J. C. WILLIAMSON, LTD., SHARES

Evening Post, Volume CXVI, Issue 135, 5 December 1933, Page 12

J. C. WILLIAMSON, LTD., SHARES

The directors al J. C. Williamson, Ltd., Sydney, are asking holders of preference shares to cancel arrears of dividend up to June 30, 1933, and accept as their rate of dividend from tha,t date a cumulative preferential dividend of 7 per cent, per annum, with the right to participate up to B.per cent.,when ordinary shareholders receive a greater dividend than 7 per cent. Should the propofals be approved by the preference shareholders the managing directors and the London representative are prepared to accept under their contracts lower remuneration. The amount of preference dividend outStanding is £31,275. Preference shares carried a cumulative dividend of 8 per cent., but this was reduced by Act of Parliament to". £6 4s per cent. No preference dividends have been'paid for three years. In view of the losses made by the company the managing directors and the London representative reduced their salaries by an amount of £18,290 in respect of the period between April, 1930, and November,: 1932. Capital is £150,000 preference and £375,000 ordinary. The directors state that it looks reasonably certain that sufficient profit will be earned to pay a dividend on preference shares for the year ended June 30, 1934, and thereafter.