Page 9 Advertisements Column 1

Hawera Star, Volume XLVIII, 6 September 1924, Page 9

- OF THE LIMITED. (Intended to be Incorporated under “The Companies Act, 1908.”) Registered Office: Canville, Patea. AUTHORISED CAPITAL £40,000 divided into 40,000 shares of £1 each. The above shares are now offered to the public for public subscription on the following terms: — 2/- per share on application; 2/- per share on allotment; and the balance jp calls of not more than 2/per share, which are only to be made payable with an interval of at least two calendar months between the date of allotment and the first call, arid thereafter with intervals of at least two calendar months between each call. PROVISIONAL DIRECTORS: ADOLPH THEODOR CHRISTENSEN, of Patea, gentleman JOHN RICHARD TAYLOR, of Manutahi, farmer HENRY STEPHEN BARROW, of Waver ley, farmer PETER SCOTT FINLAYSON, of Patea, hotelkeeper WILLIAM GEORGE BELTON, of Waitotara, farmer GREGOR McGREGOR, of Waitotara, farmer JOHN EDWARD PALMER, of Waverley, company secretary All of whom will hold office until the Statutory Meeting of the Company, when Directors will be elected pursuant to the Articles of Association. BANKERS: SOLICITORS: THE BANK OF NEW ZEALAND. MESSIEURS HAMEL & RUTHERFORD, Patea. INTERIM SECRETARY: Mr. G. P. PETTIGREW, P.0.80x 31, Patea. MINIMUM SUBSCRIPTION. The minimum subscription of which the Directors may proceed to allotment is twenty thousand shares, representing a, nominal value of twenty thousand pounds (£20,000). The minimum number of shares that will be allotted to any one shareholder is five shares. OBJECTS. The Company is being formed for the purpose of assisting in the successful carrying on of the business of a Farmers’ Freezing Works at Patea. The. capital of the Company will comprise a fund for the purchase of stock and the disposal of the products thereof in England or elsewhere. The Company will be an entirely separate entity from The Patea Farmers’ Co-operative Freezing Company, Limited, and will in no way be liable for the debts of the last-mentioned Company. Neither will any part of its Capital be expended in the acquiring of any property or plant, the scheme being one whereby stock is purchased at the cost of the Company, slaughtered and treated at the cost of the Company, and ultimately disposed of for the Company’s benefit. The Company will be empowered to acquire the assets of The Patea Farmers’ Co-operative Freezing Company Limited, and to carry on the usual business of a Freezing Company, and the first right of refusal will be obtained in the Company’s favour accordingly. This will impose no obligation on the Company to so extend its business, and such a step will be taken only if advantageous to the Company and only with the approval of a majority of the shareholders. GENERAL. As is generally known, the Patea Farmers’ Co-operative Freezing Company Limited has been labouring under great difficulties for some time past,; and an attempt has recently been made to float a Company to purchase from the Freezing Company the Works and other assets. While considerable support was forthcoming, the share applications fell short of the amount required to go to allotment. The amount on which the Directors were authorised to go to allotment was £40,000, while tlib amount subscribed, together with the amount to be taken by the guarantors of the old Company, was approximately £30,000. ■ > At a meeting held on the 4th August the position was fully considered. It was then suggested that a Company should be formed to operate as a buying Company, thereby supplying a fund to be used in the purchase of stock. It is believed that if the amount now asked for is subscribed the . proposed Company will be the means of enabling a Farmers’ Freezing Company to continue operations in the South Taranaki District, thus rendering an invaluable service to farmers and business people generally. The operations of the old Company for the past season indicate that the want of working capital is a serious drawback to the successful carrying on of the business, and the flotation of the proposed Company should remedy this defect. At the same time the fact that the proposed Company would have nothing to do with the land, buildings, plant or other assets incidental to the Works nor with the debts in connection therewith will place the proposed Company in a position where it cannot become entangled in any complication with the Mortgagees. Should pressure be placed on the old Company at any time the proposed Company will have two alternatives, namely: (a) To wind up and distribute its assets. This should be neither a difficult nor an expensive process, as the assets will .comprise meat and by-products. These can easily be realised upon. (b) To buy out the old Company, if favourable terms can be secured, sufficient support is forthcoming, and the prospects so warrant. The advantages accruing to. farmers by their liaving their own works in the District are sufficiently obvious to render it unnecessary to set out the same at length. If each farmer does his share towards the support of a Farmers’ Works in this District there is no doubt that sufficient support would be forthcoming to place the business on a sound footing. Such a result should* obtain without inflicting hardship upon anyone and without calling upon a few to do the duty of many. The Directors have authority to accept calls in advance and to pay dividends on the amount actually paid up on shares. Calls have been spread over a period to assist applicants, but if any applicant is able to pay the whole or a substantial part of the amount payable on his shares in cash, the Directors will appreciate his so doing, while at the same time he will be materially assisting the Company. ~ ■ • No Director has any interest in the promotion of the Company apart from the shares he has subscribed for, for which he will pay in cash. The preliminary expenses of and incidental to the promotion and establishment of the Company and until the Company shall be entitled to commence business (exclusive of brokerage or commission on sale of shares) are estimated to amount to £3OO, and will be by the Company. The Company will haive power to pay any person (including Directors) procuring the subscription of shares at the rate of 24 per centum on the nominal amount of such shares. The Articles of Association provide that: * (a) Article 97 : It shall not be necessary for the first Directors 'appointed under the last Clause to hold any shares in the Company as a Director’s qualification, but no member shall be eligible for election as a Director at the Statutory General Meeting or thereafter unless he holds five shares in the Capital of the Company. (b) Article 98: The office of Director shall not be vacated by reason of his occupying or holding • any office paid or unpaid under the Comp any or by his being in receipt of a salary from the Company. (c) Article 100: The future remuneration of the Directors shall be determined by the Company in General Meeting, but shall not be less than ten shillings per day for each Director for attendance at each meeting since the incorporation of the Company. (d) Article 122: If any of the Directors being willing shall be called upon to perform extra service, or. to make any special exertions in going or residing abroad or away from his usual place of abode, for any of the purposes of the Company or otherwise howsoever, the Company shall remunerate the Director or Directors so doing either by a fixed sum or by a percentage of profits or otherwise as may be determined by the Directors, and such remuneration may be either in addition to or in substitution for his or their share in the remuneration above provided for. There are no material contracts affecting the Company. No sum has been paid or is intended to be paid other than commission or brokerage (if any) upon the sale of shares to any person for the promotion of the Company. Application for shares may be made upon the form accompanying' this Prospectus and sent together with the amount payable on application to the Company’s Interim Secretary or to any of the Provisional Directors or other persons authorised by the Directors to receive applications. If no allotment is made the deposit will be returned .in full, and if the number of shares allotted on any application is less than the number applied for the balance of the application money will be applied in reduction of the allottee’s future liability on the shares allotted. Intending shareholders are particularly requested to carefully fill in the particulars in the application forms regarding nationality, as the authorities must be satisfied as to the nationality of every shareholder. . Copies of the Prospectus and forms of application for shares may be obtained from the Office of the Interim Secretary and from the Solicitors. The Prospectus has been filed with the Registrar of Companies.