Celtic's main market move
Thursday 06 August 1998
Mr McCann confirmed plans to step down in spring as chairman and chief executive of the Scottish champions after five years in charge. His departure will follow Celtic's move from the junior Alternative Investment Market to the main index.
Mr McCann said he wanted to sell his 50.1 per cent stake, valued at nearly pounds 32m at yesterday's price, to shareholders and fans rather than to "faceless City institutions". He said: "I will not be selling my stake to a controlling shareholder. The plan is to give it to shareholders and fans." He planned to use the money to pursue business interests outside the UK.
Celtic's financial advisers were yesterday studying the possibility of a rights issue which would give existing shareholders first refusal on Mr McCann's stock. However, analysts believe that existing stakeholders would be unable to buy the entire stake.
Mr McCann has been locked in a battle with Brian Dempsey, a former director of the club, who has repeatedly accused him of disregarding the interests of Celtic's fans. Mr Dempsey, a wealthy property developer, was the head of a group of investors, including Simple Minds singer Jim Kerr, U2 star Bono and Scotland's biggest lottery winner, John McGuinness, which recently tried to wrest control of the club from Mr McCann.
Mr Dempsey told The Independent his group may seek to buy part of the chairman's stake if it is offered on the market after the rights issue.
The club will also implement a 100-for-1 share split to increase liquidity. The shares trade at an unrealistic pounds 220 following yesterday's pounds 5 rise.
Celtic yesterday announced a 38 per cent rise in net profits to pounds 7.1m despite a 14 per cent slide in operating profits due to higher players' salaries.
- 1 Crystal meth addict 'gouged out his eyes and ate them' while high on drug, Australian MP claims
- 2 As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
- 3 The ten most unequal developed countries in the world
- 4 Saudi Arabia 'seeking to head United Nations Human Rights Council'
- 5 Toddler throws a tantrum at the White House – in front of Barack Obama
JK Rowling horrified by Harry Potter actor Matthew Lewis's raunchy photoshoot
Saudi Arabia 'seeking to head United Nations Human Rights Council'
The ten most unequal developed countries in the world
Toddler throws a tantrum at the White House – in front of Barack Obama
Irish people are travelling home from all over the world so they can vote to legalise gay marriage
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
Report finds that Britain's wages are the most unequal in Europe
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
The day that Britain resigned as a global power
Gay marriage 'Bert and Ernie' cake bakery found guilty of discrimination in Northern Ireland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...