A Queen's Knight Ch. 12-14
Keywords: A, Knight, 12-14, Queen's, Ch.,
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"
"We'll show you through, Ross," Maggie said, but in the boardroom we expect straight-talking – not the mealy-mouth crap you just uttered."
"Yes ma'am," he said.
"Right, thank you. We will tour the divisions then move to the boardroom for lunch. We have thirteen stockholders of whom seven comprise the elected board. I've invited all thirteen to the lunch because any substantial change to the company requires seventy-five percent approval of stockholders weighed to the number of shares they hold. Is that clear to you?"
"Very clear, Maggie, and how thoughtful of you to arrange this to expedite a decision," said Sir Gerald. "We are delighted to have the opportunity to put any tentative proposals to your stockholders. We also ask that Angus be permitted to sit alongside us as our on-site adviser together with our legal representative who should be at your offices now."
"Of course," Maggie said.
* * *
Sir Gerald was applauded as he entered the boardroom beside Maggie.
"My word, the natives are receptive," he whispered.
Maggie smiled as although she knew he was an arrogant, single-focused businessman out to dominate, he'd been courteous to her and had a great sense of humor.
After lunch served with beer and top Hawkes Bay wines the business session commenced. The only stockholder missing was Mrs White, who'd sold the business but held a four percent stockholding to maintain an interest.
The meeting was underway when she arrived and in a loud voice told the catering staff to halt clearing away until she filled her plate and secured a glass of red wine. She appeared not to have shaven straggly hair on her face, combed her hair or changed into her best clothes. Nevertheless Ryan shifted everyone down one seat on his side of the table to provide her a seat next to him and warmly introduced her to the visiting delegation.
"Should we wait until you finish eating, Mrs White?" Maggie enquired.
"No, I can hear while I'm chewing – these new dentures don't click like the old ones."
Maggie opened the meeting and explained the business operations of the Australians and said Sir Gerald had asked her to table two proposals on their behalf.
The first was the two media companies enter a join venture to have the New Zealand editions of its magazines printed on the "Echo"presses. "This could be very lucrative for our company," Maggie said, bringing smiles to faces.
"The other proposal is our Australian cousins may consider buying you all out, discontinuing publication of the "Echo" and directly controlling the growth of its operations in New Zealand through this acquisition. I have been advised that all jobs in commercial printing will be retained but approximately sixty percent of editorial jobs will be axed."
People in the room looked uneasy as if wondering what was in it for them.
"I shall now ask Sir Gerald to address you, detailing proposals and which one he favors. Sir Gerald."
"Good afternoon everyone. I'll simply give you our proposal for an outright acquisition to debate and arrive at your decision. We are offering $NZ4.00 for each share with a face value of 50c which places a value on your company of $NZ 28,000,000. Take it or leave it. Thank you."
As they say, his audience sat momentarily stunned.
A robust debate followed. Maggie did not participate, reserving her position until last. The meeting appeared roughly divided by a faction led by Ryan calling for a rejection of the offer and any other offer except a printing contract of New Zealand editions of the Australian magazines.
"It such a contract is not forthcoming, so be it," he said.
The opposing faction led by the eloquent chief reader, a retired headmaster aged seventy-five, supported acceptance of the offer "which is forty percent above the valuation of our company presented six months ago."
A comfort stop was called at 3:30 and Maggie drew Ryan aside. "Do you know what you're doing?" she asked brightly. "This sale would set Harriet up for life and give you and me an impressive war chest to revive another but bigger company and continue on our way to becoming multi-millionaires."
"I hear you Maggie, but now you listen. I quote, page two of your company profile distributed to every postal address in the city and throughout are targeted circulation area:
""The company has a dream: to support its community of subscribers to the Echo through thick and thin; to help in the generation of wealth to businesses and individual through dynamic advertising and providing up to 250 jobs, many of which will support families. The aim of the Echo is to give this region of hours an independent and local voice that will echo over the city and environs from the hills.""
"Yes, I wrote that, but circumstances have changed."
"They may have changed for we stockholders, Maggie, but not to everyone out there. Acceptance of this enormously attractive offer for the Australians will turn the dream expressed for the community via the "Echo" will turn into a lie. In accepting this offer to knee-cap the "Echo" will be an act of treachery far greater than you can imagine."
"Bullshit, Ryan, get real. I want you to back me; I'm all for the sale. When the vote is taken you better support me."
They returned to the meeting to be confronted by a mix of grim and elated faces. Clearly there was a split.
The debate dragged on. In wrapping it up, Sir Gerald recapped then Ryan was invited to say a few words.
"I'll be brief. Don't sell out on the community and remember our ideals when we went into this. Vote no."
"Guys and girls," said Maggie. "Most of us worked our guts out to turn this company around. Our reward now confronts us. If the new owners see the need to provide the city with a community newspaper they'll do it if they see it as a profitable venture. The time has come to walk away with a fat profit in reward for your hard work and the risks you took in investing to turning an ailing operation around. Vote yes."
The vote was taken as a show of hands and the 'yes' faction had seventy-three percent of the vote, just two from the target.
"We seem to be one vote short," Maggie said. "I've recorded sixteen votes." She looked down the list and said smiling, Mrs White, you haven't voted. Are you abstaining?"
"On no, I had a piece of walnut under my dental plate and missed the opportunity to vote. Am I too late?"
"No, I hadn't declared the result; which way do you vote?"
"I'm vote against."
Maggie looked devastated. "Do you understand what you are doing, Mrs White. A vote Yes supports the takeover proposal; a vote no from you scuttles it."
"Yes, I understand clearly Maggie. I have no desire for a bunch of Australians to own our community business; it wasn't established and built up for them. I'm surprised you didn't see it that way when you voted yes."
Maggie looked pained when she announced, "Well thank you everyone. The status quo remains."
Maggie said to Sir Gerald, "I'm ready to run you back to the airport."
"No thank you Maggie. "Ross already has called a hire car we already had on standby in case this unlikely result occurred. We realized we're never going to win them all. Come and see me in Melbourne in the next week or so – I would like to talk to you about heading our acquisition team."
Maggie arrived home late and announced bitterly to Ryan she'd sleep in one of the guest rooms. She cried herself to sleep and awoke a couple of hours later feeling a little better. She went to wake Ryan to see if he wanted a snack but he was not in bed. The wardrobe was partly open and checking she found three of his suits and some casual clothes had gone. In the kitchen she found a letter.
"Dear Maggie I'm moving out. I suggest you resign as company chairman as the majority of us feel you have let us down tremendously. Most of those who supported the sale proposal would have surely done so out of greed. You did it as an act of abandonment, using your time with the company purely as a stepping stone. However, appreciation of your huge effort to turn the company around and back into impressive profitability will long be remembered. If you can't accept my stance on this, then divorce me.
Ryan"
Maggie tore the note to shreds, screaming, "The bastard, the bastard – how could he do this to me." She was too angry to cry.
It was 10:45 but she phoned Harriet.
"He's left you."
Maggie couldn't believe her ears. "How on earth could you know that?"
"One, because he had good reason and two, because you don't call me at this time of night to talk about mundane matters. I thought the trouble with you was your immaturity when it came to reading people; but you don't even have the faintest idea what community is about."
"I do so, Maggie said defiantly."
"Oh, let us put that to test: You are a member of how many local organizations?"
"None, I don't have the time."
"What is your regular restaurant?"
"Mother, I didn't phone you to play games."
"Come on, answer me."
"I tend to drift around."
"Why do you have your meat couriered from Ponsonby?"
"Because our local butchers' meat is not always prime."
"Then why don't you tell your butcher you'll pay a premium if he provides you with prime cuts?"
"Because it's easier not to bother and get it from a butcher who only sells prime meat. What's the point, mum?"
"I've made my point gently, darling. You are not really involved in your community and you don't understand the need for that. Ivan Cook, your local butcher, is struggling to make ends meet because his parents are both cot cases but refuse to go into a nursing home, so he's paying for twenty-four hour care for them as well as paying for the running of their household while struggling to ensure his two daughters can remain at boarding school in Auckland; they seek high quality education because one wants to be a doctor, the other a lawyer."
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Keywords: A, Knight, 12-14, Queen's, Ch.,