FREEZING WORKS

Ashburton Guardian, Volume 49, Issue 143, 1 April 1929, Page 3

FREEZING WORKS

PROPOSED AMALGAMATION.

RESULT OF POSTAL VOTE. (Special to the "Guardian.") CHRISTCHURCH, This Day. Arising out of negotiations for the amalgamation of the North Canterbury Sheepfarmers' Co-operative Freezing Company with the Canterbury Frozen Meat Company, a circular to shareholders was issued, signed by Messrs G. D. Greenwood (chairman of directors of the North Canterbury freezing Company) aud F. H. Courage and W. Mcßae (directors), setting out the conditions on which the Canterbury Frozen Meat Company offered to take over the North Canterbury Company, and enclosing a form on which the individual shareholder was asked to record his vote for or against the proposed amalgamation.

These voting papers have been opened, and it is understood on good authority that, taking jbhe total received, there is a very large majority of individual shareholders in favour of amalgamation; and that, taking the vote on shareholding strength, the majority in favour of amalgamation is still larger.

The nominal capital of the company is 40,000 shares of £5 each, the unallotted shares representing £58,575. or 11,715 shares. The shareholders possess one vote for every five shares held by them, with a maximum of 50 votes —all shares held by one'person in excess of 250 carry no vote. The postal vote was taken in order to give an indication as to the probable decision of tbe majority. The question will bo decided by the vote of shareholders at the extraordinary general meeting to be held at 2 p.m. on "Wednesday in the Masonic Hall.

The basis of the proposed amalgamation as set out in the circular issued by Messrs Greenwood, Courage and Mcßae is: "The Canterbury Frozen Meat Company to take over our [the North Canterbury] Company from October 1, 1.928, relieving us of all liabilities and paying our shareholders 30s per share, partly in cash and partly in 6 per cent, preference shares."