this time of year.’
It had taken Martinez some time to accept that when an Englishman drops the Mr and refers to you only by your surname, it is in fact a compliment, because they are treating you as an equal. But
not until they call you by your first name can you be considered a friend.
‘Good morning, Ledbury,’ said Martinez, but he still wasn’t sure how to respond to the English obsession with the weather.
‘Can I get you some coffee?’
‘No, thank you. I have another appointment at twelve.’
‘Of course. We have, as you instructed, continued to purchase Barrington’s shares as and when they come on the market. As you are aware, now that you are in possession of twenty-two
point five per cent of the company’s stock, you are entitled to nominate two more directors to join Major Fisher on the board. However, I must stress that were your shareholding to increase
to twenty-five per cent, it would be a legal requirement for the bank to inform the Stock Exchange that you intend to make a takeover bid for the entire company.’
‘That’s the last thing I want to do,’ said Martinez. ‘Twenty-two point five per cent is quite enough to serve my purpose.’
‘Excellent, then all I require is the names of the two new directors you have chosen to represent you on the board of Barrington’s.’
Martinez removed an envelope from an inside pocket and handed it to the bank manager. Ledbury opened it, extracted the nomination form, and studied the names. Although he was surprised, he
didn’t comment. All he said was, ‘As your banker, I must add that I hope the unfortunate setbacks Barrington’s has experienced recently will not prove a problem for you in the
long term.’
‘I have never been more confident about the company’s future.’
‘I’m delighted to hear that, because the purchase of such a large number of shares has made considerable inroads into your capital. We must hope that the price will not fall any
lower.’
‘I think you’ll find that the company will shortly be making an announcement that should please both the shareholders and the City.’
‘That is indeed good news. Is there anything else I can do for you at the present time?’
‘Yes,’ said Martinez. ‘I would like you to transfer one hundred thousand pounds to an account in Zurich.’
‘I’m sorry to have to inform the board that I have decided to resign as chairman.’
The immediate reaction of Ross Buchanan’s colleagues was shock and disbelief, quickly followed by almost universal protest. One director remained silent: the only one who wasn’t
surprised by the announcement. It quickly became clear that almost every member of the board didn’t want Buchanan to stand down. The chairman waited for everyone to settle, before he
continued.
‘I’m touched by your loyalty, but it’s my duty to inform you that a major shareholder has made it clear that I no longer enjoy his confidence,’ he said, stressing the
word
his.
‘He reminded me, and quite rightly, that I put my full authority behind the building of the
Buckingham,
which in his opinion has proved to be ill-judged at best,
and irresponsible at worst. We have already missed the first two of our completion dates, and our expenditure is currently running at eighteen per cent over budget.’
‘All the more reason for you to stay on the bridge,’ said the admiral. ‘The skipper should be the last person to abandon ship when there’s a storm brewing.’
‘In this case I think our only hope is for me to abandon ship, admiral,’ said Buchanan. One or two heads bowed, and Emma feared that nothing she could say would make Buchanan change
his mind. ‘In my experience,’ he continued, ‘whenever circumstances such as those we are now facing arise, the City looks for fresh leadership to resolve the problem, and resolve
it quickly.’ Ross looked up at his colleagues, and added, ‘I am bound to say that I don’t think you’ll have to look
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