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Pembroke: Naughty Norman

Nigel Cope
Sunday 25 July 1993 23:02 BST
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We are sure that Sir Norman Fowler, the Tory party chairman, has had other things on his mind recently, but declaring share purchases more than 18 months late deserves a rap across the knuckles.

In a recent circular listing directors' share dealings, it emerges that Sir Norman, who has held a non-executive directorship at Bardon, the debt-laden building group, for two years, had bought five tranches of shares dating back to November 1991. Given that directors are supposed to declare any share purchases in their companies within three weeks, this seemed odd.

Sir Norman's office said that on taking the Bardon job, the Tory bigwig set up a Bradford & Bingley PEP with instructions that all dividends should be used to buy more shares. This they did, but failed to tell anyone else. 'Sir Norman probably didn't know anything about it,' says a spokesman. 'But now that an apparent technical error has been drawn to our attention, we have instructed that it be corrected.'

Not that we are talking massive purchases here. The five tranches total little more than 900 shares, taking Sir Norman's total to a less than grand 5,143. As Bardon's shares closed at 45p on Friday, they are not exactly worth a mint. But Sir Norman would be well advised not to entrust the delivery of any share earnings to the other company of which he is director, the butter-fingered prisoner-loser, Group 4.

The nascent market economies of Russia and China are proving a happy hunting ground for luxury car makers. Rolls- Royce, which only sells around 1,400 cars a year worldwide, opened a dealership in Moscow last week and expects to sell 20-25 cars a year. It is also looking to open a branch in South China. Who's buying them? 'It's the new entrepreneurs,' says a spokesman. 'There are not many people with money. But those that do, have lots of it.'

But Rolls' silver lining could have a cloud. According to the latest edition of Business Week, four people were killed last week when a Russian dealership selling Alfa Romeos and Range Rovers was machine-gunned by a gang, allegedly because the dealer had refused to pay protection money. Has Rolls-Royce received any visits? 'Not to my knowledge,' said a spokesman.

Afiercely contested softball championship between a bunch of City firms in London's Regents Park last week ended with Lehman Brothers walking away with the cup after beating Bank of Montreal in fading light.

Uncontested winners of the wooden spoon were law firm Lawrence Graham who managed to lose all their three matches, including a 21-0 drubbing from American investment house PaineWebber. 'We did get some runs but they were discounted,' moaned team captain Lesley Robinson.

Twisted logic from Taylor Woodrow who invites us to what it descibes as a 'modest family day' at Thorpe Park in Surrey, later in the summer. Guests are invited to bring their children, we are told. 'Guests without children are invited to bring a grandchild.'

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