WAIHI WORKING GRAND JUNCTION MINE.

Evening Post, Volume CXII, Issue 65, 14 September 1926, Page 9

WAIHI WORKING GRAND JUNCTION MINE.

Following on recent,- announcements locally concerning the agreement between the Waihl Goldmining Company and the Walh'i Grand Junction Goldmlnlng Company—whereby the former works the latterfr property-r-comes jiews from London of. the confirmation of such agreement' at the annual meeting' of the Grand ■- Junction Company.'" The chairman of dlre.ct^ ors, Mr: John Cutcliffe,'said that the eastern section, the northern section, und the western section of the Grand Junction surrounded a considerable portion of the Waihl Company's ground, and arrangements had been made that the Waihi Company. sAould work the Grand Junction and should have "a free hand to deal underground with all or either of the three sections on the basis of treating any ore (whether from the eastern or other section) at the same cost as their own,, and returning our company 50 per cent, of any profit resulting. Our plant, houses, and other buildings generally remain our unencumbered property, and will be dealt with as developments snow to be advisable." He thought this course preferable to liquidating the Grand Junction. -

Tho meeting carried all the enabling resolutions unanimously. It la provided in the resolutions (subject to confirmation,) that the capital of , the Grand Junction Company be reduced from £400,000 (divided into 400,000 shares of £1 each) to £54,062 10s (divided into 540,000 shares of 2s each), and that such' reduction be effected (a), by cancelling paid-up capital to tho extent of 18s per share upon each of the 384,375 shares' of £1 each which have been issued, and are now outstanding, and by reducing the nominal amount of all suchshares from £1 to 2s per share, and (b) by dividing each of the 15,625 shares of £1 each which have not been issued into ten shares of 2s each; that upon the confirmation by the Court of the said reduction of capital the capital of the company be Increased to £400,000 by the creation of 3,459,375 new shares of 2s each. : ,