Back at the office I went straight in to a development meeting, for which I was very late. I was not surprised to receive some irritable looks from around the room as I entered; I was normally a stickler for time keeping and tended to be sarcastic when other people were late. My presence was particularly important at this meeting as I was expected to guide the discussions in a meeting that was intended to put the final touches to a revised product strategy briefing for the board
That afternoon there was a board meeting at 3pm and I still had not had time to brief Alec on my morning adventures with Bath police. I tried to do so just before the meeting by going to his office only to find him ensconced with Frank. I interrupted; I thought it was urgent that I speak to them before the meeting.
“Good afternoon Frank, sorry to butt in Alec but I have something urgent.” I then went on to explain to them the events of the morning. “So you see Gentlemen it is possible that I could be charged with car theft, not a very good scenario for the director of a company about to list publicly!”
“Incredible, but I see what you mean, ” said Alec. Frank sat there quietly.
“The immediate issue is, do I declare this to the board this afternoon?”
“On balance, my view would be no,” said Frank. “We need more time to think about this and see what happens.”
“You mean to wait and see if I get bumped off!” I laughed grimly. We adjourned to the boardroom.
The board meeting was focussed on the product strategy presentation although Alec and Bill also reported on trading results and the on-going myriad of arrangements for the float.
Afterwards, those who didn't have to rush off went to dinner at a superb Italian restaurant just around the corner from the office. It was an opportunity for informal discussions and the exchange of ideas with the non-executive directors. At the end of the meal after some people had left Ron Armstrong and his fellow director, a woman called Lucy Pageant cornered Alec and me. Ron was the senior of the two representative directors that Armstrong Investments had on the Control Networks board, but Lucy was extremely bright and as sharp as a tack so one had to be careful what one said to her.
“Alec, Martin, is there any development on the security front? I note that the board papers referred to an increased level of expenditure on security leading up to the float. Is everything else OK? No further threats?” Alec glanced at me and then went on to explain the security that had been taken on board.
“But no more threats etc.” said Lucy.
“No,” I said lying through my teeth, to which Lucy looked questioningly.
“On another matter, Alec you need to talk to Frank tomorrow. I have just been talking to him about a US company called Dalrymple. You probably know them as a major competitor, a Control Networks equivalent in the States. I think that they could be available and might make a really good acquisition for you. The float gives you the weaponry to make the acquisition and the combination would make you a very powerful force.”
“I need an opportunity like that like I need a hole in the head at the moment,” said Alec. “Why are you so keen?”
“Well, I just have a feeling that they might need us and a good deal could be done. They have been going a lot longer than you, and as you would expect they have great penetration in the US market, which would complement Control Networks strong UK and European base. I am also sensing that perhaps their technology is not so advanced and might be aging. They have grown with the aid of quite a few acquisitions and it is possible that the mix of technologies they have acquired is a legacy that is starting to catch up with them. They are the larger Company and their interest is in acquiring you, but I suspect that you are really the stronger.”
“Maybe, once we have the float through we could start looking at it, but not until then.”
“I appreciate that it is not an easy time but you cannot always choose your timing Alec. I don't suggest you do anything about it immediately, but the CEO is over here next week, will you at least have a 'get to know you' lunch so that we can keep it warm as an idea?”
“What was Franks reaction when you mentioned Dalrymple?”
“What do you mean, he just said he would talk to you about it, although…” he paused staring at Alec, “he did seem a little startled, is there anything I should know?”
“No, lets do the lunch,” said Alec reluctantly, “you set it up, but let's make it here in Bristol.”
“Lucy knows the CEO, so I will leave her to set it up and liaise with you. I don't think I will be able to make it down.”