"Many years ago when I was a young man," began Baverstock, "and I sat my pupil's exams, I swore to keep a code of confidentiality when dealing with my clients' private affairs. I think I can safely say that I have honored that undertaking throughout my professional life. However, one of my clients, as you well know, was Sir Raymond Hardcastle and he—" There was a knock on the door and a young girl entered, with a tray bearing two cups of hot coffee and a sugar bowl.
"Thank you, Miss Burrows," said Baverstock as one of the cups was placed in front of him. He did not continue with his exposition until the door was closed behind her. "Where was I, old fellow?" Baverstock asked, as he dropped a sugar lump into his cup.
"Your client, Sir Raymond . . ."
"Oh, yes," said Baverstock. "Now, Sir Raymond left a will of which you may well feel you are cognizant. What you could not know, however, is that he attached a letter to that document. It has no legal standing, as it was addressed to me in a personal capacity."
Charlie's coffee lay untouched as he listened intently to what Baverstock had to say. "It is because that letter is not a legal document but a private communication between old friends that I have decided you should be a party to its contents."
Baverstock leaned forward and opened the file that lay on the table in front of him. He removed a single sheet of paper transcribed in a bold, firm hand. "I should like to point out, Sir Charles, before I read this letter to you that it was written at a time when Sir Raymond assumed that his estate would be inherited by Daniel and not by his next of kin."
Mr. Baverstock pushed his spectacles up the bridge of his nose, cleared his throat and began to read:
Dear Baverstock,
Despite everything I have done to ensure that my final wishes are carried out to the letter, it may still be possible that Ethel will find some way of seeing that my great-grandson, Daniel Trumper, does not inherit the residue of my estate. If such circumstances should come about, please use your common sense and allow those most affected by the decisions in my will to be privy to its finer details.
Old friend, you know exactly to whom and what I am referring.
Yours as ever,
Baverstock placed the letter back on the table and said, "I fear he knew my little weaknesses every bit as much as his daughter's." Charlie smiled for he appreciated the ethical dilemma with which the old lawyer was so obviously grappling.
"Now, before I make reference to the will itself I must let you into another confidence."
Charlie nodded.
"You are painfully aware, Sir Charles, that Mr. Nigel Trentham is now the next of kin. However, it should not pass unobserved that the will is so worded that Sir Raymond couldn't even bring himself actually to name him as the recipient. I suspect that he hoped that Daniel might produce progeny of his own who would have taken precedence over his grandson.
"The current position is that Mr. Nigel Trentham will, as Sir Raymond's closest living descendant, be entitled to the shares in Trumper's and the residue of the Hardcastle estate—a considerable fortune, which I can confirm would provide him with adequate funds to mount a full takeover bid for your company. However, that was not my purpose in wanting to see you this morning. No, that was because there is one clause in the will you could not have previously been aware of. After taking into account Sir Raymond's letter, I believe it to be nothing less than my duty to inform you of its import."
Baverstock burrowed into his file and retrieved a sheaf of papers, sealed in wax and bound in pink ribbon.
"The first eleven clauses of Sir Raymond's testament took me some considerable time to compose. However, their substance is not relevant to the issue at hand. They relate to minor legacies left by my client to nephews, nieces and cousins who have already received the sums bequeathed.
"Clauses twelve to twenty-one go on to name charities, clubs and academic institutions with which Sir Raymond had long been associated, and they too have received the benefit of his munificence. But it is clause twenty-two that I consider crucial." Baverstock cleared his throat once again before looking down at the will and turning over several pages.
"'The residue of my estate shall pass to Mr. Daniel Trumper of Trinity College, Cambridge, but should he fail to survive my daughter Ethel Trentham then that sum shall be equally divided between his offspring. Should he have no issue, then the estate shall pass to my closest living descendant.' Now to the relevant paragraph, Sir Charles. 'If these circumstances arise I instruct my executors to go to any lengths they feel necessary to find someone entitled to make a claim on my inheritance. In order that this option might be properly executed, I also deem that final payment of the residue of the estate shall not be made until a further two years after my daughter's death.'"
Charlie was about to ask a question when Mr. Baverstock raised his hand.
"It has become clear to me," continued Baverstock, "that Sir Raymond's purpose in including clause twenty-two was simply to give you enough time to marshal your forces and fight any hostile takeover bid Mr. Nigel Trentham might have in mind.
"Sir Raymond also left instructions that, at a suitable time following his daughter's death, an advertisement should be placed in The Times, the Telegraph and the Guardian and any other newspaper I considered appropriate when seeking to discover if there were any other persons who feel they might have some claim on the estate. If this should be the case, they can then do so by making direct contact with this firm. Thirteen such relations have already received the sum of one thousand pounds each, but it is just possible there could be other cousins or distant relatives of whom Sir Raymond was unaware who may still be entitled to make such a claim. This provision simply gave the old man an excuse for the two-year clause. As I understand it, Sir Raymond was quite happy to allocate another thousand pounds to some unknown relative if at the same time it afforded you some breathing space. By the way," said Baverstock, "I have decided to add the Yorkshire Post and the Huddersfield Daily Examiner to the list of newspapers named in the will because of the family connections in that county."
"What a shrewd old buzzard he must have been," said Charlie. "I only wish I'd known him."
"I think I can say with some confidence, Sir Charles, that you would have liked him."
"It was also extremely kind of you to put me in the picture, old fellow."
"Not at all. I feel sure," said Baverstock, "that had he been placed in my position it is no more and certainly no less than Sir Raymond would have done himself."
"If only I'd told Daniel the truth about his father . . ."
"If you save your energies for the quick," said Baverstock, "it is possible Sir Raymond's foresight may still not have been wasted."
On 7 March 1962, the day on which Mrs. Trentham died, Trumper's shares stood at one pound two shillings on the FT Index; only four weeks later they had risen by a further three shillings.
Tim Newman's first piece of advice to Charlie was to cling to every share he still possessed and under no circumstances during the next couple of years to agree to any further rights issues. If between them Charlie and Becky were able to lay their hands on any spare cash, they should purchase shares as and when they came on the market.
The problem with following this particular piece of advice was that every time a substantial block of shares did come on to the market they were immediately taken up by an unknown broker who so obviously had instructions to purchase stock whatever the price. Charlie's stockbroker managed to get his hands on a few shares but only from those unwilling to trade on the open market. Charlie was loath to pay over the odds, as he had never forgotten how close he had come to bankruptcy when he last extended his credit. By the end of the year Trumper's shares stood at one pound seventeen shillings. There were even fewer sellers left in the marketplace after the Financial Times had warned their readers of a possible takeover battle for the company and gone on to predict it would take place within the next eighteen months.