Believe it or not, I met Annie McKelvie herself - though she's now married and has a different surname. She and her husband were sitting in at a session in the Wally Dug in Edinburgh, and someone sang the song. She then confessed that she was the same Annie McKelvie, and told us the story of going out with Iain (as far as I recall). There were several other witnesses who can corroborate.
My favourite rendition of the song has to be Joe Aitken's...