Chapter 1: Going Public

When David arrived at Stapleford Secure Systems on the previous Monday he was surprised to be telephoned by the secretary to the Chairman and Managing Director, Colin Sharpe, to arrange an unofficial board meeting.

“What is an unofficial board meeting?” he wondered aloud.

“Mr. Sharpe wants to discuss some ideas before a formal board meeting so that he knows what the four of you think.”

“Come on, Patience, you know I never go to board meetings. I just give Colin my proxy. I don’t worry about trying to run the company. That’s not my forte. I am a technical man through and through, a nerd if you will.”

“Just come to this meeting, please, pretty please. Mr. Sharpe told me to twist your arm.”

“Ouch,” he mock winced, “Consider it twisted. When does he want this meeting?”

Patience paused for a moment then answered, “As soon as I can arrange it. How is your diary looking?”

“I’ve a meeting at the Ministry on Friday to discuss a possible new project. Other than that only internal matters which are not immovable.”

“I’ll talk to Mr. Brown and ring you back, but would later today or early tomorrow suit you?”

“Please yourself. I only work here. Whatever the boss wants, I do,” he replied sarcastically.

“Oh dear. I know that tone of voice. Do I have to remind you that you own a quarter of this company and are a Director?”

“As a shareholder I am totally happy to let Colin do all the directing that’s needed,” with that he rang off without waiting for her response.

An hour later Patience rang again and said, “Will two o’clock this afternoon be all right for the meeting, in Mr. Sharpe’s office?”

“Your wish is my command,” he answered.

Promptly at two o’clock the four directors of Stapleford Secure Systems met in the office of Colin Sharpe, the Chairman and Managing Director. David thought it odd that Patience was not there taking minutes and said so.

“No minutes are needed as this isn’t a board meeting; it is just a few friends chatting about this and that, confidentially,” said Frank Roberts, the accountant.

“What we, Frank and I, have been discussing is possibly floating the company on the Stock Exchange. ‘Going public’ in popular terms,” Colin said.

Arthur Brown, one of the four original founders of the company but now retired cautiously said, “What does that mean, in practical terms?”

“Our original agreement was that we could only sell to another founder member of the company. We want to change that and the new structure would be that we hold sixty percent of the company with a verbal agreement not to sell those shares, ten percent would be allocated to an employees’ share co-operative. Any employee with more than one year’s service could then buy a share in the company. The remaining thirty percent would be traded on the open market.”