Page 17 Advertisements Column 2

Press, Volume LXXII, Issue 21809, 15 June 1936, Page 17

IMMEDIATE EARNINGS It will.be recognised that Tudor Hosiery Important advantages that are not associated with the of an entirely new business. All the “spade-work” has already done by Selwyn Hosiery Manufacturing Company, Limited, p . ferences of the New Zealand market have been ascertained and rraa connections established. The difficulties of establishinga new ous will be avoided by acquiring a going concern. There will be rnption of the present successful operations of Selwyn. _ -NO 10 * . time will be involved as is usually an unavoidable contingency wi the establishment of a new industry. Present mannfactnre will tinae without a break and earnings will be made without the loss or a single day’s time. Tudor Hosiery Limited takes over as from isi April, 1936 ... all profits accruing from that date belong to the new company. . # In effect, the formation of Tudor Hosiery Limited is an expansion of an established manufacturing concern that has been successful ever since its inception. MANAGEMENT The new Company of Tudor Hosiery Limited continuing £s it does the business of The Selwyn Hosiery Manufacturing Company Linuma without break or interruption has the advantage of acquiring ana re* taining a full organised and experienced staff and executive. Mr W. C. Fairbrother, one of the founders of the Selwyn Company, is a director of the new Company, and will also be available as Managing Director. With him on the Board of Directors will be Mr. F. G. Joyce, also a founder of the Selwyn Company, and Messrs. H. C. y. Govan, H. G. Heimore, and H. F. Herbert, all well-known successful business men who will bring specialised knowledge and experience to the administration of Tudor Hosiery Limited. NO LOADING There are no promoter’s shares. The investor comes in on the ground floor basis. The directors and shareholders of the vendor company are looking forward to the success of the new enterprise; therefore they have been satisfied to accept* a price for the vendor company’s undertaking liberally discounting the assets to be taken over and making no charge for good-will in the purchase price. OVERHEAD The benefits Which will accrue to the Company under the proposals are exactly the same as those of an amalgamation. The present undertaking has successfully carried its own weight of expenses and consistently made profits. The new enterprise therefore will he lightly laden and well placed to operate profitably from its inception. There is no purchase of dead assets; no expensive salaries to figure-heads._ The present Company has a record of an average annual earning of £7 11s lOd per cent, over the eight years of its operations. GENERAL Mr. Fairbrother’s training in England, experience in New Zealand, and recent visit to Australia have convinced him that the trend of the development of the manufacture of fully fashioned hosiery is such that the latest machinery must be used. This is recognised in' Australia, and as stated already, the more progressive of the manufacturers there are installing “complete” machines. While many manufacturers are handicapped by a large amount of capital invested in the older type of machine,' Tudor Hosiery Limited will be free from this encumbrance. By the acquisition of the Selwyn Hosiery Manufacturing Company Limited, it will have an established manufacturing organisation, operating in a successful manner and having only a small amount of capital in plant. The new company will be saved the expense and delay of establishing and developing trade connections as a newcomer, and so leave the bulk of its capital free for the extension of manufacturing facilities in the form of new machinery and larger buildings. Particulars Required by “The Companies Act, 1933” 1. A copy of Memorandum of Association together with names, addresses and descriptions of the signatories, and the number of shares subscribed for by them respectively will be found printed herein and forms part of this Prospectus. 2. No founders’ or management or deferred shares are being issued. 3. The number, of shares fixed by the Articles of Association as the qualification of a Director is 100 shares and the Articles also provide that the remuneration of the Directors shall from time to time be determined by the Company in general meeting. The Articles also provide that if any of the directors shall be called upon to perform extra services or to make any special exertions or if any director by reason of his profession shall be obliged to exercise particular skill on behalf of or for any of the purposes of the Company or the business thereof the Company may remunerate any such director for such special or skilled services by a fixed sum or otherwise as may be determined by the directors, and in addition’ to his share of the ordinary remuneration of the directors. The remuneration of a managing director shall from time to time be fixed by the directors and may be by way of fixed salary or commissions on profits or turnover of the Company or by participation in such profits or by any or all of these modes. 4. Names, descriptions, and addresses of the Directors are as hereinbefore set out. 5. The minimum amount which in the opinion of the Directors must be raised by the Issue of shares in order to provide the sum set out under the heading “Capital Outlay” above referred to, is £20,000. No allotment of any share capital will be made unless a minimum subscription of at least £15,000 has been subscribed for in contributing shares. 6. The amount payable on application and allotment of each share is as hereinbefore set out. 7. The number of shares agreed to be issued by this Company as fully paid otherwise than in cash is 6100 shares of £1 each, to be issued to the shareholders of the Selwyn Hosiery Manufacturing Company Limited, in terms of reconstruction agreement dated sth May, 1936, and for the consideration therein appearing. _ 8. The vendor to the Company is the Selwyn Hosiery Manufacturing Company Limited (in liquidation) whose address is 351 Selwyn street, Christchurch. No amount is payable to such vendor in cash, but the consideration for the sale of its business and assets is 6100 fully paid shares of £1 each as set out in reconstruction agreement dated sth May, 1936. No amount was paid or is payable for goodwill. 9. The commission payable as brokerage on all contributing shares allotted shall not exceed the rate of 6 per cent, on the nominal amount of such shares. No underwriting agreements have been made though the Articles of Association give power to pay underwriting commission up to 10 per cent, on the nominal amount of shares underwritten. 10. Preliminary expenses excluding brokerage are estimated at £SOO. 11. No amount has been or is intended to be paid to any promoter nor are any amounts being paid or shares allotted to any person either to qualify him as a director or otherwise for services rendered by him in connection with the formation of the Company. 12. The only material contracts affecting tpe Company are as follows: (a) An agreement dated sth May, 1936, made between the Selwyn Hosiery Manufacturing Company Limited (in voluntary liquidation) and its liquidator .of the first part, various ordinary shareholders of the second part, various preference shareholders of the third part and L. J, H. Hensley, of Christchurch, Solicitor as trustee for and on behalf of this Company of the fourth part (hereinbefore referred to as the reconstruction agreement). ' (b) An agreement dated 14th day ot May, 1936, made between the Selwyn Hosiery Manufacturing Company, Limited (in voluntary liquidation), and its liquidator of the first part, L. J. H. Hensley, of Christchurch, Solicitor, as trustee for this’Company of the second part and Tudor Hosiery Limited of the third part (adopting the foregoing agreement of sth May, 1936). (c) Option dated 20th April, 1936, from C. H. D. and J, A. Berg to L. J. H. Hensley, of Christchurch, Solicitor, as agent for this Company. All the above agreements and option, the Accountants’ Report, the Valuer’s Report and copies of the Memorandum and Articles of Association of the Company may be inspected at the offices of the Company’s Solicitors, Messrs Livingstone and Hensley, 97 Worcester street, Christchurch, during business hours. 13. No director has any interest in the promotion of or in the property proposed to be acquired by the Company except the interest of Messrs W. C. Fairbrother and F. G. Joyce as directors and ordinary shareholders holding each 1500 shares of £1 each in the Selwyn Hosiery Manufacturing Company Limited the vendor to this Company. 14. Each class of share in the capital of the Company carries the same right of voting at a general meeting, namely on a show of hands every member present in person shall have one vote and on a poll every member present in person or by proxy shall have one vote for every share held by him. The preference shares carry the right to a fixed cumulative preferential dividend of £6 per centum, per annum and are preferential as to capital but confer no further right to share m profits or surplus assets. 15. The Company was incorporated on 6th May, 1936, and received a certificate to commence business on the Bth day of May, 1936 The Selwyn Hosiery Manufacturing Company, Limited, was incorporated on the 21st day of December, 1928, and has been carrying on business since that date. 16. Application w|U be made to have both classes of shares listed on the Stock Exchange. Application for shares should be made on the form accompanying this Prospectus, and may be lodged with any of Company’s Brokers or Directors or Secretary of the Company, together with the amount per share payable on application. 18. Applications will be dealt with in order of receipt. - If no allotment is made on any application, the deposit will be returned in full. the , number oi shares allotted on any application is less than the number of shares applied for, then the balance of the application money will be applied in reduction of the allottee s future liability on the shares allotted* H. F. HERBERT W. C. FAIRBROTHER H. C. GOVAN HEATHCOTE G. HELMORE F. G. JOYCE

DATED 2nd JUNE, 1936, Directors TUDOR HOSIERY LIMITED APPLICATION FOR SHARES To the Directors of Tudor Hosiery Limited, P.O. Box 1036 Christchurch. * Gentlemen, I hereby request you to allot me. preference ordinary shares in the above-named Company upon the terms of the Prospectus issued by the said Company dated the 2nd day of June, 1936, and I hereby agree to accept the same or any less number that may be allotted to me. TUDOR HOSIERY LIMITED APPLICATION FOR SHARES To the Directors of Tudor Hosiery Limited, P.O. Box 1036 Christchurch. * Gentlemen, upon the terms of the Prospectus issued by the said Company dated the 2nd day of June, 1936, and I hereby agree to accept tha same or any less number that may be allotted to me. I enclose herewith the sum of £ being the amount payable at 2/6 per share on application for the said shares, and I agree to pay a further 2/6 per share on allotment and the balance as provided by the said Prospectus. And I request and authorise you to register me as the holder of the shares so allotted. Name in full Address Description DATED the day of 1936. Signature