Mr. Odusote turned to face the people in the hall who seemed to hang on his every word. “We‘re here to discuss the future ownership of the company. Chief Okrika and associated interests have a total of thirty-five percent shares, more than needed according to the Investments and Securities Act 1999. Since we sent out our tender offer, we have received even more support. This shows that a lot of shareholders are on our side. We also have it on good authority that the owner of a further seven percent will be voting with our consortium today.”
“You vultures will not take over my late husband‘s business; over my dead body.” The elderly Mrs. Martin-Pepple stood. “I am voting with Edward Bestman and his team.”
A loud murmur started in the room at this declaration.
Chief Okrika motioned at Mr. Odusote and the two men seated on his left, and then stood up in a huff. “I don‘t know how you do it here, but I‘m on the board of several companies and this is no way to vote on an agenda item at a general meeting.”
Edward stepped back to the lectern and took back control of the meeting. “Please I would like you all to sit back down and reduce the noise.” The hall was still abuzz from the mini-drama with Mrs. Martin Pepple‘s outburst. Even he had been surprised; he knew she supported him, but he had no idea that she felt so strongly. “Quiet please…”
“There‘s something I feel we should all know before we start voting. “Most people haven‘t heard this, but by the end of the week, all capital market operators will be required to shore up their minimum paid up capital from seventy million naira to one billion naira with immediate effect. I want to ask the registered broker who represents our acquirer‘s consortium a question. Mr. Odusote, what are your plans to meet this capital base requirement?”
One could have heard a pin drop in the silence that followed. Mr. Odusote remained quiet. When Chief Okrika bent towards him and whispered something in his ear, he snapped back in defense. Edward thanked God for his sources at the stock exchange and smiled. It was clear the news was a shock to both his rivals. Now he was sure of which way the wind was blowing.
“I see no plan and assume you‘re so inept that this comes as a surprise to you?”