FARMERS' CO-OPERATIVE

Evening Post, Volume CIX, Issue 151, 30 June 1925, Page 9

FARMERS' CO-OPERATIVE

PROTEST AGAINST ALTERING SHARE VALUES. .

■„-;;'., (BI TELEOIIAPH.^PRESS ASSOCIATION ) ;..'■"- >., CHRISTCHURCH, 29th'. June: A strong protest against the proposal put forward by the New ZealandFarriiers' Co-operative Association regarding: cumulative preference shares was made at ; a ; ;largely-atterided special:' general meeting of members of the Christchurch Stock Exchange to-day. -/The following resolution was carried unanimously: "That the! Christchurch Stock Exchange strongly protests against the proposed interference with the terms of issue of preference shares' in the New Zealand Farmers'^ Co-operative {Association of Canterbury,, vLtd.;S a's;it -considers it a distinct breach of faith." ; ' ■■" ,- ..,;;..

: The proposals ..of .the directors of the Farmers' Co-operative Association in regard to first preference' and A and B preference shares are that the following resolutions shall be submitted to extraordinary; general: meetings of the shareholders concerned : (1) That the first preference and A and B preference shareholders ;of the association relinquish and : extinguish their claims to any dividends accrued, or claimable up to 31st January, 1925; (2) that the-first preference and A and B shareholders of the company relinquish and extinguish their ■ cumulative rights attaching; to shares held by them as-from 31st. January, 1925." .■■'. . When .the resolution of the Stock Exchange was'mentioned to the manager of the association, Mr. Esson.said -that,the circular issued by the directors' contained only a series of suggestions for the consideration of those concerned. The proposals; were subject to modification and were, in .fact, .being modified." : .; .