Chapter 662: Big Shareholder
Translator: Nyoi-Bo Studio Editor: Nyoi-Bo Studio
Regardless of how one looked at it, it was awkward for a CEO to promote his own shares to others.
A CEO would normally not do this. It clearly showed the other party that, as the CEO, they themselves were not optimistic about their own company. As such, why would anyone want to buy their company's shares?
Despite that, Cole had no other choice. Truth be told, Harry Winston was unable to take out 70,000,000 USD worth of cash at one go.
If the company's account still had this amount of cash, Harry Winston would not fall so low as to have bankruptcy rumors.
As the gemstones were of good quality, they could be brought quickly to the market after they had been meticulously carved. Therefore, even though Cole was unable to obtain the money, it was still necessary for him to procure the gemstones.
If this were handled well, Harry Winston could end up earning a profit that was two times 70,000,000 dollars—or more—after spending 70,000,000 dollars to procure the gemstones.
As long as the company was able to earn this amount, Cole would not have to worry about the company's financial problem as Harry Winston would be able to completely recover from the financial crisis.
The appearance of Li Du was a chance for the dying Harry Winston, a chance to revive the company.
In the world, those who could provide such a large number of gemstones were few and far between. The number of people who were able to provide such a large number of gemstones and who were also willing to buy the shares of Harry Winston was one.
As such, having seen the opportunity to save his empire, Cole needed to grab onto Li Du, who was his last hope at saving the company.
Li Du very quickly understood his relation to this matter. As it was much easier for him to lower the price, he was very happy to buy the shares in Cole's possession.
He swiftly contacted Bauer Neuberger, who was the lawyer Playboy had recommended, and consulted with him. Bauer would be the one in charge of helping him lower the price.
Previously, Li Du spent 11,200,000 dollars to buy 0.008 percent of Harry Winston's shares. This time around, he wanted to buy more than six 0.008 percent of shares with the six and a half 11,200,000 dollars in his possession.
A business negotiation had begun.
Bauer had already seen Li Du's potential and paid great attention to him. After being informed that the deal this time around was worth more than 70,000,000 dollars, Bauer straightaway brought his whole team over to negotiate.
Cole also called over Harry Winston's business lawyers and financial advisors. Even though his team was more formidable, it was a pity because Li Du had the biggest say in this negotiation.
The negotiation started the next day and lasted the entire day, from morning to evening, before finally reaching a conclusion that both parties were happy with.
Cole was selling one percent of the company's share, which was seven percent of the 48 percent of shares in his possession, for 10,000,000 dollars.
With that, Li Du traded in his gemstones for 72,000,000 dollars and used 70,000,000 dollars of it to buy the shares while 2,000,000 dollars was given to him in cash.
The trade was completed under the witness of both parties' legal team. Although Cole wanted to organize a press conference, Li Du declined as he wanted to be more low-profile.
Having considered his recent kidnapping, Cole and Roger understood his worry and completed the signing of the contract without fanfare.
The whole contract signing process was considered successful. However, when the signing of the contract was about to be completed, three elderly people, who came together as a group, knocked on the door and called for Cole using his full name.
Li Du was familiar with the three elderly people. They were three small shareholders of Harry Winston whom he had previously met. Tedrick, who was among them, had his shares bought by Li Du.
Seeing the three of them, Li Du curiously asked Tedrick, "What are you guys doing here? You don't have any more of the company's shares, right?"
"Softer, Li, my two friends here don't know I sold my shares," Tedrick replied in an embarrassed manner. "They were informed that President Cole is here and dragged me along to meet him."
The other two elders, Norman and Horford, were having a discussion with Cole. They questioned his leadership and enquired about the company's future plans for development.
Ultimately, the two of them wanted to sell the shares that they owned.
Cole told them that the company had procured a batch of gemstones and would organize a launch event for a new line of luxury products by next year at the latest.
Neither of them believed him and further enquired on the kind of gemstones and how the company was going to produce a new line of luxury products.
Since Cole had just procured the fire opals, how could he possibly have made plans for the launch event for the new line of products so soon?
He also did not plan to reveal the identity of the batch of gemstones. Before promoting the new line of products, he needed to keep it a secret. Although he could tell the public that Harry Winston had procured a batch of gemstones, he could not tell them the specific type.
Both Norman and Horford did not understand his intentions. Seeing him dodge their questions, they assumed that he was lying and forced him to think of a way to take responsibility for their shares.
While the two of them were pressuring Cole, they were also shouting at Tedrick, "Old friend, come over, what are you standing there for? Do you want to let tens of millions of dollars go to waste in your hands?"
Tedrick stared at them, embarrassed and unsure of what he should say. Li Du spoke.
"Tedrick's shares have already been sold."
Norman and Horford looked dumbfounded. Tedrick became even more embarrassed and whispered, "Li, don't say it."
Li Du said, "I bought Mr. Tedrick's shares. You guys don't have to be anxious, I will also buy your shares."
Hearing his words, Tedrick asked in a surprised manner, "Is that true?"
Li Du nodded. "Of course. Therefore, you guys don't have to come and pressure President Cole. I have a huge sum of money that I have yet to receive. However, I am in the process of retrieving the money. Once I have the money, I will buy your shares."
"On what basis should we believe that you will keep your promise?" Norman exclaimed.
Li Du smiled. "On the basis that I have bought Mr. Tedrick's shares. If you guys don't believe me, you guys can ask him."
Tedrick forced a smile and said, "Mr. Li is a young magnate who is passionate about the luxury goods industry. I think he is truly interested in buying your shares."
With Tedrick's help, Norman and Horford grudgingly believed Li Du.
They had no other choice but to believe him. Cole was unconcerned with small shareholders like them. Currently, like a clay Buddha crossing a river, he was unable to even fend for himself. How would he have the energy to be concerned with these small shareholders?
After they completed signing the contract, Li Du invited Bauer and his legal team to have a fest at Joël Robuchon. At the same time, he gave them 100,000 dollars as a thank you.
Bauer had previously promised Li Du that he would be responsible in helping him buy the shares of Harry Winston. For this reason, he came over to demonstrate his capability and fight to become Li Du's personal lawyer.
As such, Li Du was not required to pay the legal fees for the signing of the contract this time around. The 100,000 dollars that Li Du had given was considered a tip, which Bauer would share with the colleagues whom he invited to help out. Bauer himself was unable to earn much.
After staying in Las Vegas for half a week, Li Du had settled the gemstones in his possession and brought away 2,000,000 dollars in cash as well as up to tens of millions of dollars worth of Harry Winston's shares.
Unfortunately, he would no longer be able to sell the fire opals he dug out to Harry Winston.
Cole, who was worried that Li Du would continue bringing fire opals to the market, told him after he had bought the shares, "Harry Winston will use this batch of gemstones as the theme for a new jewelry collection. Before this collection is launched, kindly hold onto the fire opals in your possession."
Li Du understood that he needed to help Harry Winston sell the pieces of jewelry made from this batch of fire opals at a high price. As he had become one of the big shareholders of the company, he needed to help it grow.