Lords defeat government

Busy day calming events and resisting Kode’s demands for new sales forecasts as The Lords today inflicted a savage defeat on the Government by 48 votes by rejecting the end of GLC elections. The Enterprise Oil denationalisation is also a disaster with most of the shares left with the underwriters

A little late up and to the office noting the slight upset over my previous night’s efforts at rearranging the reception office. However people learn that when I ask for things to be done they do not leave it to the third request and then until the morning. Upstairs and to sort out my papers and to phone John and Derek. Then down to morning coffee and to see the latest envelope of papers from Ashursts and within them the most recent drafts of agreements and issue 5 of the circular. I then took a phone call from Stephen Day who was conciliatory over the Peter King matter and also pleased that Kode had confirmed his appointment as a new Comart Director, which makes two of us. Both Stephen and Geoff Hardle of Peats also in phone calls this morning, were pushing to get an update on the profit forecasts but I was playing cool and emphasising that we were not willing to update or change our previous forecasts.

Then home to sit and read through the papers line by line, noting several mistakes and reasons to change the content. I was also watching the televised Test Match between England and the West Indies and saw Chris Broad (my namesake and possible relative) score his 50 in his first test match to glowing praise all round. Then a long phone call with an upset Peter Smith who did not like my pinning him down in yesterday’s letter although he couldn’t say we had not discussed it. In fact both Peter and Stephen (and Peats) had between them tried to originate half a dozen calls to other group executives only to find matters referred to me as the security closed in. Peter asked about the contractual details and pricing of the Comart contract with the CCTA for inside information on bidding demands from Kode Ltd. I was vague and said it would be against Comart’s commercial interest and improper to use such information at this stage and was glad to avoid John Lamb the embarrassment of coping with the request.

Then back to Grove House for 4.00pm to sign the Directors payroll with Derek Weatherby and field a few other requests before John arrived. We three then sat down to consider the papers from Kode, our earlier forecasts and discuss the arrangements of the takeover. We agree that the sales forecasts are still valid and, if anything, would probably be revised upwards if we were to redo them; but we also agree to leave them without further comment and resist any attempt at further examination, questioning by Peats or Flemings. It would be too disruptive to existing work patterns and could give rise to changes and hence delay. Kode have all the information they are going to get.

Home then to relax reading and listening to the news. The Lords today inflicted a savage defeat on the Government by 48 votes by rejecting the end of GLC elections. The Enterprise Oil denationalisation is also a disaster with most of the shares left with the underwriters and the government blocking multinational Rio Tinto Zink’s takeover. The police again shoot and seriously injure a man carrying a replica gun and Virginia Wade follows Chris Broad by making a famous victory over the No 5 seed at Wimbledon. Steve Ovett and Sebastian Coe also succeed in athletics. Altogether a bad day for the right wing Tory Government and a good day for Britain! Weather fine with odd showers.