“Your opinions have been noted and you‘ll have your chance to vote when the time comes. Now I will come to the major business of the day. You may have been approached with a tender offer by a company wishing to acquire Bestman Group shares. I want to state categorically that this offer is a farce. There‘s no substantial premium to the average valuation, especially in light of our recent and expected upgrades. Expert opinion shows this as one of the lowest multiples ever offered for a fully trading company on the floor of the exchange. Our share price would fall if you accepted this offer. Take a look at our acquirers; in terms of a business entity, ‗nonentity‘ would actually be a better way of describing them.”
Mr. Odusote had been sitting smirking and nodding at his backers, but at this statement he jumped up. “Mr. Chairman I don‘t think such wording is needed or appropriate in these circumstances.”
Edward overrode him and continued. “Chief Okrika, who as he said owns a thirty-five percent stake in our company, says he wants to seize control so he can put it back on track…”
“Yes, we want to create a new vision because the company has not been performing…”
Edward did not allow him to finish. “Chief Okrika isn‘t the only shareholder concerned about the company‘s performance. We, the current directors, also are, as you have all seen from the preceding. We are working for the company and intend to continue doing so.”
Edward stepped out from behind the lectern and looked directly at his rival. “Can Chief Okrika speak for himself? We found that he has a record of pursuing companies with large cash reserves. Who is to say that he doesn‘t simply want to raid Bestman Group‘s hefty bank account?”
Mr. Odusote replied again. “We don‘t want to do anything other than create shareholder value. There are no assets we plan to sell to the company. There‘s no sort of hidden agenda.”
Edward walked to the edge of the small platform. “But I heard that despite Chief Okrika‘s wishes, you, Mr. Odusote, have other plans. You seek to remove four Bestman Group PLC executive directors. In fact, you plan to convene another extraordinary general meeting to put it to shareholders and elect yourself on the board.”
Mr. Odusote strutted forward. “You heard wrong, Edward. Chief Okrika knows of the reshuffle and will become chairman. We‘re respected corporate finance advisors, and only want to create strategic value. A look at the assets will tell why the market places so little value on the company. And it is time we move the meeting on to the right path. We‘re not here for intrigue.”