24 Arcadia Mansions
Bridge Street
Bristol
Dear Mrs Clifton,
It is with considerable regret that I have to tender my resignation as a non-executive director of the board of Barrington’s Shipping. At the time when my fellow directors voted to go ahead with the building of the Buckingham, you were firmly opposed to the idea, and indeed voted against it. I can now see, admittedly with hindsight, that your judgement was sound. As you pointed out at the time, to risk such a large percentage of the company’s reserves on a single venture could well turn out to be a decision we will all live to regret.
Since, after several setbacks, Ross Buchanan felt he had to resign – rightly so in my opinion – and you took his place, I must admit you have battled manfully to ensure that the company remains solvent. However, when you informed the board last week that unless the take-up for cabin sales was at 86 per cent for the next ten years, there would be no chance of us returning our original investment, I realized that the project was doomed, and, I fear, the company along with it.
Naturally I hope to be proved wrong, as it would sadden me to see such a fine old company as Barrington’s collapse, and even, heaven forbid, face bankruptcy. But as I believe that is a strong possibility, my first responsibility must be to the shareholders, and I have therefore been left with no choice but to resign.
Yours sincerely
Alex Fisher (Major Rtd)
‘And you expect me to send this letter to Mrs Clifton on August the twenty-first, just three days before the company’s AGM?’
‘Yes, that’s exactly what I expect you to do,’ said Martinez.
‘But if I were to do that, the share price would collapse. It might even bring the company down.’
‘You’re catching on fast, major.’
‘But you have over two million pounds invested in Barrington’s. You’d stand to lose a fortune.’
‘Not if I sell all my shares a few days before you release that letter to the press.’ Alex was speechless. ‘Ah,’ said Martinez, ‘the penny has dropped. Now I can see that at a personal level, major, this isn’t good news, as not only will you lose your only source of income, but, at your age, you might not find it so easy to get another job.’
‘That’s putting it mildly,’ said Alex. ‘After sending this,’ he added, waving the letter in front of Don Pedro, ‘no company would ever consider asking me to join their board, and I couldn’t blame them.’
‘So I felt it was only fair,’ continued Don Pedro, ignoring his outburst, ‘that you should be properly compensated for your loyalty, especially after you went through such an expensive divorce. With that in mind, major, I intend to pay you five thousand pounds in cash that neither your wife nor the taxman need ever know about.’
‘That’s most generous,’ said Alex.
‘I agree. However, it’s dependent on you handing that letter to the chairman on the Friday before the AGM, as I’m advised that the Saturday and Sunday papers will be keen to follow up the story. You must also be available to be interviewed on the Friday so you can express your anxiety about the future of Barrington’s, so that when Mrs Clifton opens the AGM on Monday morning, there will be only one question on every journalist’s lips.’
‘How long can the company hope to survive?’ said Alex. ‘But given the circumstances, Don Pedro, I wonder if you’d be prepared to let me have a couple of thousand in advance, and pay the balance after I’ve sent the letter and dealt with the press interviews?’
‘Not a chance, major. You still owe me a thousand for your wife’s vote.’
‘You do realize, Mr Martinez, the damage this will do to Barrington Shipping?’
‘I don’t pay you to offer me advice, Mr Ledbury, just to carry out my instructions. If you can’t manage to do that, I’ll have to find someone who can.’
‘But there’s a strong possibility that were I to carry out these instructions to the letter, you would lose a great deal of money.’
‘It’s my money to lose, and in any case, Barrington’s shares are currently trading above the price I originally paid for them, so I’m confident of getting most of my money back. At worst, I might lose a few pounds.’
‘But if you were to allow me to dispose of the shares over a longer period, say six weeks, even a couple of months, I’d feel more confident that I could claw back your original investment, possibly even make you a small profit.’
‘I’ll spend my money in any way I please.’
‘But it is my fiduciary duty to protect the bank’s position, especially remembering you are currently overdrawn by ￡1,735,000.’
‘That is covered by the value of the shares, which at their present price would return me more than two million.’
‘Then at least allow me to approach the Barrington family and ask if they—’
‘Under no circumstances will you contact any member of the Barrington or Clifton families!’ shouted Don Pedro. ‘You will place all my shares on the open market the moment the Stock Exchange opens on Monday, August seventeenth, and accept whatever price is offered at that time. My instructions could not be clearer.’
‘Where will you be on that day, Mr Martinez, in case I need to get in touch with you?’
‘Exactly where you would expect to find any gentleman: grouse-shooting in Scotland. There will be no way of contacting me, and that’s the reason I chose the place. It’s so isolated they don’t even deliver the morning newspapers.’
‘If those are your instructions, Mr Martinez, I shall draw up a letter to that effect, so that there can be no misunderstanding at a later date. I’ll send it round to Eaton Square by messenger this afternoon for your signature.’
‘I’ll be happy to sign it.’
‘And once this transaction has been completed, Mr Martinez, perhaps you might consider moving your account to another bank.’
‘If you’ve still got your job, Mr Ledbury, I will.’