DEVONPORT FERRY

Press, Volume CII, Issue 30169, 28 June 1963, Page 15

DEVONPORT FERRY

“Regretful” Wind-Up (N.Z. Prers Association) AUCKLAND. June 27. The Pevonport Steam Ferry Company, Ltd., Auckland, is to be voluntarily wound-up. Mr P. W. Grayburn, a public accountant and secretary to the company, has been appointed liquidator. A poll taken ait an extraordinary general meeting of shareholders today approved the directors’ recommendation that the company be wound up, by 113,342 'votes to 3560. On a show of hands, before the poll was taken, the motion was voted for by 33 shareholders. while 15 voted against the proposal. The chairman. Mr J. B Donald, said that it was with regret that the directors had called the meeting to recommend the winding-up of the cc..»pany after 68 years. Changes not Ratified

Although the proposal to convert the company into an industrial and commercial finance corporation had been approved by a meeting in February, a subsequent meeting to ratify the necessary changes in the memorandum and articles had failed to gain the required 75 per cent majority. Another meeting could have been called to try again to win the support of shareholders, said Mr Donald, but it was quite possible that the Supreme Court would not have agi'eed because of the opposition of a minority. The company could not operate in the proposed form under the present restrictive memorandum, and the board had no alternative but to recommend that the company be woung up. Cash realisations under the liquidation should be available at an early date. Mr Grayburn said that after sale of the company’s holding of 19,000 in North Shore Transport Company, Ltd., the realisation from liquidation would be approximately 31s 6d a fully paid share and 14s a contributing share.