appreciate that no-one tips me for the same reasons :))))
Happy Birthday Awe_Naw
Not so sure about best wishes to BMCUWP ole Mhan ,look what he’s landed us with.
Och Happy Birthday Auld yin ,you’ve had a lot to put up with .hh
The Boy Jinky
But some animals are more equal than others.
You do know that Orwell was referring to take away delivery drivers when he wrote that?!
mikeybhoy
ECA recognise them that much they dropped them from full members to associate members with no influence.
Jinky I’ll game ye a tip, take plenty o sun tan lotion was ye!
Give
He’s the Hugh Adam obituary from the Herald. it is an interesting read, especially about the demise of the oldco. FF will be FFurious!
The greatest measure of the success of a person’s life lies not in the level of fame that they achieved, but in the regard in which they were held by decent people. The recent passing of Hugh Adam, former director of Rangers’ Football Club, has undoubtedly left a gap in the business side of football but also more importantly in the hearts of those whose lives he touched in a personal way.
Many people use the opportunities that the world of football gives for fame and its trappings in a self-serving way: Hugh Adam revelled only in raising funds for the club and building its future on strong foundations. Most of all, he was a genuinely decent man, remembered best by many for the way he cared about other people.
Born in Hamilton, he was the youngest of four sons born to Robert Adam, a miner, and Elizabeth Rennie Walker. The hardship and sacrifices that his parents endured in ensuring all four boys were educated at Hamilton Academy, where he gained his Higher Leaving Certificate, had a lasting impact on him. He grew up believing that the world does not owe you a living and the only route to genuine success in life is through hard work. Hugh loved people, but he never had time for those who – in his words – did not know “the difference between occupying a position and actually doing a job”.
It was at school, too, that his enthusiasm for sport in all of its forms was nurtured, and there he won the award of sports champion. His greatest sporting ability was in middle-distance running, coming second in the Scottish Championship in the 440 yards. He was also a great rugby man, which he played at school and later for the academy FP team, believing that the sport was more character-forming than football.
When the time came for him to give up playing rugby, he turned to other sports, enjoying golf, snooker, and table tennis. He was also a keen spectator of all sports, continuing to be, at heart, a Hamilton Academical supporter. However, in all the years he worked at Rangers he never attended Douglas Park except when he was there to support Rangers.
At heart he was a “company man”, placing his first loyalties with the club which employed him and which he grew to love over the years, although he never forgot his roots and the other sporting interests which made him the rounded person he was. It is undoubtedly true that the fact that his interest in Rangers was less emotional and less partisan than that of others contributed to the acuity of his vision and the objectivity of his business strategy.
After leaving school, Hugh spent a year at Glasgow University, which he described as “a golden year”. The untimely death of his mother when he was just 17 was certainly a contributing factor to his decision to leave and on his increasing belief in the value of self-reliance. But his study of mathematics was to be of help to him in his later work, particularly in his understanding of the nature of probability. His study of history was also to prove formative, fostering an awareness of the way in which the mistakes of the past can impact on the future, and of the need to learn constructively from them.
In 1952, Hugh married Jean Burns, whom he had met at school, and in 1953 his only daughter, Elizabeth, was born. Hugh and Jean celebrated their 60th wedding anniversary in October, in a period of relative health between periods of hospitalisation. He was always a family man at heart, loving in particular family holidays in Devon and Cornwall, but apart from a short trip to France as a young man on a rugby tour, he never ventured abroad until he was called upon to travel with the club later on.
In retirement, however, he and Jean developed a liking for cruises and the opportunities which this gave him for meeting people suited him well. One of his most memorable experiences was a trip to Pompeii, which he found deeply moving, seeing in the after-effects of the disaster a metaphor for humanity’s need to learn from the mistakes of the past.
After giving up full-time education, Hugh had, for a time, various jobs, ranging from a spell with the family drapery business in Blantyre, leading to a period of self-employment, which built on his strengths as an independent thinker with a strong work ethic.
Later on, after a period of serious illness which led to him losing a kidney, he worked for a time with Rediffusion in Hamilton in the arrears and sales departments. There, his growing business acumen was put to good use until he left to take up the post of assistant manager of Rangers’ Pools. Soon after, he was promoted to manager when the existing manager retired, and he quickly set about turning around what was then a relatively small operation into a multi-million-pound fundraising machine for the club.
After the Ibrox Disaster, it was clear that something had to be done – and done quickly – to improve dramatically the safety standards at Ibrox. Hugh’s facilitation of the rebuilding of the stadium by raising the necessary funds must surely be his greatest legacy both to Rangers Football Club and to Scottish football.
His success led to his appointment as chairman of the Rangers’ Development Fund and later as a director of the club. Such was the regard in which he was held, he was later to serve as an adviser to the Government on the National Gaming Commission on the setting up of the National Lottery and he was frequently called upon by other football clubs as an adviser on fundraising strategies.
Much has been written about the amount of money that Hugh raised for the club, but he was appalled at the way in which this seemed to be squandered on buying big-name players, something which he considered to be an ill-conceived strategy, and which resulted in imitative behaviour among other football clubs. This was a practice which was, ultimately, to be damaging to the sport as a whole. The predictions that he made years ago that Rangers’ financial strategy would lead to the ultimate collapse of the club were, sadly, to be proved accurate. He took no pleasure in the vindication that this brought to him, only a sense of sadness that other people had been too blinded by their own egoism to listen to his voice of reason.
However his love for the club never wavered. Even last year, as he became increasingly frail physically, and was beset by significant hearing difficulties, his business thinking remained clear and insightful. It is a measure of the integrity and courage of the man that even at 86 and in poor health he found the strength and the will to give interviews on what he considered to be inappropriate practices at the club many years ago. He did this, not out of spite – as some choose to believe – but out of a desire for the truth and a genuine concern for the club.
He will be missed by many, particularly because of his honesty, his integrity, and his caring regard for other people –- attributes which seem sadly lacking in many in the world of football. Perhaps there are some today who would do well to take inspiration from a talented but self-effacing man who cared only for the truth.
Corkcelts Ballad of the Week
The Gay Galtee Mountains
(Not far from where I live)
On the Galtee Mor Mountains one morning in May
I spied a young Maiden, with colours so gay,
I spied a young Maiden, her age was sixteen,
And she carried a banner, white, orange and green.
A young British Soldier was passing that way
He spied the young maid with her colours so gay
He cursed and he swore, he jumped off his machine
and tried for to capture the flag of Sinn Fein
You shan’t have these colours the young maiden cried
Or your blood or mine down this valley will ride
For I have a rifle and that’s nothing mean
And I’ll lay down my life for the flag of Sinn Fein
The young British soldier turned white as the snow
Jumped on his machine and away he did go
For there’s no use in fighting a maid of sixteen
Who would lay down her life for her flag of Sinn Fein
Early next morning near Tipperary town
From the Gay Galtee Mountains, the young maid came down,
Her heart it was torn, ’twas plain to be seen
For that morning Tom Ashe gave his life for Sinn Fein
My dad always said when tipping mentioned……
“Don’t tie your shoelaces in a revolving door”
.
VMhan..
Re; Quick Cooking with a Microwave..Its Also great to Warm Up a Heat Pack..(Wheat) You can get Nice Perfumed ones for DerryGhirl..If You don’t have One nick done to the Chemist..Trust me She won’t bother about your Cooking..Only temporary relief but Brilliant at the Time..
Summa of SoreBacksCSC
HT
One dark wet winter evening i decided to phone the local chinese rather than walk the 800m . Then i realised i hadnt any notes in the house…. Did the search of bags and pockets and found nearly £20.
When the gent arrived at my door looking for about £12 i handed him £15 of tens .. Twenties.. And Fifties … He actually said FFS mate get a grip.
.
VMhan..
Ps..Also better than ANY Painkillers..
I don’t think the bhuns (want to) appreciate the fact that, even with normal progress, it is going to take sevco, or it’s successor(s) about 10 years to get a decent team on the park. ….once greengo jumps ship, there will be a massive financial ‘gap’, which will prevent them paying the going rate for qualty ……Leeds springs to mind
Rankers are no more……get it intae yur heids…and this new team you all go to see are shoite …LOL….
What foreign league would allow sevco into any of their leagues, even if they could ……. ?Maybe they would be tempted by their well-behaved fans …….lots of LOL
Vmhan
Good tip … Cos the suntan cream sold in goa is really scented lard :(
Btw … Lavender wheat heat pillows in superdrug for your wee ghirl ;)
T B J
You should have took £3 back.
corkcelt
13:34 on 12 January, 2013
_____________
Loved that song.
I sang a slightly different version of it when I was still at primary school. My Donegal mother taught me it .
She called it White, Yellow & Green.
‘…. I’ll give up these colours the bold maid replied,
When your blood or my blood these colours have dyed.
I here have a rifle, tho’ that’s nothing mean,
And I’ll die for these colours,..White, Yellow & Green.’
Great memories.
Thanks.
Norwich are close to completing a deal for
Celtic striker Gary Hooper, talkSPORT
understands.
The 24-year-old has been a huge hit since
moving to Celtic Park from Scunthorpe in
2010, scoring 64 times.
But the Scottish champions have resigned
themselves to losing their star man, who
has 18 months left on his contract and
has informed them he has no plans to
sign a new deal.
Hooper is keen to test himself in the
Premier League and has already held
talks with the Canaries over a move to
Carrow Road.
And talkSPORT has been told that Chris
Hughton is confident of landing the
prolific hitman this month.
Hey Jude
Truth is i couldnt be bothered counting that three pounds again …
Lazycelt.com
Asonofdan
If hooper has actually held talks with norwich .. That had to be with celtics approval
ASonOfDan
13:52 on 12 January, 2013
If a player prefers a mid-table to relegation battle over the chance to win medals and play at the highest level in Europe, is he the type of player we want to hold on to?
He should stay until the summer and then get his move to a better club than Norwich.
http://www.theage.com.au/sport/football/four-more-clubs-hot-on-rogics-trail-20130112-2cmy4.html
spot the comment that will have the zombies frothing at the mouth
CQN Saturday Naps Competition
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“Roll up, roll up, crap club”
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