Three meetings with Peter King unravelling the Kode Service Contract and Share Conversion mess, as I progress the tax clearance problem and keep everyone informed as there is a Sikh massacre in the Golden Temple of Amritsar in India
Up and to breakfast of one of our duck eggs as they are now back together and laying more than we are selling. Then to Grove House, unlocking the gates and unloading my car of papers and files from yesterday. First to talk to Peter King. I explained that mistakes had occurred over his share trade-up terms and a formula had to be agreed which is both fair and reasonable, which the present one is not. Peter reacted particularly badly to the news, as I expected, feeling that Kode was going back on the agreement. However, I explained that the trade-up terms were all subject to my approval and I had to ensure all parties were equally and consistently treated. Then to the telephone and to discuss with Ashursts my tax position. It seems that Section 88 and 460 clearances could be available within two weeks of the four week maximum period and so the takeover agreement and announcements are potentially delayed.
The latest idea is to sign a conditional contract on Wednesday 20th June to allow the announcement in time for the KI Open Day but go unconditional on June 28th so that the Kode Extraordinary General Meeting would not have the insecurity of a conditional deal on the agenda. Stephen Day arrives and we see John Lamb first, resolve his agreement, and send him off with copies for Ian Nickson and David Fear. Then a brief meeting with Peter King who insists that he needs the same number of shares as previously promised and does not concede a point. He does however realise that some deal has to be made as it would not be possible to revert to the previous position with me as Managing Director. Then lunch with Derek Weatherby where we celebrate his birthday and also resolve his own contract with him. So finally the return of John to be briefed on his progress on completing the others and a final meeting with Peter King where he seems to be coming round slowly, even if I am labelled as the villain of the peace. In late afternoon to return a number of phone calls. At least now I have a telephone on my desk. Home fairly early at 8.00pm and I relax with the television before putting the ducks away and having a walk to the lock. News today of the further breakdown of miners talks and also of the Sikh massacre in the Golden Temple of Amritsar in India. Also a Royal Naval frigate hits London Bridge with minor damage on both sides.