NEW R.M.C. MOVE
Plan For Return
Ready Mixed Concrete, Ltd., directors failed to gain sufficient support from shareholders to carry out their proposals to form a new underwriting and development company.
They now propose to submit a plan for returning 2s (Aust.) cash for each 5s share.
According to the poll figures 347,264 votes were registered for the motion, representing 67 per cent of the total votes, cast. Votes against the resolution totalled 170,293, or 33 per cent. The company needed a majority of 75 per cent of all votes cast. Voting Figures Shareholders holding 6.600,000 shares voted for the plan, while 3,700,000 shares were against the proposal. The total of 10,400,000 shares which voted at the meeting represents less than one-third of the 33,000,000 shares in the company. Directors’ proposed capital return of 2s a share will involve a cash payment of £3.3 million and will reduce the paid capital to £4,960,000. Thev say that under this scheme the company would retain £3,350,000 of the proceeds of the sale of the United Kingdom interests.
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Bibliographic details
Press, Volume CIII, Issue 30369, 19 February 1964, Page 19
Word Count
175NEW R.M.C. MOVE Press, Volume CIII, Issue 30369, 19 February 1964, Page 19
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