LIQUIDATION OF FIRM.
AFFAIRS OF SMEETONS, I/T3X REPORT TO SHAREHOLDERS. In connection with the liquidation of the old-established firm of Smeetons, Ltd., the liquidators, Messrs. N. P. Carter and H. C. Robinson, have issued a report to shareholders. After detailing matters concerned with the liquidation of the assets, the report says:— "As the capital funds which will be ultimately available for distribution to shareholders will not be sufficient to pay 20/ in the £ on preferential shares, there will be no return of capital to ordinary shareholders. "On the figures, as at present prepared, it would appear that preferential shareholders will receive somewhere in the vicinity of 5/ in the £ in all, and as the liquidation has been of such a prolonged nature, we have decided to make an immediate payment of 4/ in the £." Smeetons, Ltd., now in liquidation, was formed in 1913 with a nominal capital of £40,000, divided into £25.000 ordinary and £15,000 preferential shares. Of these the whole of the preferential shares were allotted and £12,000 of the ordinary. Smceton, Ltd., took over the well-known concern known as H. M. Smeeton, Ltd., which had traded in Auckland since 1901.
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Auckland Star, Volume LXIII, Issue 123, 26 May 1932, Page 8
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192LIQUIDATION OF FIRM. Auckland Star, Volume LXIII, Issue 123, 26 May 1932, Page 8
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