WELLINGTON BUILDING AND INVESTMENT COMPANY.

Evening Post, Volume LXIX, Issue LXIX, 8 March 1905, Page 8

WELLINGTON BUILDING AND INVESTMENT COMPANY.

An extraordinary mooting of the Wellington Building and Investment Company waa held lilwt evening, Iho Chairman of Directors (Mr. J. R. Blair) in tho chair. The object of the meeting wan to consider a proposal to rc-urrango the company's ca}>ital. Tho ncheme was eontidontly recoinmemled by tho directors aj)d officers, who are largely interested in, tire success of the company. Tho following us a general outline of tlie proposals brought forward : — Tlio present capital of the company consists of 10,000 shares of £10 each— £100,000. Of these aluwen 5500 have been subscribed for— £ss,ooo, and, £5 pdr share having been called up and paid, makes total paid-up cupitul £27,500. There to also ttt thu present time undivided profit which amounts to at leant, £3 10s per share— £l9,2so. The total belonging to shareholder?! may thus be. taken as £27,500 plus £19,250— £46,750. It is proposed that each £10 share shall' bo subdivided into ten shairo of £1; each with 10a paid, and, further, thatthe undivided profit ahull bo distributed to the shareholders in proportion to their holding by giving each holder of a present share seven si Hires of £1 each of which 10s is paid up. Tho conversion will thus enable each shareholder to have in respect of each present £10 share ten shares of £1 each paid up U> lOti in respect of capital and woven slwrett of £1 each paid up to 10s in respect of undivided profit, thus making a total for each present £10 sharo of seventeen £Ishares paid up to 10s each. As a result of tho obovo Bchomo, tho total subscribed capital of tho company would bo 93,500 shares of £1 each— £93,soo, with a paid-up capital of £46,750. The directors further suggested that tho shareholders shall have tho privilogo of subscribing, at pjir, for 6500 shares upon each of which 10s would be called up within a short period. This, in addition to tho above-mentioned operation, would make the total capital (subscribed) of the company 100,000 shares of £1 each — £100,000, upon which 10s would be paid, making a total paid-up capital of £50,000. As to the proposal to increuso the subscribed capital, tho directors deem it advantageous to' the interests of tho shareholders, while tho company's position financially will bo strengthened, (he .uncalled _canii*l Jbjsimc .almost _dojiblod^

Thoy also expect tho scheme will have tho effect of rendering tho shaies moie popular 'a.s un investment. * The shareholders decided to adopt the selumie submitted. The meinoianduin and articles of a.ssociat ion will be amended to suit altered conditions.