. . . or round in circles
MICHAEL HESELTINE must now decide whether, as a condition of his blessing on the deal, he wants to see independent (or Independent) directors on Newspaper Pub- lishing's board, and the betting is that he will. Candidates should note that life in this board room is going to be demanding. What the company needs, almost as much as money, is clear and consistent direction. Now, though, it has four major sharehold- ers whose interests may prove to be as incompatible as ever. Andreas Whittam Smith, the founder, has declined into a small shareholder but is not afraid to bid up on modest cards. Mr O'Reilly, with the biggest holding, will not be content with tea and sandwiches at the annual general meet- ing. All this looks to me like a formula for instability, for shifting alliances, coups and counter-coups. That would set the Old Indie on a zigzag course or leave her to head round in circles — unless she resolves matters for herself, by going under.
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