rbr

all the best gersnetters , onwards and upwards

sorry but that utter pish , 2 things . firstly HMRC , should never have been given £75 million towards the CVA vote , they hadnt won anything so should have been given a notional £1 , second why werent we offered a 3 year deal on paye like hearts , who are on their 4th mispayement of tax. This nonsense about the innocents is just more drivel thats been trotted out buy the likes of Tom English and Stuart Cosgrove now that they have no where to go with the EBT case

so whats he meant to do , get down on all 4,s and grovel for forgiveness , would that not be like going into an RBS branch and screaming abuse at the staff because of what fred goodwin did , we are where we are , we are continually told to let the past be the past except when we bring it up

deleted .... not worth the grief

I never said it was , my point was he was asked by Sandy Jardine at the RFFF meeting , he later denied that the conversation even happened , the mans a liar

you cant argue with fundamentalists mate

I was banned from FF for taking Mark Dingwall to task about that very point , he blatantly lied about what went on at the RFFF meeting when he told the meeting he would take the save Rangers site down . He still lies about it to this day .

Everyone thinks we will be spending this to get through the sfl2 or sfl1 leagues , they havent really either read or understood exactly what was said , mind you rangers fans jumping the gun is nothing new

It wasnt that it was hidden , more that it wasnt reported , and I also agree with Boss that we will be going down the same route re dividends , however as far as I am aware we dont have preference shares that guarentee their value and pay 6% in perpetuity

Dont think so , these were the ones that Wibble o,neill and eddie jordan bought or were given

Not only does he and the others who hold these shares get dividends , but these Convertible Cumulative Preference Shares hold another wee secret that is not divulged , these preference shares cannot lose their value , they hold the same value now as when issued , so as we speak their share price is 39p approx , these still hold a value of £1.25 per share , Old Desmond isnt daft . Im not 100% if these were from the first , 2nd , 3rd or 4th share issue that they have had , I believe they are from the original

Celtic FCâ??s £9 Million Hidden Debt paying 6% in Perpetuity Posted by footballtaxhavens ⋅ December 19, 2012 ⋅ Leave a Comment Filed Under Celtic FC, Debt Hidden round the back In Celticâ??s 2012 Annual Report, available under http://www.celticfc.net/corporate_investornews, Chairman Ian Bankier proclaims on page no. 1 under the Summary of Results, that the 2012 Year End net bank debt is £2.77m up £0.53m from 2011. Naturally Scottish football journalists regurgitate the press release, donâ??t go deeper into the figures and praise the amazing low debt. All the details in an Annual Report are in the back. It takes a bit of digging to get to the real details. Although the free market is supposed to be allow investors access to information so they can make decisions, financial reports are actually an exercise in showing the good news & hiding the bad things. Directors especially Accountants cannot be trusted to expose the full debt position up front and Celticâ??s board is full of ex-CFOs [Chief Financial Officers] & Accountants. Accountancy standards are set by auditors to also aid cover ups. If the Standards were so good why do we have the Enrons, Bear Stearns and Lehman Bros. failures. Accountants, Auditors and Lawyers are all part of the 1%ters. They donâ??t want us, the 99%, to understand what they are hiding while they distract us with the glittery stuff. Reading the 2012 Annual Report from the back, you find on page 63, there is another debt listed: â??Fair value of financial assets and financial liabilities The fair value of the Group and Companyâ??s financial assets and liabilities, as defined above, are not materially different to their book value with the exception of the debt element of the Convertible Cumulative Preference Shares, the fair value of which is considered to be £9.08m (2011: £9.08m).â?? [my emphasis] So Celticâ??s true debt position is £11.85 million. This is verified on page no.49 where under note 11 Finance costs we see the costs of the Convertible Cumulative Preference Shares £544,000 payment for both 2012 & 2011. Yet on page no10, up front, Eric J Riley, Financial Director, hides the true size & impact of the Net Debt by excluding the £9.08 million. This is like saying you own your house if you exclude your mortgage. On the previous page, page no 62 you can see Contractual maturity analysis for financial liabilities. These are debts owed in the near future and further out even to â??in perpetuityâ??: Cumulative Preference shares In Perpetuity Debt In the table above, note the Convertible Cumulative Preference Share dividends of £544,000 for each of 2012 and 2011. These securities, although called shares, have equity[shares] and debt elements. Hence their listing in this liabilities table. And please note the column heading above the £544,000 figure is â??in perpetuityâ?? in other words â??FOREVERâ??. Being a debt element the £544,000 should be called Interest rather then Dividend. Interest Rate on the Convertible Cumulative Preference Share Well what interest rate generates a charge of £544,000 on a debt of £9,080,000, itâ??s 544,000 / 9,080,000: Thatâ??s 6% per annum This is verified on page 50 where note 13 Dividends Payable describes the interest rate: â??A 6% (before tax credit deduction) non-equity dividend of £0.54m (2011: £0.54m) was paid on 31 August 2012 to those holders of Convertible Cumulative Preference Shares on the share register at 29 July 2012.â??[my emphasis] Who are the Shareholders getting the 6% Interest rate forever http://www.celticfc.net/corporate_sharecapital has them listed as: Convertible shareholders Well as expected, Line Nominees Limited, Dermot Desmondâ??s shelf company in the Gibraltar tax haven gets the largest percentage. Note: â??Dividendsâ?? are not taxable if received from a company outside Gibraltar. Maybe thatâ??s why they are called â??Dividendsâ??. Convertible Shares Now Convertible shares do have conditions allowing the holder to convert the CCPSâ??s into Preference shares but when you are guaranteed 6% per annum, under current bank interest rate of 0.25%, would you give up 6% for the possibility of an unpredictable dividend? This is the reality because very few of these securities have been converted over the years. So Celtic FC are going to be paying this high interest rate FOREVER unless they pay the £9.08 million back.

Rangersmedia is by far the worst rangers forum site at the present time and considering that the fat controller allows ff to be infested by the smelly obsessed lot thats saying something

Ian McColl is no more than a washed up ned , hes yesterdays man and a waster , he was responding to rumours that he had been told about thats all

why or rather how would a no mark like ian mccoll know about this , he was simply responding to the twitterati rumours that is all

The original float was only meant to be for £20 million , it was and is over subscribed by the financial institutions , it was then decided to raise the amount to £27 million to allow fans to buy shares , if the fans dont take up any shares then the financial institutions will get the shares they subscribed for which is £24 million, if no fans bought any shares the most he would have to pay out is £3million

Can I just ask what happens when a dividend is paid , where does that go , and also if in the unlikely event the share prices rise wouldsomeone who invested £125 only get the initial investment back . I know the probable answer would be that the shares will never be sold , but never say never

He,s pretty honest on twitter so will be interesting to see what he,s got to say regarding this , though when agents are involved anything can happen

And whos fault was that , certainly not mine , I stayed well clear of that petty bitch session

Sorry I should have added I dont trust certain individuals on the RST

I have thought long and hard about this and have unfortunately come to the conclusion that it aint for me ,I will wait and probably buy next year independantly . I am still unsure , mainly because of the dividends being paid , I dont agree with it ,and am pretty pig headed about these things , however I hope the whole IPO is a roaring success

I thought though that they were spending the best part of £20 million on stadium repairs , upgrades and associated purchases around the stadium

This must have turned into the stupedist thread ever , bring back the ally manager thread please

There was mention of an Arsenal director investing or was that just pie in the sky

I dont know what Rangers fans want to be honest , the main fans groups call for a boycott and the board listen and not only that come out with a fantastic statement and still some aren,t happy , jesus wept