Comment: Andrew Cook gets the last laugh
Friday 24 January 1997
For a time there, it looked as if Mr Cook would be toppled, not so much because the City didn't believe his claims that the company was worth much more than Triplex Lloyd was bidding, but because investors were heartily fed up with what was widely seen as a cavalier approach to capital markets. They were as a consequence preparing to sell him out.
Mr Cook made so little effort to keep analysts and investors informed about progress down the years that forecasts made during the Triplex bid of better-than-expected profits were met with widespread incredulity. Promises to mend his ways by appointing more non-executives and splitting the role of chairman and chief executive always sounded a bit hollow, coming from someone who once described his pounds 1.5m golden parachute as "a pittance".
It was also quite difficult to reconcile his claim that William Cook was worth at least double Triplex Lloyd's original 309p offer when a month before the bid was launched both his pension fund and William Cook bought back shares in the company at prices between 239p-248p a share. But Mr Cook gets the last laugh.
Now up pop some venture capitalists who not only believe his valuation arguments, but don't appear to give a fig about all those corporate governance concerns either. It seems unlikely that Triplex Lloyd can come back, given the hammering its share price has taken during the course of this bid. Nor can it really feign surprise at the turn of events. On 20 December it said in a circular: "If William Cook really believes it is worth very substantially in excess of Triplex Lloyd's offer, is should set about finding someone prepared to pay that price because it does not appear able to deliver this value on its own." Oh dear.
arts + entsThere were towering ideas, some scintillating performances and revelatory grooves... our writers pick out their personal highlights
elephant appealThe first 23 lots in our charity auction have now gone. But there are 22 more still up for grabs
elephant appealPrince William signs up for our charity appeal
peoplePrepare to be entranced by worms as the molecular biologist gets ready to give the Royal Institution science lectures
elephant appealSo says man jailed for cutting off dead elephant's tusks
booksWe examine the best titles for teens
voicesPeople moan that Christmas is too commercial, the spirit lost. But it is a time to over-indulge, and always has been, says DJ Taylor
scienceResearchers teach border collie to understand sentences using more than 1,000 words
booksA Christmas story in six parts
travelWill high-value tourism help the workshops of this Renaissance city?
food + drinkA trifle without custard? Surely not! Nonsense – and here’s three to finish your festive meal that prove it
Geoffrey Macnab does not like the comedian's big screen debut
French pub fined €9,000 after customers returned empties to bar - because it's 'undeclared labour'
Ten best places to live in the UK: Hart in Hampshire takes top spot
Winter Solstice marks shortest day of the year
Burglar steals video tapes of child abuse, hands them into police
Paul Walker's daughter Meadow attends Justin Bieber Believe premiere
- 1 Tim Sherwood challenges Daniel Levy to set out vision for Tottenham Hotspur’s future
- 2 French pub fined €9,000 after customers returned empties to bar - because it's 'undeclared labour'
- 3 Sun will 'flip upside down' within weeks, says Nasa
- 4 #Teamnigella: It’s the only side to be on
- 5 Christmas comes early: Justin Bieber is 'retiring from music'
- < Previous
- Next >
iJobs Money & Business
£59999 - £80001 per annum + Benefits: Pro-Recruitment Group: A Top 10 firm in ...
£50000 - £75000 per annum + benefits + bonus: Harrington Starr: Project Manage...
£60000 - £90000 per annum + benefits + bonus: Harrington Starr: Business Analy...
£Negotiable: Citifocus: High calibre individual with institutional client serv...