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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any pics from the training camp Im not on twitter or facebook so anything Celtic welcomed
HH
Learning how to dive, Tom Daley style, just got interesting.
Caprice on the programme Splash on ITV now.
SPF
The Short Strand was the birthplace of the PIRA.British regiments at that time did not share intelligence info to a great extent due in part to regimental rivalry.In Autumn of that year the outgoing brits informed the loyalists of a 24/48 hour gap before the replacements arrived.Someone in the security forces made the residents aware of this.St Matthews Church was attacked incessantly with other parts of the S. Strand. In the grounds of the church were the 2 founders of the PIRA,Proinsas MacAirt and Billy McKee.McKee was badly wounded,and another non IRA S.Strand man killed.Yet they held until intervention by the security forces.To My mind the loyalists were given the best of chances to wipe out the area.They would have done it,make no mistake,as they had already burned loads of streets out in Catholic areas.
People in the Strand don’t forget.They daren’t, being surrounded by people who would cheerfully see them exterminated.
The PSNI have not learned their history,it would seem.
KoK on Masters of European Football on ss2 @ 1955.
Weefra HH
Hull 1 WEDNESDAY 3 – GET IN!!!!!
Totally outplayed ’em from start to finish!
There was a brilliant programme on Alba about the memories of Donegal people of living in Glasgow in the days of the tenements.
Just the usual Brit propaganda being pushed out as real news .
If this had been Nationalists protesting they would have been battered into submission and roundly condemned , because its Loyalists it’s somehow different .
Situation now being manipulated by the authorities to drag the Nationalist communities into this mess and no doubt be blamed for inflaming the situation .
Happy New Year
TT
ianinascoli
Will that programme be on again , do you know ?
Would you have ever thought you would see the day
when the chairperson of Sevco would be begging to join the
English Conference league.
Used to be the second biggest institution in Scotland.
Aye what a Reddy !
The Moon Bhoys
i know what your saying and if i were celtic i would be trying to get him to sign up to a longer contract with a cluase allowing him to leave for a set amount maybe £6 or £7 million, akin to mcgeady and petrov, but if he’s not willing to sign up its difficult to see what other option celtic have. so long as celtic get a true value for hooper i wont care who he goes to or the reason he decided to go to them.
i like to see former celic players doing well, but the only player i was interested in once he left celtic was the king of kings and he’s the only player i was happy to see with us until he walked away for free, legand!!!!!!!!
Ianinascoli
Any further programme info.
I would like to try and watch that programme on BBC I
Not sure if posted.
Incredibly upsetting radio report broadcast from NIreland today…
http://www.youtube.com/watch?v=vI_VhAEwB0k
@alextomo PSNI say they’ll put out an explanation of their tactics today in due course. We must await that.
This guy is on the case, he has been asking questions of their tactics all day.
Weefra HH
Derek McInness dan Macked as Bristol manager
Ianinascoli.
I would have liked to have watched that but not being fluent in gaelic it would be lost on me unless subtitled.
Then again i have a neighbour i could ask to translate that has become
fluent as of late…don’t n why ;-))
Scotpatsfan
Im confused as the gb packers are being tipped for a win at candlestick… Were on a roll but surely the niners are favourites.
Tt
When dya revert name
Sipsini
Met one of your colleagues at the gym today
burghbhoy
That’ll be another hun joining the media circus then.
Weefra HH
Jinky
Ten mins ago.
Hopefully it’s now safe for me to do so (:-)
TT
Burghboy
What a shame.
Isn’t it a pity ex rangers players can’t take their ref’s with them when they get a job in England.
Only saying
Play up
The boy jinky.
Big p? Naw that would be the pub.
Give me a hint.hh
Guys
Thanks very much to all of you for your good wishes on my Birthday. You have made a very young virile man very happy indeed.
Cheers I am raising a fine glass of red to all of you.
Hail Hail
swanseabhoy
19:25 on 12 January, 2013
Just been watching Short Strand under attack and being blamed for getting attacked.
Utterly disgusting.
>>>>>>>>>>>>>>>>>
Absolutely ……they came under attack, and were trying to protect themselves and their property…..
Weefra/playfus
Fully expect to hear him shortly on Shortbread waxing lyrical about Sevco and yeah it’s amazing the results u get when the ref is fair!!!
There’s a photo of the supporter who died at ibrox today on twitter, doesn’t look older than 25. Frightening.
Weefra HH
BBC Alba is worth looking up, they had a great program about Spurs/Jock Stein and the Lisbon Lions last week including footage I had never seen before, mostly in English I may add, however they had subtitles any time they broke into Gaelic.
KoK and Platini on ss2 now.
Weefra HH
Tt
Did you not have a moniker that was a song ?
Sipsini
A clue ….. Think he is a miller … Maybe in the wee pad section
The Boy Jinky
Re Green Bay.
I think it’s because San Francisco had a bye week and they’re at home.
Personally, I don’t think they’ve got the weapons to outscore GB.
I also took GB to win the SB @8/1.
It’ll be another great game tonight to go with the Denver/Baltimore one.
SPF
Anybody remember a guy up beside the gb having a heart attack in an evening game against that mob from embra…. About two years ago
The jambos covered themselves in sh!t that night while the rest of the stadium went silent as the poor guy was worked on right in front of our eyes
Jinky
Eventheoliveswerebleeding.
TT
Just got my mate to update my mp3 player
Not being musically minded,I cant hold an instrument properly never mind play one,ohhhh except the chorus of Billy reid on the flute :))(long story ).
Point is I will listen to most music just for the pleasure of doing so.
He has put on in singles (206 of),from Al stewart – year of the cat to Zoe(whoever he or she is) – sunshine
Albums (48 of),alabama 3 to wishbone ash with elvis,Maggie bell, Neil young and some prog rock prog rock in between.
To think when I got gifted said mp3 I though not for me to fancy :))
mp3oncqncsc
Henke on sky2 now
TinyTim
Just logged on. Good to see you posting. I’ve missed you.
Or a wee minute
The Boy Jinky
We gubbed them 4 nil that night(I think)
McTALL@
17:09 on 12 January, 2013
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Got my daughter to check JBL’s tweets as she’s a WWE fan and follows him on twitter,
seems the orcs have persuaded him to come on one of their podcasts and are hailing him as a legend,
mibbe need to have a word with your friend?
new article posted.