Master's Apprentices were an Australian band formed in Adelaide in 1964, with a long and eventful history. Through years of live performances, several singles, and two LP releases, they made a name for themselves with cover versions of British rhythm & blues and garage rock bands, becoming teen idols in Australia. After various line-up changes, the band moved to England in the early 1970s with a record deal from EMI in hand, aiming to make their mark on the popular progressive scene with their own songs. After releasing their first album in England, they returned to London’s Abbey Road Studios in the autumn of 1971 to record their second LP A Toast To Panama Red.

At the time of recording, the band consisted of singer James Keays, who also designed the cover, guitarist Doug Ford, Glenn Wheatley on bass, and drummer Colin Burgess. They played a progressive mix of prog, hard rock, pop, psychedelic folk and boogie rock, enriched by bluesy guitar riffs and medieval folk influences. Despite renewed praise from critics, the album, released on Regal Zonophone in December 1971, went completely unnoticed, as it received no support from the record company. It was only over the years that it received the recognition it deserved and became what it is today: a cult classic and „one of the great lost treasures of the Australian progressive rock era“ (Ian McFarlane in his „Encyclopedia of Australian Rock and Pop“).