To London and the offices of Merchant Bank Robert Fleming Ltd to meet with Kode, where we agree a new Memorandum of Intent to sell Comart and discuss the changes and succession before a celebratory meal at The Savoy Grill and home as the Russians withdraw from the Los Angeles Olympics
Up and, after breakfast of cornflakes, to the office just on time. A busy morning with a record arrival of mail and many matters to clear up. A quick review of matters concerning the BMMG AGM and I resolve to do a full review tomorrow. Eventually I leave at lunchtime and make my way to Stevenage and catch the train to Kings Cross. After stopping to get some cash from the bank, off by taxi to the city and the offices of merchant bank Robert Fleming Ltd who are advisers to Kode and had provided a room for our discussions. I am welcomed by Kode staff man, Stephen Day, and presented with a new draft of Memorandum of Intent altered in accordance with my telephoned instructions of the other day and with a price of £2,500,000 inserted plus a UEH settlement figure of up to £200,000. We are then joined by Peter Smith and the other Kode Executive Director and Company Secretary, Walter, and I discuss my actions in promoting John Lamb, acquiring premises, investing in manufacturing automation and passing the business plans and budgets for completion in overview this week. The contractual discussions are straight forward as we had done our homework and negotiations beforehand and so we eventually read through the complete document, sign each alteration and the final page and attachments, we have a deal.
Peter invites us out to celebrate with a meal and, after touring round the west end we end up at the Savoy grill. In fine style, I eat potted shrimps followed by a Dover Sole served off the bone with broccoli. A good opportunity to discuss the management and amalgamation of the two groups and to exchange views on how to progress. The arrangements will be fine.
Back to Kings Cross by taxi and, waiting for the 9.40pm train, I sign and accept my Comart resignation to complete my Exit Report to file, an important report for future management reference as well as my personal personnel file. It will not be published for 6 months. By train back to Stevenage, by car home and after the television news to bed. News today of the Russians withdrawing from the Olympic Games in Los Angeles.