Company News KAIAPOI WOOLLEN CAPITAL CHANGE

Press, Volume XCVI, Issue 28451, 4 December 1957, Page 19

Company News KAIAPOI WOOLLEN CAPITAL CHANGE

Shares To Be Paid Up To 20s Director? of the Karapoi Woollen Manufacturing Company, Ltd., propose to restore paid capital from £382,500 to £430,000 by tansferring £67,500 from reserves. Authorised capital of the company was reduced from £600,000 to £510,000 in 1925. Issued capital at present consists of 76,695 preference shares and 373,305 ordinary shares, both of 17s, fully paid. It is now proposed to increase authorised capita] by the creation of 76,695 preference shares of 3s each and 523,305 ordinary shares of 3s each. The directors recommend that £67,500 be transferred from specific reserves and contingencies as, in their opinion, this is “no longer required for the purposes for which it was established.” This amount will be declared as a special dividend to be applied in paying up in full the new shares, which will be credited as fully paid up to all shareholders on the register on January 31, 1958, in the proportion of one new share for every existing share held by members at that date.

The preference and ordinary shares will then be consolidated into £1 stock units. Paid capital will then consist of 76,695 preference stock units of £1 fully paid, and 373,305 ordinary stock units of £1 fully paid, leaving 150,000 ordinary stock units of £1 unissued.

Capital Issues Committee consent has been obtained to the proposals, which will be put to shareholders at an extraordinary general meeting to be held on February 5, 1958.