INTENSIVE SELLING

Evening Post, Volume CXI, Issue 76, 31 March 1931, Page 12

INTENSIVE SELLING

Directors of Cheney's (Australia),. Ltd. importers) have informed 'shareholders''that, with .the. present state of business, if the company 'curries , on. assets will become seriously diminished. An intensive.campaign is proposed for...a speedy realisation of assets with due regard to obtaining the best results. As selling in that manner would result in benefit to preference shareholders, with probably little left for "'the ordinary shareholders, negotiations were entered into with holders of a very considerable block of preference shares, and an- agreement was arrived at for launching a campaign. o£ Helling and for modification of the. rights of preference shareholders, subject to ratification of preference ' shareholders. The modification will result in holders of ordinary shares sharing with holders- of preference shares in any moneys which may becpuie available for distribution in the following proportions:. One fourth to ordinary shareholders and three-fourths to preference shareholders; tlrisf proportion is to be preserved until holders of preferenqe shares have received £1 per share, plus any preference dividends which may be in arrears at the date ■when the company pioceeds to liquidation.