PURU.
Puru Consolidated
AMENDED PROPOSALS FOR PUR
CHASE REJECTED.
A special general meeting of shareholders in tha Puru Consolidated G.M. Company wa3 held on Dec. 17, Mr W. Grey (Chairman of Directors) presiding. The meeting was called tc consult the shareholders in regard to a proposed alteration in the terms of the option of the sale of the Company's property. There waa a crowded attendance.
The following letter hearing on tho matter was received from Mr H. A. Gordon, General Manager of the Anglo Gold Syndicate, Limited :—I am instructed by Mr J. J, Copper to inform you that he cannot see his way to carry oub the agreement to purchase which he at present holds trom your Company. In lieu thereof, however, I am directed to mako your Company the following offer.for its property ;—(1) A Company to bo formed in England, with a nominal capital of £130,000, divided into 130,000 shares, of the nominal value ot £1 each ; (2 ) the working capital of the company to be £50,000, i«.-presented by £10,000 in cash, to be provided immediately for development purposes and the balance by reserved shares ; (3) your company to receive 40,000 shares fully paid up and £1,000 in caah, such £1,000 in cash to come, out of the £10,000 development capital mentioned in paragraph 2; (4) tho 40,000 shares to be allotted to your company to be either pooled with the shares belonging to the purchasers, or to be subject to the provision that your shareholders will not dispose of same for say one year from date of allotment ; (5) the purchaser? to have the-option ior two years from data of issue to take up at par tha 40,000 share 3 reserved to provide working capital. This otter to bo subject (if accepted) to confirmation by my Loudon principals.
The Chairman said that the new offer came a_ a surprise and disappointment. The shareholders had good reason to expect the original offer made would be Carried through. When the offar was first made tbe value of the mine wa3 little known, bud jsince then driving operation., had been pushed on vigorou3iy and good gold hud been meb with. Mr F. Hull said that speaking on behalf of a lart:a numoer of" sharehotdera they considered thab they bad been badiy treated by the Syndicate. Ths meeting should net entertain any proposal other tnan the
tint mads
Mr J. M. Lennox said that ho agreed with what Mr Hull said. The second offer waa an inaulb to the intelligence of tbe shareholders of the company. The pro pert.y had beon proved to be a network of reef:-. Mr Lennox concluded by suggesting the following terms :—Capital, £130,000 in £1 sharea; guaranteed working capital, £25 000 ; reserve working capital in shares, £10.000 ; vendors to receive 4*1,000 share j ; vendors to receive £5,C00 in cash, tbe home syndicate to receive 44,000 .hares. Mr Raynea thought that tbe original terms ahoulcl be adhered to.
Mr George F. Brimblecomba moved, "That tha new propo.-al from the AngloContinental Syndicate be rejected."
Mr A. Raynea seconded the motion which waa carried unanimously.
PURU.
Auckland Star, Volume XXVII, Issue 305, 23 December 1896, Page 7
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