Everything Has Changed


Spanishcelt says: Saturday, March 9, 2013 at 10:25 They were probably …

Comment on Everything Has Changed by easyJambo.

spanishcelt says: Saturday, March 9, 2013 at 10:25

They were probably initiated on 6th March but were only completed and went through on 8th March


6-Mar-13 16:15:47 78.00 400,000 Sell* 78.00 82.00 312.00k O
6-Mar-13 16:17:28 79.00 400,000 Sell* 78.00 82.00 316.00k O

easyJambo Also Commented

Everything Has Changed
ecobhoy says: Saturday, March 9, 2013 at 09:19
The lock-in only really applies to the directors and key employees and covers 9.25M shares. (Green 5M, Amhad 2.2M, Hart 0.5M and McCoist 1M make up the bulk of those)

The lock-in for the institutional investors (16.4M shares) isn’t watertight. Their commitment for six months is only that an “orderly market” is maintained.

Cenkos have entered into orderly market agreements dated 7 December 2012 with certain of the Shareholders holding upon Admission, 16,375,000 Ordinary Shares (representing 22.60 per cent. of the Enlarged Share Capital), which provide that a shareholder shall for a period of 6 months following Admission only dispose of an interest in Ordinary Shares following consultation with the Company’s broker and in such manner as the broker may reasonably require with a view to maintaining an orderly market in the Ordinary Shares.

My reading of the above extract from the Prospectus is that the institutional investors can dispose of their shares at any point with the agreement of Cenkos.

Everything Has Changed
angus1983 says: Friday, March 8, 2013 at 20:14

David Longmuir hasn’t ruled out fast-tracking Rangers if there is a league reconstruction

I WAS interested to read that SFL chief executive David Longmuir had refused to rule out Rangers being fast-tracked into the second tier if league reconstruction gets the go-ahead.

There is certainly a precedent; Stranraer were promoted to the First Division when the league set-up was changed back in 1994.
The Stranraer precedent wasn’t as substantial as the leg-up that is being suggested for TRFC.

In 1993/94 there was a 3 league set up of 12-12-14. By winning Div 2 (the third tier), Stranraer could be considered to have merited 23rd place in the rankings for the next season as two teams would normally have been promoted/relegated.

In the following season 1994/95 the league structure changed to 10-10-10-10. Stranraer were given a place in the top 20 as their reward for winning their league, thus gained another 3 places in the meritocracy. ICT and Ross Co. joined the league to make the no of teams up to 40.

What is being suggested for Rangers, assuming they win Div 3 is that they are given a leg up from 31st/32nd (1 or 2 can be promoted), to 24th in the rankings, a lift of 7 or 8 places.

I don’t know when the decision was taken that the Div 2 winners would go into the new 10 team Div 1 but I suspect that it will have been agreed before the start of 1993/94 season.

Everything Has Changed
It’s a sad indictment of the SPL clubs, that they have previously been powerless to act while Celtic and Rangers had their veto on changes through the 11-1 vote.

Now they appear to have acted in a very limited way now that Rangers have left the scene of their crimes, but for one season only? That is a joke. They have left a seat warm for TRFC to take on the mantle and the financial clout of their deceased ancestor.

Recent Comments by easyJambo

Fergus McCann v David Murray
Given that the blog has reverted to its seemingly inescapable time warp relating to events of 8-10 years ago, it is appropriate to mark the 10th anniversary of an event that set the ball rolling in contributing to
the sale of RFC for £1, its financial collapse and subsequent consequences of administration, 
liquidation, as well as Res 12. 

That event was HMRC's success in the Aberdeen Asset Management FTTT, the decision for which was published on 29 October 2010

RFC, who operated a similar Discounted Option tax avoidance scheme, had actually been presented with a Tax assessment as early as September 2007, which they appealed.  Their appeal was put on hold pending the outcome of the AAM case. Following the decision, HMRC issued RFC with a new offer to settle the following month.

The rest, as they say, is history and "in the past it must remain".  No matter how many times the blog returns to the events of 8-10 years ago, no-one in the football authorities or in the SMSM is listening, nor are they likely to change their mind now.

I believe that it is now time to move on. Not to forget what happened, but to move on all the same.

That is what I plan to do.

Fergus McCann v David Murray
bect67 26th October 2020 at 20:05

Probably an unfair question, but could you venture an opinion (for the less financially astute members of our community e.g. me!) as to what the comparable returns for TRFC might look like – assuming, in a break from their 8-year old tradition (?) that these be ‘unpockled’?


You are correct. It is an unfair question mail, but we should get sight of the accounts in the next month or so.

We know they had a forecast £10m shortfall in last year’s accounts. That was almost certainly reduced by their unbudgeted extra EL revenue.  We also know that DK provided a £5m loan facility. We can also state with some certainty that Park, Letham and Taylor plus Gibson provided additional funding which has since been converted to equity in the recent share issue.

They will show a loss, albeit that it will have been covered by the loans/share issue. How much is still outstanding is anyone’s guess.   

They have operated with year on year losses, but despite the doom mongers forecasts they have found a way to remain afloat and grow their business, improving the strength of their squad and on-field performances year on year.

They may forecast further shortfalls for this current year, perhaps with yet another share issue, but there is nothing to suggest that their business plan is failing.  Indeed, they appear to be getting stronger on and off the park.  Their new merchandising deal appears to be working and bringing in additional revenue (I don’t know if SD walked away, with or without cash, or declined to make a matching offer).  They have also sold out their 46,500 ST allocation, meaning that their match day revenue will be as high as it can be in the circumstances.

Covid restrictions will still impact them, but I do think that they are in as good a shape as most other Premiership clubs to come out the other side relatively unscathed. 

Fergus McCann v David Murray
The fall in Celtic’s revenue is across all areas.

Football Operations down £7.5m
Merchandising down £3m
Multimedia and other Commercial activities down £2.7m

This current season could be even more challenging with the increased liabilities and reduced income. The club has also increased its revolving credit facility from £2m to £13m (still unused) just in case.

Fergus McCann v David Murray
Current liabilities  2020 2019 

Trade and other payables     20,744     13,957

Lease liabilities    604       –

Borrowings  1,364     1,364

Provisions    5,942      3,479

Deferred income    21,275    25,614

Totals                    49,929     44,414

Looking at the above figures I was trying to work out the ongoing liabilities for deferred wages.  I don’t know if it will be included in the £6.8m increase in Trade and Other Payables, or in the £2.5m increase in Provisions.

The drop in deferred income suggests a fall of £4.2m in Season Ticket revenue.

Fergus McCann v David Murray
The previous post should read "cash in the bank down"


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