J. E. Watson plans share issues

Press, 7 March 1978, Page 18

J. E. Watson plans share issues

J. E. Watson and Com--pany, Ltd, has obtained the sanction of the Supreme! Court to call the necessary; meetings of shareholders to) put into effect the scheme ofarrangement whereby the! existing 5.7 per cent cumula-l tive participating preference; shares will be exchanged fori ordinary shares. Subject to the necessary! resolutions being passed by;

; shareholders the existing 5.7 per cent cumulative particid paring preference shares of ! 100 c each will be cancelled (and each holder of these (shares will be allotted two j fully-paid ordinary shares of 1100 c each for three 5.75 per (cent cumulative participating .preference shares. The directors also pro'pose to seek the consent of ; shareholders to amend the Articles of Association of the ■ company to provide for the (issue of convertible specified (preference shares, and subject to the proposed amendments to the articles of association being approved by shareholders, an issue of specified preference shares will be made before the end of the company’s current financial vear on June 30, 1978.

i The preference shares will ■ ] carry a fixed cumulative preferential dividend at the rate of 12 per cent p.a„ and jthey will be offered to shareholders on a non-renounce- ' able basis in the ratio of one ■ specified preference share for every four ordinary shares held at the date entitlements are calculated. Shareholders will be given ,1a minimum entitlement of ; 100 shares, and will be able ‘to apply for shares in excess of their entitlement. 1 The specified preference I shares will convert into ordinary shares at par on June 30, 1983, and in the interim will participate in all cash issues and bonus issues. The company will notify its shareholders of the dates of meetings, and other details.