NEW ZEALAND TIMES COMPANY, LIMITED.

New Zealand Mail, Issue 1323, 8 July 1897, Page 11

NEW ZEALAND TIMES COMPANY, LIMITED.

An extraordinary meetine: of the New Zealand Times Company (Limited) was held last week There was a very large attendance, and Mr L. L Harris, chairman of directors, presided. 'ihe meeting wa3 called for the purpose of confirming a number of resolutions passed at a. previous mooting, providing for the creation of 20,000 new preference shares. After confirmation of the minutes, Mr Ls Grove rose and stated that, together with Mr Andrew Co'llins, acting on behalf of some of the smaller shareholders, lie had consulted with one of the largest shareholders and one of the principal members of the proposed syndicate and this gentleman had given them a promise in writing that in the event of the resolutions being passed, and provided that he became one of the syndicate, he would use iii 3 influence to secure for the small shareholders having up to ten shares fifteen shillings per share for their old shares. It now remained for the shareholders to accept that or take an independent course. Mr Collins confirmed what Mr Le Grove had said, and advised the smaller shareholders to fall in with the offer made. The Chairman moved —“That the first paragraph of the resolutions be confirmed,” and took occasion to point out that present shareholders were entitled to secure preferential shares if they wanted them before anybody outside. Mr Young seconded the resolution. _ Mr Martin Kennedy, in supporting the motion, said that no compact had been formed with anybody in respect to the pro* ferential shares as far as the directors were concerned, and, personally, ho was not anxious to continue his connection with the Company if anybody wished to secure his shares at market price. With xeferenco to the smaller shareholders, he explained that, in conversation with the Hon J. McKenzie some time ago, the latter hid suggested that if there was a syndicate it ought to buy out the smaller shareholders who were desirous of selling. In this he (Mr Kennedy) concurred at the time, and announoed at the last meeting that he agreed that that should be done, and that if he, the speaker, was one of the syndicate he Would agree to that. That fact had not been published, hut reports damaging to himself and his friends had been published. When he made a promise of that kind he thought it would be admitted by those who had had dealings with him over a long series of years that ic would bo carried out. (Applause.) It was he who had invited Messrs Collins and Le Grove to talk the matter over, and had consented to put in writing the proposals which, had been mentioned by Mr Le Grove. Mr "Vaney asked what about the people who held moro than 10 shares —what would tie done in respect to then- shares above that number ? Mr Kennedy said his letter (which was read) dealt only with the holders of 10 shares and under. The market was open for anybody else. Mr Kennedy Macdonald wanted to know if Mr Kennedy pledged himself to purchase the shares of all the smaller shareholders. Mr Kennedy said, of course, there must be some sort of an organisation to deal with the preferential shares, call it a syndicate or whatever they liked, before the public could be asked to add their subscriptions. Ho knew that this organisation would bear him

out to the extent of the terms of his letter. If they would not bear him out he would have to get his personal friends to join with him in carrying it out. The first resolution was then put and carried, and the second was ako adopted unanimously, without discussion. The meeting then terminated.