Letter to Mr Kevin Maxwell
from Mr Michael Stoney, Pergamon ABG plc
1. I had a meeting yesterday with Geoffrey Robinson
at which I discussed with him briefly his proposal for a management
agreement between Transtec and Lock.
2. As you may remember, under his proposal Transtec
would receive up to 30% of the profits of Lock over the next 2
3. I indicated to Geoffrey that we felt it would
be of greater benefit if Transtec received:
4. Surprising, Geoffrey strongly felt that the
receiving of a share of the profits would be a greater incentive
to Transtec (bearing in mind that Lock are only forecasting to
breakeven this year).
5. Geoffrey reiterated that he remained extremely
interested in buying Lock within the next couple of years to merge
it with his other business and a further potential acquisition
he is currently considering. This would then given him a Group
with a turnover of approximately £25m which could be floated.
6. Geoffrey indicated that he preferred to discuss
the matter directly with you. However, I said that after further
discussion with you I would inform him of our outline proposals.
23 May 1990