Chapter 58 Board Meetings
Her father could retreat unscathed, but she couldn't. Once the truth was exposed, she and her mother will be in trouble.
Emily took a deep breath. "Dad, the shareholder meeting has started. Let's go attend the meeting."
The majority of shares in the DeRoss Group were held by the DeRoss family. Frank held 35%, Emily and Haley held 25% each, and the remaining shareholders held smaller portions.
Originally, Emily was the largest shareholder.
After the division of shares, Haley was now tied for second place. Because of that, Frank transferred one percent of his shares to Emily to increase her influence. As a result, Haley became the third largest shareholder, only one percent behind the second.
Frank sat in the main seat, with Emily and Haley on either side. The major shareholders present were naturally aware of the changes in the DeRoss family's shares. Many of them were old employees who had fought alongside Frank, and they were well aware of the DeRoss family's affairs.
Before the meeting started, Emily had privately spoken with some of them. The dozen or so shareholders exchanged glances, knowing what was going on.
"Is this Ms. Haley? Why don't you introduce yourself?" Taylor, the fourth largest shareholder, spoke first, with a hint of sarcasm in his tone.
Haley raised an eyebrow, her beautiful eyes revealing a sense of defiance and boldness. "Mr. Taylor, don't we know each other already? Do we still need introductions?"
Taylor forced a smile, saying, "You've changed quite a bit. How would we know it's you without an introduction? Besides, we want to know what you've been through in the past four years, and whether you're qualified to sit here with us."
Smith, next to him, also chimed in, "Our quarterly board meeting is used to determine the next quarter's development direction. If you don't have the ability in this area, it's better to leave the meeting room."
The rest of the directors also looked at her with unfriendly eyes. However, Haley was prepared for all this.
She calmly spoke, "This is a shareholders' meeting. As long as I hold shares, I have the right to sit here. Even if I'm a fool, none of you have the right to kick me out."
As soon as she said that, Taylor's face turned sour. "Ms. Haley, of course, you can sit here. But during the meeting, please refrain from interrupting others when they speak. Learning to be silent is also a kind of wisdom."
Haley smiled lightly and responded, "Okay."
With her compliance, the meeting finally began. Frank started by delivering a speech, summarizing the sales and development situation of the DeRoss Group for the quarter.
"In the first two months of this quarter, the DeRoss Group's sales steadily increased. However, since public opinion started changing, there has been a small wave of product boycott comments online, resulting in a backlog of warehouse products.
“The public opinion continues to escalate, causing the stock price to plummet. Fortunately, the Winston Group extended an olive branch. The DeRoss Group should be able to regain its stock price within six months."
Haley listened calmly. She didn't expect her return to have such a significant impact on the DeRoss Group. Roughly estimated, the group had lost at least three billion dollars in sales. However, the DeRoss Group has sided with the Winston Group, so the financial reports of both companies should look good for the next six months.
She just didn't know what specific project the Winston Group and the DeRoss Group were collaborating on. As she was thinking about it, Taylor spoke up.
"Frank, I've reviewed the project from the Winston Group. It's a redevelopment of an old city on the outskirts of Cuenca. This project has a very long timeline, with at least three years for relocation work alone. In other words, construction won't start for another three years, and it will take at least four years to generate profit."
Haley's lips curved slightly. It seemed like the Winston Group only handed the DeRoss Group an empty promise. This collaboration was just to ease the public opinion that was raging a week ago.
Haley was amused with the plan. They would have to wait another four years before they could make money.
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