“While you were on the line, sir, your secretary called. She asked if you would ring a Mr. Bishara at the bank urgently. She gave me the number. Shall I try and get him on the line?”

“Yes please,” said Seb, then put the phone down and waited. He checked his watch, and hoped Hakim hadn’t already gone to lunch. The phone rang.

“Thanks for calling back, Seb. I realize you’ve got a lot on your mind at the moment, but I have some sad news. Saul Kaufman has died. I thought you ought to know immediately, not just because of the takeover deal we’re in the middle of, but, more important, I know Victor is one of your oldest friends.”

“Thank you, Hakim. How very sad. I greatly admired the old man. Victor will be my next call.”

“Kaufman’s shares have fallen sharply, which is hard to explain, seeing Saul hasn’t been in to the office for over a year.”

“You and I know that,” said Seb, “but the public doesn’t. Don’t forget, Saul founded the bank. His name is still at the top of the notepaper, so investors who don’t know any better will wonder if it’s a one-man band. But taking into account the bank’s strong balance sheet, and its considerable assets, in my opinion Kaufman’s shares were already well below market value even before Saul’s death.”

“Do you think they might fall even further?”

“No one gets in at the bottom and out at the top,” said Seb. “If they fall below three pounds—and they were £3.26 when I left—I’d be a buyer. But remember Farthings already has six percent of Kaufman’s stock, and if we go over ten percent, the bank of England will require us to make a full takeover bid, and we’re not quite ready for that.”

“I think there may be someone else in the market.”

“That will be Desmond Mellor, but he’s only a spoiler. He doesn’t have the sort of capital to make a real impact. Believe me, he’ll run out of steam.”

“Unless he has someone else backing him.”

“No one in the City would consider backing Mellor, as Adrian Sloane and Jim Knowles have already discovered.”

“Thanks for the advice, Seb. I’ll buy a few more Kaufman’s shares if they fall below three pounds, and then we can look at the bigger picture once you get back. By the way, how’s it all going out there?”

“I wouldn’t buy shares in Clifton Enterprises.”

*   *   *