COAL COMPANY’S ASSETS

Press, Volume LXXXI, Issue 24570, 19 May 1945, Page 8

COAL COMPANY’S ASSETS

DISTRIBUTION OF SURPLUS

PREFERENCE SHAREHOLDERS TO SHARE

An order that preference' shareholders were entitled to share pari passu with ordinary shareholders in surplus assets remaining in the hands of the liquidator of the Westport-Stockton Coal Company, Ltd., was mode by Mr Justice Northcroft in a reserved decision in the Supreme Court yesterday. When the originating summons was heard last month, the Court Was informed that the liquidator (William Hardie, who was the plaintiff), had discharged practically all the company’s liabilities and had repaid the face value of all shares. The liquidator estimated that there would be approximately £34,200 by way of surplus assets. The ordinary shares totalled 262,940, and the preference shares 132,p31. "Upon consideration of the language of the cortstituting documents of this company, including the resolutions creating preference shares, I can find nothing to disturb the rights of all shareholders, whether ordinary or preference, to equal treatment 'in the distribution of surplus assets,” said his Honour, who added that ail parties were entitled to their costs out of the funds in the hands of the liquidator. . „ _ . At the hearing, Mr A. C. Perry appeared for the liquidator, Mr E. A. Lee for Walter Baxter (representing the ordinary shareholders), and Mr L. J. Hensley for Stuart Palairet Godfrey (representing the preference shareholders).

London Casualties Total 80,000, — Total civilian casualties in London caused by enemy air activity during the war are disclosed as 80,000. Of these, 30,000 were killed and 50,000 injured badly enough to be kept in hospital.—Rugby, May 17.