Wellcome Trust Toasts £100m Alibaba Profit

By Mark Kleinman, City Editor

Britain's biggest medical research charity is toasting a £100m-plus profit from the flotation of Alibaba Group, the Chinese internet giant that on Friday became the biggest technology company listing ever.

Sky News has learned that at the $68-a-share (£42) pricing settled upon by bankers advising Alibaba, the Wellcome Trust is sitting on a substantial paper windfall from two separate investments it made in the company's shares in recent years.

The news represents a significant boost for medical research funding in the UK and underpins the Wellcome Trust's highly-regarded investment strategy, led by its chief investment officer, Danny Truell.

Jack Ma, Alibaba's founder and now a multibillionaire as a consequence of the company's flotation, was present for the opening bell at the New York Stock exchange on Friday.

The share sale is eventually expected to raise $25bn (£15.3bn), making it the biggest initial public offering in history, once an over-allotment option is exercised.

The Wellcome Trust owns significantly less than 1% of Alibaba stock

It has overtaken Agricultural Bank of China's $22.1bn (£13.5bn) fundraising in 2010 and Facebook, which sold more than $16bn (£9.8bn)  of shares in 2012 to become the biggest-ever technology company listing.

Sky News disclosed the Wellcome Trust's investment in Alibaba in March.

Insiders said the Wellcome Trust, which is one of the world's most renowned medical research organisations, owns significantly less than 1% of Alibaba's shares, although the exact size of its holding is unclear.

A Wellcome Trust spokesman declined to comment.

Alibaba, which is headquartered in Hangzhou, one of China's so-called second-tier cities, has become a major player in the country's e-commerce industry.

It acts as an eBay-style intermediary in the supply and sale of goods online, having established marketplaces targeted at small business traders and consumers.

Using the brand-name Taobao, an e-shopping platform that in China has more than 500 million customers, Jack Ma, Alibaba's founder and chairman, has become one of the world's most successful technology entrepreneurs.

Talks between Alibaba and the Hong Kong Stock Exchange ended without success because of the company's desire to create an alternative shareholding structure that would have given executives additional control over the company.

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Alibaba Bigger Than Facebook On Market Debut

Alibaba Boss Like A Rock Star At 'Epic' IPO

Updated: 7:22pm UK, Friday 19 September 2014

By Hannah Thomas-Peter, New York Correspondent

As Jack Ma swept past me on the floor of the New York Stock Exchange, I asked him how he was feeling.

He smiled at me, waved and mouthed "ok" before turning to a bank of cameras trained on the founder and spiritual leader of Alibaba.

"Ok," felt like a bit of an understatement.

Such was the demand and volume associated with the Alibaba IPO it took nearly two-and-a-half hours for the New York Stock Exchange's designated market maker (DMM) to decide on the right opening price.

The DMM is a person, not a computer. In this case it was Barclays' Glenn Carell.

He was also the DMM for the Twitter IPO, and is responsible for gauging appetite and supply, honing in on the right opening price for a stock.

It's a big job.

If there are technical problems he can override the system and trade on paper.

If there's uncontrollable volatility he can use his company's own cash to step in and stabilise things.

He told Sky News: "This is a very exciting day for me.

"It's the biggest IPO ever, and we really want to get the best price for opening.

"We have to go slow and get it right."

As traders crowded in on Glenn communicating orders from clients, electronic requests also poured in from across the world, flashing up on screens in front of his team.

Over two hours the price indicator range, which helps investors know how much the shares will cost once trading begins, crept from around $80 to over $90.

"Investors really want this stock," said Meridian Partners trader Jonathan Corpina.

"They see a very well-diversified company with huge international exposure.

"Even if US investors don't know the brand name, the product is easy to understand, and it's a good one."

As Glenn yelled "we're getting close!" the traders bunched together like rugby players in a scrum, whoops rang out, tension rose.

"Come on Glenn what's the price? Close it, close it," muttered one trader, his electronic trading tablet buzzing and beeping with impatient clients.

"$92.70!" came the shout, and trading began, starting with a short-lived 'pop' up to $99, before settling back down in Glenn's predicted range.

"Phew" said one NYSE executive to another.

"I tell you, that was pretty epic."

Glenn looked relieved as trading continued smoothly, confessing he would be having a glass of champagne later that evening.

Jack Ma may well do the same.

As he left the exchange to get in to his car, it was as if a rock star had left his concert.

Fans yelled and screamed and cheered and photographed for all they were worth.

Ma waved, smiled and slipped in to a waiting SUV.

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Hundreds Of Phones 4U Jobs Saved

Almost 900 jobs at collapsed retail chain Phones 4u have been saved after network operator Vodafone struck a deal to buy 140 stores.

However, administrator PwC said it had failed to prevent 628 redundancies among head office and telesales staff at Phones 4u's Staffordshire offices.

PwC is continuing talks with other parties regarding the purchase of assets and said it planned to retain a further 400 head office staff to assist with its work.

It will release details of the 140 stores in the Vodafone deal on Monday.

Phones 4u went into administration last Monday following EE's decision not to renew its contract.

The firm employed 5,600 workers at 560 Phones 4u stores and a further 160 concession outlets.

Dixons Carphone said on Wednesday it will take on the 800 staff who worked at 160 Phones 4u sites within Currys/PC World stores.

Now Vodafone UK has made an offer to buy 140 stores following an approach from PwC.

Phones 4u has been in difficulty for some time

It said: "Our offer was accepted by the administrator and we are pleased to report that approximately 900 (887) former Phones 4u employees will keep their jobs and join our dynamic retail business.

"Subject to court approval, we will start engaging with these employees and begin the rebranding of the stores to Vodafone as soon as possible."

Store staff have been asked to remain at home while talks take place with parties interested in buying parts of the estate.

PwC partner Rob Hunt said: "It is with great sadness and regret that we have today made the difficult decision to make 628 head office and telesales staff redundant.

"Our thoughts are with those employees at this difficult time. We will make every effort to help the affected staff, working with the Phones 4u HR team over the coming days to support employees."

Various deals to rescue Phones 4u have been considered but all have stalled.

They included a debt-for-equity swap in which bondholders would have wiped out an estimated £760m of debt to reopen contract talks with EE and Vodafone.

EE and other network operators have been accused of a "co-ordinated attempt to kill off" Phones 4u - a claim they have all denied.

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Scotland Vote: Investors Spark Relief Rally

Scottish Referendum: What They're Saying

Updated: 8:22am UK, Friday 19 September 2014

Supporters of both the Yes and No campaigns have been giving their reactions to Scotland's decision to reject independence.

Prime Minister David Cameron: "The people of Scotland have spoken and it is a clear result. They've kept our country of four nations together and like millions of other people, I am delighted.

"As I said during the campaign, it would have broken my heart to see our United Kingdom come to an end and I know that this sentiment was shared not just by people across our country but also around the world.

"Now the debate has been settled for a generation, or as Alex Salmond has said, perhaps for a lifetime. So there can be no disputes, no reruns - we have heard the settled will of the Scottish people.

Scotland's First Minister Alex Salmond: "Scotland has by majority decided not at this stage to become an independent country and I accept that verdict of the people, and I call on all Scots to follow suit in accepting the democratic verdict of the people of Scotland.

"The process by which we have made our decision as a nation reflects enormous credit upon Scotland.

"A turnout of 86% is one of the highest in the democratic world for any election or any referendum in history - this has been a triumph for the democratic process and for participation in politics."

Better Together campaign chair Alistair Darling: "The people of Scotland have spoken. We have chosen unity over division and positive change rather than needless separation."

Author and Better Together supporter J K Rowling: "Been up all night watching Scotland make history. A huge turnout, a peaceful democratic process: we should be proud."

Scottish Deputy First Minister Nicola Sturgeon: "This campaign has been a joy to be part of, it's quite unlike anything I've ever been part of in my life before.

"As have thousands and thousands of others, I have given my heart and soul to this campaign but what has been amazing are the number of people who have never been involved in politics before, who have never campaigned as part of a political movement before, who have got involved."

Deputy Prime Minister Nick Clegg: "I'm absolutely delighted the Scottish people have taken this momentous decision to safeguard our family of nations for future generations.

"In a dangerous and uncertain world I have no doubt we are stronger, safer, and more prosperous together than we ever could be apart.

"But a vote against independence was clearly not a vote against change and we must now deliver on time and in full the radical package of newly devolved powers to Scotland.

Better Together's Jim Murphy: "We are going to have to make a success of the decision Scotland has made.

"While I'm delighted, there is no time or space for triumph and we have got to get on and offer that devolution package we offered and unite the country around that.

Archbishop of Canterbury Justin Welby: "Over the past few weeks the campaign has touched on such raw issues of identity and been so closely fought that it has generated profound questioning and unsettlement far beyond Scotland.

"The decision by the Scottish people to remain within the United Kingdom, while deeply disappointing to many, will be welcomed by all those who believe that this country can continue to be an example of how different nations can work together for the common good within one state.

UKIP leader Nigel Farage: "The way that Westminster handled this was abysmal from the start.

"A series of promises were made on behalf of the English. The English are 86% by population of this union, they've been left out of all of this ( The Barnett formula) for the past 18 years ... what most English people want is a fair settlement."

Scottish Conservative leader Ruth Davidson: "Scotland had the biggest, broadest conversation about our future. We have to come together again & move forward together. It's all our home."

Northern Ireland's First Minister Peter Robinson: "Delighted Scotland has voted to remain in the Union.  We are better together."

Welsh First Minister Carwyn Jones: "Pleased the people of Scotland have voted to remain in the Union – together we will shape a new constitutional future for the UK."

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What Now For UK? 10 Things You Need To Know

Scotland has rejected independence. So what happens now, and can we all still be friends?

1) What new powers will Scotland get?

David Cameron, Nick Clegg and Ed Miliband have all promised Scotland will get some - although we don't yet know exactly what they are. Gordon Brown has set out a 12-point plan and will be drawing up the Home Rule deal. Remember Scotland already makes its own laws in a number of areas including health and social services, education, and law and order.

2) When will it get them?

Work will start straight away. Mr Brown has secured a House of Commons debate on October 16 and a command paper is expected at the end of that month. A draft new law will be drawn up by January 25, 2015 - Burns Night - but this will not be passed until after the General Election.

3) Will there be another referendum?

No, at least not any time soon. Scotland's First Minister Alex Salmond has said he will accept the result and has no appetite for another vote. However, the issue of independence has cropped up once or twice before... Never say never.

4) Will Scottish people pay less tax than England?

They could, yes. The new powers will give Scotland more power over setting income tax. Still it's worth noting that Holyrood already has power to vary income tax by 3p above or below the rest of the UK (set to rise to 10p in 2016). It's never used them.

5) Will Scotland get better benefits?

Potentially, yes. It's likely the new powers will give Scottish Parliament more say on housing benefit, which could see it scrap the unpopular so-called "bedroom tax".

6) Will Wales and Northern Ireland want a slice of the cake?

Yes - and David Cameron has indicated that they will get more powers and will be part of drawing up a "new and fair settlement" for the whole of the UK. This new "devolution revolution" will also mean England's MPs will get a greater say in English matters.

7) Will Scotland carry on getting more money than us under the Barnett Formula?

It seems so. Mr Cameron, Mr Clegg and Mr Miliband have said the method for allocating the UK wealth will continue. Scotland does a lot better out of it than England. Northern Ireland comes out top. It's unpopular and even the man who came up with it, Labour peer Lord Barnett, has said it's outdated.

English MPs are not happy and it remains to be seen if it will be altered under the new deal. However, Chief Secretary to the Treasury Danny Alexander says he thinks it is good for the whole of the UK.

8) Will Scottish MPs still be able to vote on English matters?

This head-scratcher is called the West Lothian question - because it was raised by Labour's West Lothian MP Tam Dalyell… in 1977.

Scotland's 59 MPs can vote on any issues in Westminster - even swaying votes on matters that will not affect their constituents - but English MPs cannot vote on powers devolved to Scotland.

Mr Cameron has promised that this "question of English votes for English laws" will be addressed and that the "millions of voices of England must be heard".

9) Can England have its own parliament now?

Maybe. A growing number of MPs are calling for an English parliament, led in the main by Tory MP John Redwood. However, it will clearly be part of the talks in the coming months.

10) Can England and Scotland still be friends?

Expect initial hostilities after the slings and arrows of a fairly feisty campaign but take comfort from history. The two nations have had their differences but have rubbed along for centuries. That said, Andy Murray has taken a fair drubbing on Twitter after coming out for the Yes campaign. And there's always football - the two countries meet in a 'friendly' in November.

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Scotland Votes No: PM Promises New Powers

David Cameron has promised new powers for Scotland as 55% of the country voted to reject independence in a historic referendum.

However, he warned that it was now time for the "millions of voices of England must be heard".

The Prime Minister was speaking outside No 10 after Scotland's First Minister Alex Salmond accepted defeat. With all the votes in 55% of Scotland voted to stay in the Union while 44% voted in favour of independence.

Mr Cameron said the new powers he, Nick Clegg and Ed Miliband had promised the Scottish people in the dying days of the referendum campaign would be "honoured in full".

The PM says work will start on a "full and fair settlement"

But he unveiled a substantial shake-up of powers for the whole of the UK suggesting new powers for Wales and Northern Ireland and greater influence for England's MPs over English law.

He said work would start on a "full and fair settlement for all of the UK" in what will clearly be a shift towards a more federalist UK.

Speaking after the result became clear Mr Salmond, whose dream of breaking up the 307-year-old Union has been shattered, said: "I accept the verdict and expect all people to follow suit."

Shattered dreams: Alex Salmond drives away as the result becomes clear

He was quick to demand extra powers were delivered warning Mr Cameron: "Scotland will expect these to be honoured in rapid course."

The leader of the No campaign Alistair Darling told people in Glasgow: "The silent have spoken."

He said the vote, which saw a record 84% turnout, was a momentous day for the country, but urged Westminster politicians to listen to the people, who had called for change both in Scotland and the UK.

Dejected Yes campaigners in Glasgow

And, referring to the devolved powers, he said it was time to move forward and said: "Come on Scotland, let's get on with this together."

Deputy Prime Minister Nick Clegg hailed the No vote as a "momentous decision to safeguard our family of nations for future generations".

But he added that a "vote against independence was clearly not a vote against change and we must now deliver on time and in full the radical package of newly devolved powers to Scotland".

Dundee celebrates a Yes

He said the referendum "marks not only a new chapter for Scotland within the UK but also wider constitutional reform across the Union".

Leader of the House of Commons William Hague said it would be disruptive of the imminent party conferences to recall Parliament to discuss the issues but the Government would be open to the views of MPs.

The pound has strengthened and the FTSE 100 is forecast to rebound by more than 100 points following the No vote in Scotland's independence referendum.

Celebrations in the No camp as the results come in

But the result has left a country divided with Yes victories in Dundee and the nation's largest city Glasgow.

Scottish Conservative leader Ruth Davidson said whatever the result, politics in Scotland would not be the same: "The status quo has been thoroughly smashed."

Labour MP Jim Murphy, who played a leading role in the Better Together campaign, told Sky News: "We are going to have to make a success of the decision Scotland has made.

"While I'm delighted, there is no time or space for triumph and we have got to get on and offer that devolution package we offered and unite the country around that."

In the closing stages of a hard-fought campaign, it appeared the momentum had swung towards Mr Salmond.

Ultimately however, he failed to convince the Scottish electorate that the merits of going it alone outweighed the risks.

:: Watch live: Scottish referendum coverage now on Sky News Sky 501, Virgin Media 602, Freesat 202, Freeview 132.

:: Live coverage is also available on sky.com/news and Sky News for iPad and on your mobile phone.

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Stock Markets Rise As Fed Keeps Rate Pledge

World stock markets have risen after the US Federal Reserve confirmed it would maintain near-zero interest rates for a "considerable time".

The Fed's reassurance was issued a month before its bond-buying stimulus program is due to end.

Many economists and traders had expected the central bank to alter its rate guidance to prepare the ground for rising borrowing costs as the US economic recovery gathers momentum.

In a statement after its two-day meeting, the Fed confirmed a further $10bn reduction in its monthly asset purchases to boost money supply.

It said rates would stay at current levels as long as inflation remained under control and until it saw consistent gains in wage growth and falls in long-term unemployment.

The most significant change in the guidance came from updated rate projections which suggested an acceleration in rate hikes once they got underway.

The Fed has held benchmark overnight rates near zero since December 2008 and has more than quadrupled its balance sheet to $4.4trn through its series of bond purchase programs.

Its plans to exit the extraordinary monetary stimulus were also updated.

The Fed said it expected to end or phase out the reinvestment of proceeds from its bond holdings some time after it begins raising rates, depending on the state of the economy.

The statements were greeted positively by world markets, with US stocks rising slightly while the dollar soared to a six-year peak against the yen.

That helped Japan's Nikkei make solid gains in Thursday trading, while stocks were also seen opening higher in Europe.

In London, the FTSE 100 rose 0.1% while Germany's DAX was 0.3% higher.

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Alibaba: A Retail Force or AliBlahBlah?

By Mark Stone, Asia Correspondent in Beijing

At the northern end of the runways at the world's second busiest airport is a huge warehouse.

Inside, a labyrinth of conveyer belts and an army of workers.

This is the heart of a distribution operation that is as slick as it is mind-boggling.

YTO Express is China's answer to DHL or FedEx but it is growing at a rate its western cousins can only dream about.

"From the beginning the average daily volume was only about 2,000 pieces. Now our average daily volume is 6.5 million pieces," said Li Shaoming, YTO Express's Director of Overseas Business.

YTO Express owes its massive expansion to the success of Alibaba

We watch as a fleet of laden lorries pull up at one side of the warehouse.

Parcels are unloaded onto conveyer belts. Over an hour, a combination of barcodes and manpower shuffles the parcels from conveyer to conveyer.

At the other end of the warehouse, they are loaded onto more lorries and driven away.

In between the functioning conveyers, are more under construction.

The company has seen a growth rate of 50% every year for the past five years and it cannot keep up.

YTO Express can thank one man for its success.

Retailers like Marks & Spencer are 'renting' virtual shop floors on T-Mall

Jack Ma is the most successful businessman you have never heard of - the founder of Alibaba.

Some 80% of all online retail sales in China are via Alibaba's platforms: Taobao, T-Mall and Alipay.

The company has stakes in Sina Weibo (Chinese Twitter) and YouKu.com (Chinese YouTube).

It is Amazon, eBay, PayPal, Twitter and YouTube all rolled into one and it's bigger than all of them.

Across China, small businesses have been linked together and consumers empowered to buy.

Taobao is Alibaba's answer to Amazon.

T-Mall is something new. Think of a virtual shopping centre; a place where the world's brands are available with just one click.

Alibaba founder Jack Ma has built up a personal wealth of £12bn

It is not exactly revolutionary stuff, but no-one else has done it.

Western companies like Marks & Spencer are 'renting' virtual shop floors on T-Mall, opening the door to China's 600 million internet shoppers.

Remember, the individual wealth of Chinese consumers is growing daily.

For foreign investors wary of diving into China with bricks and mortar, T-Mall is a perfect alternative.

Alipay is similar to PayPal, accounting for half of all online payment transactions within China. It provides a verification process and payment system for customers - a secure online 'counter' for customers.

Uniquely, Alipay will only transfer money to sellers once the customer has accepted and is satisfied with the product.

Taobao is Alibaba's answer to Amazon

With China's lack of consumer trust, this has proved particularly attractive.

Essentially, with Alibaba, Jack Ma has made it incredibly easy for China's new, hungry online community to buy, and for companies across China and abroad to sell.

Alibaba charges for advertising and commission paid by companies who use its virtual marketplaces.

According to its own figures, Alibaba has 279 million active users and 8.5 million sellers.

Just 15 years ago, Jack Ma went to America with his ambitions. No one took him seriously.

He is back now, with a world-record breaking IPO (Initial Public Offering) on the New York Stock Exchange and a personal wealth of £12bn.

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Alibaba Shares To Be Priced For Record Sale

Billionaire Alibaba Founder Shows US Doubters

Updated: 2:44am UK, Thursday 18 September 2014

By Mark Stone, Asia Correspondent in Beijing

At the northern end of the runways at the world's second busiest airport is a huge warehouse.

Inside, a labyrinth of conveyer belts and an army of workers.

This is the heart of a distribution operation that is as slick as it is mind-boggling.

YTO Express is China's answer to DHL or FedEx but it is growing at a rate its western cousins can only dream about.

"From the beginning the average daily volume was only about 2,000 pieces. Now our average daily volume is 6.5 million pieces," said Li Shaoming, YTO Express's Director of Overseas Business.

We watch as a fleet of laden lorries pull up at one side of the warehouse.

Parcels are unloaded onto conveyer belts. Over an hour, a combination of barcodes and manpower shuffles the parcels from conveyer to conveyer.

At the other end of the warehouse, they are loaded onto more lorries and driven away.

In between the functioning conveyers, are more under construction.

The company has seen a growth rate of 50% every year for the past five years and it cannot keep up.

YTO Express can thank one man for its success.

Jack Ma is the most successful businessman you have never heard of - the founder of Alibaba.

Some 80% of all online retail sales in China are via Alibaba's platforms: Taobao, T-Mall and Alipay.

The company has stakes in Sina Weibo (Chinese Twitter) and YouKu.com (Chinese YouTube).

It is Amazon, eBay, PayPal, Twitter and YouTube all rolled into one and it's bigger than all of them.

Across China, small businesses have been linked together and consumers empowered to buy.

Taobao is Alibaba's answer to Amazon.

T-Mall is something new. Think of a virtual shopping centre; a place where the world's brands are available with just one click.

It is not exactly revolutionary stuff, but no-one else has done it.

Western companies like Marks & Spencer are 'renting' virtual shop floors on T-Mall, opening the door to China's 600 million internet shoppers.

Remember, the individual wealth of Chinese consumers is growing daily.

For foreign investors wary of diving into China with bricks and mortar, T-Mall is a perfect alternative.

Alipay is similar to PayPal, accounting for half of all online payment transactions within China. It provides a verification process and payment system for customers - a secure online 'counter' for customers.

Uniquely, Alipay will only transfer money to sellers once the customer has accepted and is satisfied with the product.

With China's lack of consumer trust, this has proved particularly attractive.

Essentially, with Alibaba, Jack Ma has made it incredibly easy for China's new, hungry online community to buy, and for companies across China and abroad to sell.

Alibaba charges for advertising and commission paid by companies who use its virtual marketplaces.

According to its own figures, Alibaba has 279 million active users and 8.5 million sellers.

Just 15 years ago, Jack Ma went to America with his ambitions. No one took him seriously.

He is back now, with a world-record breaking IPO (Initial Public Offering) on the New York Stock Exchange and a personal wealth of £12bn.

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Salmond: No One Can Stop Scotland Using Pound

How Facebook Shaped The Referendum

Updated: 8:27am UK, Tuesday 16 September 2014

By James Matthews, Scotland Correspondent

It's Facebook 'wot might win it.

Sure, the August poll surge in support for independence was down, in part, to traditional campaigning. Meetings and megaphones have thrust the Yes campaign "in yer face" over years leading up to Thursday.

But why, according to the opinion polls, did it all seem to come together in the space of a few weeks? Why, suddenly, the knife-edge?

In the word of a senior Yes strategist: Facebook.

I chatted to him as the Alex Salmond Labour Heartland tour rolled up at its latest venue, playing to the target market through the TV cameras. It was a big, well-attended, photo-call - the staple diet of the political campaign.

As the strategist stood back from the madding crowd, he told me that the magic formula didn't lie in the blood and snotters of a mass media scrum, but in the quiet exploitation of social media. Facebook, in particular.

The challenge for supporters of Scottish independence, historically, has been in turning it from a fringe notion into something people allow themselves to contemplate. Check their election success at the Scottish Parliament to see the considerable style with which that's been accomplished.

Scots have taken the hop and a step. Why, now, might they be shaping to take the jump? 

The Yes strategist pinned it on Facebook.

"Ask yourself," he said, to paraphrase him, "if a parent wants to check on their youngster who's on a night out, what do they do?  They don't phone them, because they probably won't answer.

"They might text ... but, invariably, they'll Facebook them. And when they do, dozens or hundreds of their friends will see it. It's a chat network that plugs people into the other people they value. There are no better opinion-formers for someone than the friends and family they like and trust.

"So, as a campaigning tool, it's been very effective. We encourage Yes supporters to spread the word to their Facebook friends and, over time, you build a network around people that builds a political case.

"Facebook is more effective than Twitter. You put something on Twitter and you reach people within the political bubble. With Facebook, you tap into a far bigger community."

So why the spike in support for Yes after polls that had No with a consistent and strong lead over the course of a two and a half year campaign?

"People just didn't turn their mind to the referendum until it actually came round. It's been in the far distance for most of the campaign but, now that people realise they're getting to decision time, large numbers are now weighing up the arguments ... and they're deciding having had their views on independence softened by Facebook friends."

There were more than 10 million referendum-related interactions on Facebook in the five weeks to September 8 - 85% of which was from Scotland.

He said he reckoned the Yes campaign had been four or five times more active than their opponents on Facebook and pointed out a Facebook chat with Scotland's pro-independence First Minister Alex Salmond attracted around 5,000 questions.

Data suggests the Yes campaign is slightly in the lead with 2.05 interactions in Scotland compared to 1.96 million for the no campaign.

The strategist said the campaigning beauty of social media was that it eliminated the need to rely on mainstream media coverage, that the likes of Facebook cut out the middle man and enabled them to reach out to the voter directly.

Just how many the campaign has touched and what effect it has had, we'll find out soon enough.

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