Fergus McCann‘s AGM Statement
See Also: Celtic Finances
At the 1998 AGM Fergus McCann informed shareholders and supporters of his intention to sell his shareholding in Celtic.
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At the Annual General Meeting of Celtic plc held today, the Company’s Chairman, Fergus McCann, made the following statement to shareholders as part of his overall review of the Company’s activities and progress:
“Today is my last AGM as Celtic Chairman as I will be leaving the Club as planned before the end of the season. The time has passed very quickly since 4th March 1994, when the Club had reached an all time low with no on-field success, a dilapidated stadium, substantial debt and no money available for new players.
“Over the four years we have made massive progress: winning the League Championship (97/98); building the largest club stadium in the UK (60,000 seats); having the largest support (52,000 season book holders) of any club in Britain. This has been achieved by everyone who cares about Celtic working together towards a shared vision of football success and pride in a club which is part of our culture, open to all and a responsible member of the community working to help others where it can.
“We are now working hard to ensure that the progress that has been made can be sustained into the future. We have begun the search for a new Chairman and a new Chief Executive and we will ensure that we identify the right people to lead Celtic forward into the new millennium once again as a major force in Europe.
“As I have indicated some time ago, I intend to divest my shareholding when I leave the Club. In doing so, my overriding principle is that I shall do what I believe is best for the future of Celtic. I have also indicated my intention that my shareholding will be made available to be held broadly amongst the supporters and existing shareholders of the Club. I believe that this should produce the best structure of ownership for the Club and the Company.
“Last year was one of solid progress, on and off the field. I want to thank our players and staff for their great efforts and especially our huge army of supporters who have been the driving force in our success, and who will carry Celtic to greater achievements.”
In addition, all resolutions proposed at the Extraordinary General Meeting of the shareholders of the Company and separate meetings of Ordinary and Preference shareholders, were duly passed.
In particular, the Company has approved the sub-division of the Ordinary and Preference shares in the capital of the Company on the basis of 100 Ordinary or Preference shares, as the case may be, for each existing Ordinary or Preference share held.
Further, new Articles of Association were approved and adopted. Several amendments facilitate the shares being held and traded in the CREST system.
Finally, application has been made for Admission to the Official List of the London Stock Exchange of 29,000,000 Ordinary shares of 1 pence each and 18,500,000 6% Convertible Cumulative Preference shares of 60p each.
Dealings are expected to commence on 21 September 1998 at 9.00am.