Mostly fine and warm day progressing the Comart profit forecasts and takeover terms and more realistic executives’ share conversions/service contracts as the World Economic summit goes badly
First to the Eaton Socon factory to collect the Grove House mail, computer journals and spend time in discussion with John Lamb and Derek Weatherby on John’s news of French candidates, and David Fear’s marital developments on the one hand and Derek’s progress on the accounts and discussions with the Auditors on the other. I review the days timetabling and arrangements to meet Peter Smith this afternoon before driving up to Grove House accordingly and briefing Peter King. Then to call Richard James and run through the latest contract draft and consultancy agreement with our desired construction and amendments.
Lunchtime awaiting the arrivals of John Lamb, Peter Smith and Derek Weatherby. Derek had been reworking the profit forecast to June 30th 1984 with George Bush and eventually arrived with the revised figures. John Lamb had been briefing Ian Nickson and David Fear who had taken the news well and arrived after to sit with Derek and I in a Comart Limited Board Meeting where we approve a minimum profit forecast of £537.5K and overall figure of £579K. On Kode’s arrival (in the persons of Peter Smith and Stephen Day) they went into session with the group Directors (John Lamb, Derek Weatherby, Ian Nickson, David Fear, Peter King) to discuss the latest draft of the Kode Directors service contracts which did not go down very well. They now had a two year minimum service clause which counterbalanced the 50% initial Comart/Kode conversion. Eventually they broke up and I discussed the outstanding takeover problems with them. I had ruled out a weekend contract meeting, and am still reluctant to provide any representations, warranties or indemnities on the past business performance or my own future plans. Home relatively early (8.00pm) and to relax before a reasonably early night. The weather today was most fine and warm and Grove House looked stunning as I locked it up this evening. News of more miners support and a poor first day of Economic Summit.