CELTIC has joined Rangers on the junior stock market Plus Quoted, formerly known as Ofex. Not the Parkhead football club, but Celtic Tankers, a shipping minnow.
Celtic Tankers, headquartered at the same Edinburgh office as Plus stablemate Forth Tankers, was admitted to the exchange at the end of last week to exploit the "ongoing buoyancy" of world shipping markets.
The company is chaired by Bill Thomson, former chairman of Forth Ports.
Forth is an oddity in the quoted company firmament, owning just one vessel, the 5800-tonne vessel Forth Bridge, in the Caribbean on charter to Giles W Pritchard-Gordon Ship-Owning.
Last year, Celtic, now an investment vehicle, took advantage of the shipping market to dispose of its one remaining vessel "at a considerable premium over net book value".
In a statement, Celtic said: "The ongoing buoyancy of the world shipping markets and high levels of activity in many related sectors are providing many investment opportunities capable of generating attractive returns.
"The directors intend to continue taking advantage of this situation, targeting both direct tonnage investment and other marine activities. Where appropriate, individual investments may be geared towards generating the best possible shareholder return."
Thomson lost a case for unfair dismissal and breach of contract against Forth Ports after a year-long industrial tribunal in 2002. He was summarily sacked as chairman in May 2000, with no explanation from the company, forcing him to deny malpractice.
Two months later it emerged Thomson had held talks with the Duke Street venture capital group over a possible 750p-a-share offer, which had been rejected by the board.
Celtic Tankers was established in 1991 and has been involved in ship ownership and operation since its inception. The company raised £2.5m through a share issue under the defunct Business Expansion Scheme and a further a further £811,250 was raised in 1998 through a share issue under the Enterprise Investment Scheme.
Celtic, valued at £1.3m, becomes one of just a handful of Scottish companies quoted on the Plus exchange, by far the largest and best-known of which is Rangers Football Club.
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