THE WAIHI AND UNION-WAIHI AMALGAMATED.
LONDON, January 17
At the extraordinary meeting of the Union-Waihi Gold Mining Coy. Ltd., held on December 4th, a committee of four shareholders was appointed to consider the position with the directors of this company and the Board of the Waihi Gold Mining Company, Ltd. The Committee, having carefully considered the scheme of&reconstruction put-forward by the Board, and several other propositions, have now unanimously decided to recommend to the shareholders the following alternative proposal,which has been provisionally accepted by the directors':—"That having regard to the fact that this company was promoted by the Waihi Gold Mining Company, Ltd., and that some £50,000 of the contributing shareholders money has been expended upon the property, the Waihi Company should take over the property and assume all the liabilities of this company, issuing to this company in payment therefor its own fully paid shares at the rate of one such share for each 20 shares* of this company. This company to be liquidated at the expense of the Waihi Company, and the shares so received to be distributed in the proportion aforesaid amongst the shareholders of this company, other than the Waihi Company.
The meeting- of the Ikrion-Waihi G.M. Coy., which was adjourned on the 4th, will be held next week for the purpose of receiving the report of the above committee and considering- resolutions approving two agreements to give effect to the proposal. The first of the agreements provides for the sale of all the company's property and undertaking to the Waihi Gold Mining Company, Ltd., in consideration of the issue by the latter of 2,412 of its shares as fully paid to this company or its liquidators for distribution amongst the shareholders, and of the payment of a sum cf £75,000 cash by the Waihi Company, against which sum that company will be entitled to set off ihe debt of approximately the same amotrnt owing to it by this company, the Waihi Company agreeing to pay all. further debts and liabilities and expenses of liquidation of this company. The second agreement pi-o-vides for the release by the Waihi Company of any right to participate in respect of its holding in any surplus asset's of this company arising upon the said sale.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/AS19020224.2.22
Bibliographic details
Auckland Star, Volume XXXIII, Issue 46, 24 February 1902, Page 2
Word Count
375THE WAIHI AND UNION-WAIHI AMALGAMATED. Auckland Star, Volume XXXIII, Issue 46, 24 February 1902, Page 2
Using This Item
No known copyright (New Zealand)
To the best of the National Library of New Zealand’s knowledge, under New Zealand law, there is no copyright in this item in New Zealand.
You can copy this item, share it, and post it on a blog or website. It can be modified, remixed and built upon. It can be used commercially. If reproducing this item, it is helpful to include the source.
For further information please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Auckland Libraries.