J. C. WILLIAMSON, LTD.

Evening Post, Volume CXVIII, Issue 151, 24 December 1934, Page 10

J. C. WILLIAMSON, LTD.

IMPORTANT PROPOSALS

Shareholders in J. C. Williamson Ltd are to consider proposals by the dnectois to cancel all arrears ,-of pieteience dividend up to June 30, 1934, and to authorise the issue of 20,000 bonus preference shai es, or thereabouts, in the proportion of one for every seven and a half preference shares now held.

In addition, preference shoreholders are to be asked to accept from June 30,-1934, a fixed cumulative preference dividend of 6 per cont. per annum, with the right of participation up to 8 per cent, when the oidinary shareholders receive moie than 6 per cent. In a circular to shaieholders, the directois explain that arrears of preference dividend for four years to June 30,' 1934, amount to £40,575; that the voluntary I sacrifice of salaiy by the three managing directors and the London representative amounted to £18,290 from April, 1930, to November'3o, 1932, and that arreais of salary due> to them from December I, 1932, to June 30, 1934, amounted to £9385; and that the profit and lons account showed a, debit balance of £52,612, as at June 30, 1933, which has been reduced to £43,234 by a profit of £9378 earned during the year'ended June 30 last. Contingent upon the acceptance of the proposals it is intended, to admit of dividends being paid from June 30, 1934, that the debit at piofit and loss at that date will,be extinguished by..a transfer from reserves, and that the preference dividend of 6 per cent, per annum for the half-year ended December 31, 1934, will be paid early next year. If the proposals are accepted, the managing directors and the London representative will agree that so long as they lemain in their positions they will accept an aggregate sum of £180 a week, instead of £257 10s a week, for the period December \ r 1932, to- July 3, 1937; further, in any jear in which preference shareholders receive 6 per cent, and ordinary shareholders 3 per cent., any surplus profits then lemaining are to be applied towards the reduction of the amounts due under contracts with the managing directors a* from December 1. 1932; and, finally, that 'should the managing directors not have received the whole of such balance by July 3,1937, they shall continue in their present positions and be entitled to be paid thereafter ly aggregate instalments of £180. a week until the total so1 paid amounts to' the balsnqe owing to them as at July 3, 1937. While they are receiving such- instalments they shall not receive any other remuneration from the company.