The journey was just over an hour long so by the time we had finished breakfast we were slowing down for the run in to Paddington Station as we drank a second cup of coffee.
In College Green police station Inspector Lloyd was meeting with Chief Superintendent Fleet to review the Lever case.
“We need help from the Met on this one Boss. It's all originating off our turf, the main players are all London based.”
“I agree we need some help,” said Fleet. “Let me make a few calls and get back to you.”
CHAPTER 19
In London, we checked in to the Intercontinental Hotel at the back of Mayfair. We then caught a taxi over to Frank Whittles offices in the City where we were making the presentation. Our minders went off to have a coffee in the cafe in the basement while we went up to the top floor.
On the way up Frank revealed that his research in to Mendip Finance etc. had revealed a connection to one of our competitors, Dalrymple Technology. The connection was tortuous because of the maze of shell companies involved all leading to the Caymans where company records were not very transparent.
“So Mendips ’ approach is really a guise for a takeover by Dalrymple?” I said.
“Maybe, the information is too tenuous to be certain, but it is a distinct possibility. Come on, we can discuss this later, we can't be distracted from what we are doing now.”
The presentation was to a group of just over a dozen key market players and seemed to go well. According to Frank we only had one no show which he said indicated the high level of interest in the forthcoming float. Alec made the main presentation on the Company and it's future direction while I stepped in and did a short piece on product development and the associated technology. After some questions we all adjourned to a separate private dining room where Frank had laid on lunch. We sat at two tables, Alec hosting one, and me, with Frank to chaperone me, on the other. Lunch was pleasant, the wine flowed and with it the volume increased. Some of them turned out to be very knowledgeable on trends in the technology and some quite interesting questions came up.
Afterwards, Alec had to go off with Frank for a meeting with the brokers and underwriters and I was at a loose end. We were scheduled to do two more of these presentations tomorrow before going up to Birmingham, but for the rest of the day I was free. I decided I might go and visit Plavsic. I don't know why I decided to go, curiosity I suppose, but a call established that he was in and would see me, so off I went collecting Jason on the way.
Mendip Finance was based off City Road in Moorgate. Not far from Frank ’ s office so I decided that we would walk; it was a bright sunny afternoon and it would be good to get some fresh air although I soon found out that vehicle exhaust pollution made that impossible.
The building was an impressive tall city tower of about 40 floors, all glass and gleaming in the sun. In the foyer I scanned the list of tenants and found that in amongst the second stream banks, lawyers, accountants etc. Mendip Finance was on the 32nd floor. We stepped out of the lift in to a large reception area with a huge reception desk to one side occupied by an attractive girl who looked as though she did not have much to do. She greeted us pleasantly and asked us to take a seat. The walls were decorated with pictures of large oil installations; some were aerial shots of deep-sea oilrigs, others of large-scale refineries and pipelines. A few minutes later I was ushered through to a large meeting room in the corner of the building with a spectacular view looking out over the City and down the Thames. Plavsic was already there and waiting to greet me.
“Great view.”
“Yes,” Plavsic responded, “particularly on a clear day like today. Can we get you some coffee or tea. ”
“No thanks,” and we sat down at the table.
“Well Mr Lever, what can I do for you? Have you decided to accept our offer after all?” He smiled.
I returned the smile and hesitated. Now I was here I wasn't sure how to begin, although I would really like to find out if they were behind the personal assaults of the last few days.
“No, the decision to say no to your offer was a board decision and frankly, was made partly on the basis that we did not know you and that we were well down the road to an IPO which it was thought will ultimately give shareholders a better return. However I am in London for a couple of days and thought I might look you up. Tell me a bit more about Mendip Finance.”
“I am sure you must have done your own research before considering our offer,” he said.
“Yes, but it is much better to hear it from the horses mouth, so to speak.”
He looked puzzled at that phrase and paused. “OK,” he said eventually, and went on to describe Mendip Finances activities. He pointed to a map on the wall where various coloured pins denoted Mendip activities. Most of them were in Africa and Central Europe and Russia.
“Do you have dealings with governments?” I asked. “I understand that in Russia for instance, the oil industry has a heavy government involvement and shareholding.”
“Yes they do, remember we are not just interested in oil, we have many other interests.”
“Does that include arms and the defence industries?” I asked.
“No, we don't have interests in those areas but some of our associates do.”
“Associates?”
“Shareholders, investors, sister companies.”
“Does that include Dalrymple Technology?”
He ignored the question and said, ' Mr Lever, why are you here? I have already had the police here making suggestions that we have been threatening you. I assure you that our intentions are totally honourable, we are an investment organisation looking for good investments.” he smiled, but his smile had a smarminess about it that made my skin crawl.
“You were right, we did do some research on your organisation, but as you will know it's ownership structure is extremely complicated, as if the real owners did not want to be revealed. Why would a legitimate investment company want to conceal its true ownership in this way?”
A flash of irritation briefly wiped the smile from his f ace revealing an altogether harder individual but it was gone within seconds and the surface smile returned. “International trading across several continents frequently requires complex structures,” he parried. Pausing, “ Mr Lever, it is very pleasant to meet with you again but I have an appointment so if there is nothing else I really must conclude this meeting.” he stood as he said this, offering a hand in farewell, effectively ushering me towards the door.
Outside the office I joined up with Jason and we left the building and caught a taxi back to the hotel.
That evening in the hotel, Frank, Alec, and I met up for a drink before attending a dinner with clients. “What do you make of the Dalrymple link to Mendip Finance?” asked Frank looking at Alec.
“I'm not sure what to make of it. Dalrymple are rumoured to have very close links to the US Government procurement operations particularly the Pentagon, but that is hardly surprising really as they have had some very major contracts with them. What do you think Michael?”
“Well, the story on the 'technical grapevine' is that they have some significant product development problems. It is said they are just not keeping pace with the technology. There appears to have been an exodus of senior technical staff, in fact I am interviewing one of them next week. I have heard that there is a lot of dissatisfaction internally with the technical strategy of the company. However that is all rumour, I daresay you could find people who would not have a good thing to say about us if you tried.” I hesitated, and then went on. “I went and paid Mendip Finance a visit this afternoon.”
“Why?”
“Well, I had nothing to do and I wanted to find out if they are the people who are hassling us. Plavsic was all charm and politeness but it was a futile visit, I couldn't even get him to respond to the Dalrymple link.”