Progress on the takeover deal on a fine and sunny day with everyone but Peter King as he holds out on his share conversions and the Liberal/SDP Alliance narrowly win the Portsmouth South by-election

Up, breakfast and to Grove House to sort out my papers and prepare for the day. Phone calls first thing to Derek Weatherby to check calculations on share trade-ups for Peter King and Geoff Lynch; Richard James and colleagues to check the latest situation on tax clearances and the sale agreement; and Peter Smith to discuss the timing of contract signature. It seems I am unwise to sign without these section 460 and 88 clearances which have the effect of eliminating risks over artificial transactions (such as the stamp duty mitigation) and also to ensure the capital gains rollover arising from the retention of Kode shares. Also Kode are unwilling to sign a deal including the conditionality unless the condition ends within 14 days and before their Extraordinary General Meeting.

The main part of the day spent in discussions with Stephen Day and the other Comart Directors on their new share trade-up agreements and new service contracts. By the end of the day John Lamb and Derek Weatherby had signed, Ian Nickson and David Fear were close, but Peter King was still standing on his principles and holding out for his original deal – even though it was a mistake and unfair to the others. Another fine and sunny day but my office at the top of Grove House was well ventilated with windows at each side of two and the breeze flows through quite freely. A meeting at the end of the day for all Grove House employees where we review all of the action items and minor irritations and I approve a number of expenditures. News of today’s Portsmouth South by-election with Michael Hancock of the Liberal/SDP Alliance winning the seat from the Conservatives with 15,353 votes against 14,017 with Labour third at 10,546.