Two important questions for Sevco share issue


There are two questions to look out for when The Rangers provide information on their public offering share issue:

Are the public being offered shares at the same price as investors who sign up prior to the public offering?

In 1994 Fergus McCann offered you shares in Celtic at exactly the same price he paid, giving fans the same value as the consortium which acquired the club from the old board.  Will Charles Green do the same?  A £20m offering will dwarf the existing share pool but, if the new shares are worth a lot less, the existing shareholders will be able to retain control and the majority of benefits.

How will the prospectus explain to investors the potential consequences of the SPL Commission, and any future investigation if the First Tier Tribunal report, due this month, finds that Rangers did not pay their social taxes as Fifa regulations require?

The SPL Commission into the improper registration of players at Rangers, whose SFA membership the new company acquired, will, if Rangers are found guilty, impose sporting and financial penalties on the successor club which is benefiting from its membership.

If guilty, this will involve the return of prize money for each of the 12 years which are under scrutiny.  The league awards prize money to each member club from TV income with the top two clubs earning a significant slice. This alone could consume the majority of funds from the share issue.

Sporting penalties would also be a consequence of a guilty verdict.  There is no reference point in world football for issues on this scale, so speculation on what the penalties would be can only be regarded as such, but, if The Rangers eventually win promotion to the SPL, they are likely to face points deductions for multiple years, making it difficult to gain access to lucrative Champions League revenue streams.

The latter question will considerably influence when the new company can hope to break even and allow an informed estimate to be placed on the scale of working capital requirement.

Former directors of Rangers, including Sir David Murray, remain confident HMRC will not succeed at the First Tier Tribunal, but the possibility remains that the verdict will go against the soon-to-be-liquidated club, leading to a fresh wave of football penalties.

The Rangers should now issue potential investors with enough information to decide if this week’s Forbes Magazine article questioning the club’s feasibility is accurate. It should be quite a read.

Although the Sevco consortium promised a share issue since before they bought the assets of Rangers today’s announcement has the appearance of something carried out in haste.  The domain name for investors to register interest ( was only registered yesterday and there is no web site yet.  Visitors are presented with an alert from their browser informing them that the web site they are visiting has a problem with its security certificate.

Why the hurry?

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  1. tigertim


    Thanks for that.


    It seems to me that the STV are not reporting on Celtic being cleared – as they would rather rekindle outrage(?) by printing the original lame complaint.


    Teuchter ár lá

  2. canamalar



    Course I’m grumpy – I’m of Italian extraction!



    Well Mrs and Ms Tally keep telling me I am!



    I’m also paranoid!



    The bottom line – who cares about Celtic plc, Celtic FC Ltd or Celtic FAC?! Well maybe just a wee bit!



    All I, and all of us I’m sure, really care about is the continued success of the CELTIC!!



    So there!!




  3. Teuchter ár lá



    The complaint that revolved around a picture posted on-line and not the actual banner taken into the ground.

  4. Cenkos brokers are also nomads for Octopus Investments.



    Remember them ya stupid zombies…




  5. TheGreenManalishi(WithTheTwoProngedCrown) on




    As Johnny Beattie used to say :



    Page 54, Line 8



    Now you see it !!



    Hail Hail

  6. “Rangers and Sheffield Wednesday have agreed an undisclosed settlement and financial arrangements for the move of Rhys McCabe to Hillsborough”



    Does that mean The Rangers received nothing but had to pay the player for going?.


    Does that mean the SFA have had an answer “quickly” to their question to UEFA regarding TUPE rights of players?


    The guy has played for Sheffield Wed 9 times already this seasonand now this drivel comes out, astonishing!

  7. Marti Sandino


    15:23 on


    11 October, 2012



    Good luck with the fundraising



    Hope it all goes well

  8. Neil canamalar Lennon hunskelper extrordinaire on



    “As the Company and its principal subsidiary are managed


    and controlled as a single entity”


    Tells us nothing, if what you say is true, why dont we receive an annual report on Celtic FC Ltd, identifying share distribution.


    This is not a problem for the Celtic board to clear up, they simply publish the number of shares there are in Celtic FC Ltd and how many of these are owned by Celtic FC Plc, simple really.

  9. Peter Hoskins ‏@PeterHoskinsSky


    As Rangers FC announce plan to raise £20m on stock market see chief exec Charles Green & manager Ally McCoist on #JeffRandallLive from 7pm

  10. I'm Neil Lennon (tamrabam) on

    I have asked this question before on here and Im probably not 100% clear on the situation yet


    Apologies to those who have tried to clarify it previously



    Ticketus gave Craig whyte 28 million quid (– I think that’s a fact)


    Craig Whyte Gave Lloyds 18 million quid to pay rangers debt at the bank ( I think that’s also a fact)


    Craig whyte spent the other 10 million quid, – some of it on rangers and some of it on dancing girls (okay that’s not really true, but I don’t know what he spent the 10 million quid on)



    So who owed ticketus 28 million plus interest? Craig Whyte? Or rangers oldco?



    Now ticketus were apparently in the business of loaning out cash to troubled companies and one must assume that they have clauses and securities as part of their dealings to ensure that no one “walks away” with ticketus money



    So craig whyte takes a floating charge against RFC or ibrox park so that ticketus get some assurance that their money is safe. The huns subsequently go bankrupt. What happened to ticketus money? I assume that craig whyte would use his floating charge to payback ticketus?

  11. South Of Tunis on

    Bryce Elder ?



    Bryce Elder used to work for ——- Bloomberg .



    Bloomberg are real sharp on the workings of modern finance and modern financial investment

  12. James Forrest is Neil Lennon! We are ALL Neil Lennon! on

    Pogmathonyahun aka Laird of the Smiles:



    Hahaha I like that.

  13. tomtheleedstim on

    Celtic: Not Guilty


    By: Newsroom Staff on 11 Oct, 2012 15:31


    CELTIC today, Thursday, October 11, have been found Not Guilty by the SFA’s Judicial Panel of alleged breaches of SFA rules relating to a banner displayed at Celtic Park during a pre-season friendly with Norwich City FC.



    A club spokesperson said: “Celtic Football Club opposes all forms of offensive behaviour and unacceptable conduct and our supporters are well aware of what is expected in this regard.”



    “We are surprised and disappointed that after providing a significant volume of evidence and information about our safety procedures, that today’s hearing was actually necessary.



    “In addition to dropping several charges in advance of the hearing, the SFA’s Judicial Panel also accepted that Celtic had not breached any SFA rules.



    “We believe that Celtic Park’s safety and security procedures are of the highest standard, something which was successfully demonstrated to the Judicial Panel by the club and by several witnesses, including independent industry experts.”




    Wonder how long we’ll have to wait for the enquiry into the huns “paedophile” banners.

  14. johann murdoch on

    A Son of dan…re Octopus etc..I thought the share amount of £20m was strangely related to the amount Ticketus owed or it provides initial repayment capital when Ticketus come calling at Chucks door or is Chuck part of the Ticketus recovery plan?.could they arrest any funds that the flotation provides?..keep joining the dots HH

  15. South Of Tunis on

    ASonOfDan ——



    I imagine a lot of the Nomads will be people who are already in bed with Mr Green .



    In for a penny but hoping to leave with more CSC –Way down south

  16. Marti


    Good luck with everything…get yersel’ loaded up on the ole pasta :)


    Did You say you were doin’ a collection at CP? I have asked a friend in Scotland to look out for it and to drop in a 20…wasn’t sure what home game it was though.


    We have a history of giving to the dark continent since childhood and it fills me with pride when I hear of success stories……like VW.


    Guid’ oan ye.


    Teuchter ár lá


    Ex marathon man 1986 :(

  17. Neil canamalar Lennon hunskelper extrordinaire on



    Personally, I’m thoroughly enjoying it.


    We’re in an international break all we can do is hope our players come back fit.


    The rotten mob are filling in that international break with much mirth for most Celtic supporters but I suppose there are a few who are really not enjoying the death throes of our long time oppressors, though :o)


    Oh and I dont think its P67’s job either I’m sure its a hobby.

  18. Bishop Crosas CSC ‏@BishopCrosasCSC



    Apologies for Zombie content, but isn’t this hilarious!


    Retweeted by Marc Crosas


    Hide photo











    From QP’s Wiki page



    Opposition first came in the form of a now defunct Glaswegian side called Thistle FC and Queen’s won 2–0 on 1 August 1868.

  19. lifted from tWitter me bob



    Jonathan Sutherland‏@BBCjsutherland


    Celtic found not guilty by SFA after stooshie over ‘zombie’ banner during Norwich game


    Have itttttttttttttttttttttttttttttttttttttt




  20. Teuchter ár lá





    Aye, the bucket collection was before the Hearts game on Sunday and people were very generous. The Celtic fans capacity for giving to such good causes is unreal and so soon after the great collection for wee Oscar it was fantastic to see.



    Marathon in ’86 eh ? Well done! I should have done it in ’86 when I was 21 I suppose instead of leaving it this late. Aye well, better late than never I suppose and as you say the cause is a good one!





  21. Lennon n McMjallby – “Why can’t rangers not be worth 30m?”



    More importantly, because they are a 5 month old company with no audited accounts.



    Some of the more financially minded might be able to answer, has such a company ever attempted a share issue before?

  22. “A club spokesperson said: “Celtic Football Club opposes all forms of offensive behaviour and unacceptable conduct and our supporters are well aware of what is expected in this regard.”



    “We are surprised and disappointed that after providing a significant volume of evidence and information about our safety procedures, that today’s hearing was actually necessary.



    “In addition to dropping several charges in advance of the hearing, the SFA’s Judicial Panel also accepted that Celtic had not breached any SFA rules. ”




    Anyone see this reported before today?


    Indeed anyone see this reported apart from the official statement?


    There were fout charge to begin with so if several were dropeed that would be more than or a couple, which ould make it three.


    So the hearing was convened even though the panel accepted no rules were broken!!


    What a waste of time and energy when dual contacts and registrations could have been getting looked at!



  23. Neil canamalar Lennon hunskelper extrordinaire on



    was some of that money already tickeus debt CW took on when buying the club for £1, in essence only getting the £18M – £20M to clear the bank, the rest £28M a combination of old and new debt owed to ticketus by the club.

  24. Tallybhoy



    You are a little mistaken regarding Celtic Football and Athletic Company Ltd.



    Here is a condensed timeline of Celtic (as a club/company) history:



    1888 – Club formed by Brother Walfrid


    1897 – Club incorporated as company and was called The Celtic Football and Athletic Company Ltd (Comp number SC003487)


    1994 – Fergus McCann took over and wanted to change to a Plc so shares could be issued. Company name renamed to Celtic Plc (SC003487)



    Same company number from 1897.



    Celtic Plc is a direct continuation from the club that was set up in 1888.



    To protect the trademark The Celtic Football and Athletic Company Ltd, Fergus bought a company “off-the-shelf” and renamed it The Celtic Football and Athletic Company Ltd. This company is wholly owned by Celtic Plc.



    2001 – A new company was set up called Celtic FC Ltd. This is wholly owned by Celtic Plc. A number of assets were transferred to this company on 15 February 2002 and this company now runs the football club.




  25. Not guilty of a cut’n’paste photoshop job by somebody else all together? Not guilty?


    There should’ve been no charge to begin with. It should’ve been tossed before it got through the door. But it wasn’t…..


    S.F.A…. fantasy characters everywhere. The Zombie Protection Society.

  26. Makes good reading…



    Field Fisher Waterhouse (FFW) and Travers Smith have been instructed to advise on Rangers FC’s £20m flotation on AIM.



    The club announced the IPO this morning, with FFW corporate finance partner Christine Phillips advising Rangers.



    Travers Smith corporate partner Philip Cheveley has been instructed by Cenkos Securities, the nominated adviser on the deal.



    In trying to raise £20m, Rangers will aim to use the funds to boost capital, improve facilities, develop property and strengthen the playing squad.



    Rangers is currently languishing in the Scottish Division Three following the administration and liquidation of the club (13 August 2012).



    Its former lawyers Collyer Bristow and former owner Craig Whyte’s takeover vehicle, the Rangers FC Group, are being sued by administrators at Duff & Phelps for at least £25m in damages for allegations of conspiracy, breach of undertaking, negligence and breach of trust, in relation to the club’s financial meltdown (24 April 2012).



    Charles Green, CEO of Rangers, said in a statement: “From the time we acquired the business and assets of Rangers FC, we indicated our intention to list the company and provide our fans with the opportunity to invest in their club. Rangers is debt-free and a huge club with enormous support and a 140-year track record of success on the domestic and international arenas. Our aim is to return the club to its glory days whilst ensuring it is run efficiently and profitably.”



    Background to this deal:



    Travers’ Cheveley was instructed for Cenkos and Investec as joint brokers to Assura Group on its £35m rights issue last year. He has previously acted for clients making multi-million pound cash offers for West Ham United FC and Aston Villa FC, as well as for General Sports & Entertainment’s acquisition of Derby County FC.



    FFW’s relationship with Rangers includes being instructed by its new owner Charles Green during his takeover of the club, with Phillips on a team led by sport head Patrick Canno alongside corporate partners David Wilkinson and Amerjit Kalirai.



    The firm’s links with Green go back years to an instruction for AIM-listed construction management specialist Formation Group when Green was chairman.

  27. tomtheleedstim on

    A bit of a random question this but……. does anyone on here work in the tv advertisement industry?

  28. ASonOfDan – Cenkos Securities are a very interesting choice of NOMAD. Very interesting indeed. How many firms do you think in the UK who are able to be AIM NOMADs? Surely a coincidence Chico has picked one who is heavily involved with our friends Octopus? In fact Cenkos and Octopus share board members.



    What a very big coincidence….move along, nothing to see here.

  29. Neil canamalar Lennon hunskelper extrordinaire on

    When I see the word Nomad, I immediately think of the arab character in the beau peep comic strip :o)