by his father’s PA. She was in tears, just what Tom needed. She gave him a pack of papers and showed him straight into the boardroom. The executives were all seated and passed on their condolences as he walked towards the seat his father would normally have occupied. Tom took the seat next to it.
The meeting began with a quick update of how business was doing. In short, it wasn’t doing well. The business was suffering badly from the reaction to Donald’s involvement in the assassinations.
They continued to run through the rest of the agenda. Everything was fairly mundane, Tom could not help but think that the Execs had broken him in gently. It was not until they reached the ‘AOB’ item (Any Other Business) that things went sour. Alan announced that he had something to discuss. Tom watched as the others whispered to Alan that this really wasn’t the time.
“What is it Alan?” asked Tom as nonchalantly as he could. The man irritated him but he was determined not to let it show.
“My colleagues,” he announced with a hint of disdain, “don’t believe we should discuss this but I believe we should, in the interests of Alba’s employees.”
“Interesting, Alan. Go on,” replied Tom, inwardly seething at his CFO’s condescending tone.
“It’s quite simple really. If the current downturn in business continues, we have a big problem. In fact, we will have a major crisis. Within a month, our cash reserves, exacerbated by our recent cash purchase of Global Media, will have dried up. Within two months, our credit lines will run out and within three months, we will be staring bankruptcy in the face. If that happens, we risk plunging three million people into unemployment.”
Jonathan, the Head of Legal, and Mark, the Chief Operating Officer, tried to speak but Tom stopped them. He could see they were obviously agitated by what had just been said.
“Oh my God! I didn’t realise it was that bad!” exclaimed Tom. “What can we do?”
“We’ve received an offer, a very significant sum despite the current downturn. Of course, it’s less than we would have anticipated a month ago but in the current climate, I believe it’s an offer we should seriously consider.”
“Who’s the offer from and how much?”
“It appears the buyer wishes to remain anonymous. The approach has been made through a lawyer. As to how much, they’ve offered today’s market value minus 10 %.”
“OK, so just I understand this properly, you suggest we sell to an anonymous bidder for today’s value minus 10 %? What does that equate to, compared to the company’s value a month ago?”
“Hmm that’s a very difficult comparison to make.”
“You used the comparison. Give me the number, what’s the differential?” pushed Tom.
Alan paused, looked at his papers.
“About 40 % less, the company has taken a massive hit.”
“OK, so, as Chief Financial Officer of Alba International, do you believe we should accept the offer?” asked Tom putting Alan under the spotlight.
Alan didn’t even think about what was being said before answering.
“Yes, I believe it’s in the best interest of the company and its employees.”
“OK,” Tom said evenly. “Ladies and Gentlemen, I think we should have a vote. Those in favour of the bid, please raise your hands.”
Tom watched as each of the executives looked at each other tentatively. Alan raised his hand high emphasising his point that the company should be sold. Just as Tom was about to call the vote, other hands began to move. The Marketing Director, The Director of Communications and the IT Director, raised their hands.
“Anyone else or is that all?” asked Tom. Jonathan and Mark cringed in their seats. They knew Tom very well, better than anybody else in the room and they knew he was playing.
“OK, we have four for a sale. Are there any undecideds or abstentions?”
Again, the group looked at each other as the question burned at those yet to answer. With no hands being raised, Tom said, “OK it appears we have 4 votes for the sale and 5 votes against,” he indicated to those who had failed to vote on his two questions, each of the five nodded affirmatively.
“With only me left to decide and my casting vote on the tie I suppose it’s down to me, do I want to sell or not?”
Tom pressed the intercom button.
“Can you come in please?”
Kisho stepped into the room, taking up position at Tom’s side.
“Can those of you who voted yes, please stand up,” he asked. The four did so without question. Tom turned to Kisho.
“Kisho, could you please escort these people to the front door of the building and remove their passes. They’re no longer welcome at Alba International.”
Kisho immediately began to move towards the sacked executives.
“You can’t do this, you do not have the authority to sack me!” shouted Alan. “I can’t be sacked by a kid! That’s ridiculous!”
“He just doesn’t get it, does he, Jonathan. For a clever man, he is very stupid,” said Tom and turning to Alan, he shouted,
“I OWN THIS COMPANY.!!! I’ve been involved in it since the day I was born. I know the financials better than you do. And by the way, I’ll be reporting you for attempted fraud. Everything is on tape and I’m sure we’ll link you to the anonymous bid.”
Alan flew at Tom who had played him like a chump. Getting him to categorically state that the sale was in the company’s best interests would probably cost Alan a few years in prison. Kisho, of course, was in the way and having heard what Alan had just tried to do, used a little more force than necessary to eject him from the room. As Alan had approached Tom, he was swiftly propelled through the doors and into the foyer outside the boardroom.
Tom listened to the other three directors who had voted in favour of selling Alba. They vehemently protested their innocence and said that they had just reacted to the CFO’s advice and his very worrying update. Until the meeting, they had had no idea about the possibility of bankruptcy. And they certainly did not know that it was a plot to frighten Tom into selling.
“Gentlemen. You voted to sell Alba to an anonymous bidder for 40 % less than she was worth a mere month ago. Whether you were involved in the fraud or not, is irrelevant. Now get out of my sight, you disgust me.”
“But…” shrieked one of the directors trying to save their job.
“But nothing. Get out! Kisho please do the honours.” Kisho’s assistance was not needed, the three men ran out of the room and stepped over Alan who was still on the foyer floor.
As Kisho escorted the sacked executives out of the building, Tom turned to the remainder of the group.
“Any other business?”
He was as surprised as the rest of the group when somebody spoke.
“Just one thing,” said the Human Resources Director, “I take it we need to fill these vacancies?”
Chapter 56
Alan couldn’t believe it. His charmed life had just fallen apart. He was supposed to have become the CFO of the company buying Alba. With a promised 5 % stake in the business, he would have been rich beyond his wildest dreams. Seven months ago, he was a chartered accountant who was doing time in one of the big consulting firms. Out of the blue, he was head-hunted for the position of CFO at Alba International, the job every accountant aspired to. As Chief Financial Officer of the world’s largest company, his salary increased ten-fold overnight and the bonuses were legendary.
However, his new offer extended even beyond that. In a few months, with his 5 % shareholding in an even larger business, he would have instantly become a billionaire. Even when he got the CFO role at Alba, he could think of nothing other than the day he would become a billionaire. He certainly failed to take into consideration how the CFO role at Alba, which was not vacant when he was approached, had suddenly and surprisingly become available.
