WAIHI MINING COMPANY

Press, Volume LXXI, Issue 21581, 18 September 1935, Page 9

WAIHI MINING COMPANY

LIQUIDATION PROPOSAL DISTRIBUTION OF SHARES AND CASH [THE PRESS Special Service.! 1 ■ ■ | AUCKLAND, September 17. ! A proposal to liquidate the Waihi Gold Mining Company, Ltd., and to distribute to shareholders for-every 5s share held one fully paid 5s share in the Martha Gold Mining Company (Waihi), Ltd., one fully paid 5s share in Waihi Investments and Exploration, Ltd., and 3s in cash is contained in a circular from the directors isjjueci to Waihi Investments and < Exploration has been incorporated in London, while under the arrangement already announced, the Martha Company will continue to work the mine in New Zealand. ... The circular issued by the waihi Gold Mining Company states:— "In the opinion of the directors, the time has now come when it is desirable to liquidate the company and to distribute the assets among shareholders partly in kind and partly m cash. By this means the directors hope to meet the views of those shareholders who desire to be interested m the company's gold mining properties in New Zealand, but who do not wish t,o take part in its activities outside the Dominion, and also to make it possible for those shareholders who have in the past requested a distribution of the company's invested funds to convert their proportion into cash without causing inconvenience to the other shareholders.' "There have already been transferred to the Martha Company _ the whole of the company's gold mining interests in New Zealand, together with investments sufficient to make the net assets of that company up to the sum of £247,953 10s, valuing for this purpose the mining properties at last balance-sheet figure. "The share capital of the Martha Company to be issued will be exactly the same as issued share capital of this (the old) company, so that distribution can be made of one share for one. "This leaves the company with its shareholding in Puket Tin Dredging. Ltd., and with various other assets, including investments other than those transferred to the Martha Company. ... . ~ "The directors propose that the liquidator should realise sufficient of these investments to make a distribution of 3s a share in cash, and that the company's tin interest and the balance of the assets should be vested in the new company, Waihi Investments and Exploration, Ltd., which has just, been incorporated. This company will have unissued share capital of £247,953 10s, so that the liquidator will be a'ole to make a distribution similar to the Martha ComPS "&e directors state that the cash distribution will be capital, and not income, and therefore not liable io taxation. ~ "Notice is given of a meeting in London on September 26 to pass the necessary winding-up resolutions, and it is stated that, subject to confirmation, it is hoped that the liquidator will be in a position within a few weeks to distribute the cash and shares. Application was being made to the Stock Exchange for a quotation of both Martha and Waihi Investments shares."