OTAGO FARMERS' CO-OPERATIVE ASSOCIATION

Otago Daily Times, Issue 22609, 28 June 1935, Page 4

OTAGO FARMERS' CO-OPERA-TIVE ASSOCIATION

MEETINGS OF SHAREHOLDERS REDUCTION IN CAPITAL APPROVED ACCRUED DIVIDENDS WRITTEN OFF Three meetings of shareholders of the Otago Farmers' Co-operative Association of New Zealand, Ltd., were held yesterday, as a result of which accrued dividends amounting to £9454 9a 9d were written off and the capital of the association was reduced from £282,360 to £109,560. A meeting of "A" preference shareholders was held in the morning, when by a vote of 25,903 to 300 it was agreed to write off accrued dividends for the years 1931 to 1934 amounting to £7872 Is 9d. This meeting was followed by another, at which investment shareholders, by 4055 votes to 301, agreed to write off accumulated dividends for the same period amounting to £1582 Bs. Both meetings were called pursuant to a direction by the Supreme Court that separate meetings of the holders of the "A" preference shares and of the holders of the investment shares in the association be held for the purpose of considering and, if thought fit, agreeing with or without modification to a compromise or arrangement proposed to be made between the association and the shareholders that all "A" preference shareholders and investment shareholders relinquish their respective claims to any dividends on "A" preference shares and investment shares in the capital of the association claimable in respect of each of the years ended September 30, 1931, 1932, 1933 and 1934, and that all arrears of dividends be cancelled. REDUCTION OF CAPITAL In the afternoon an extraordinary general meeting of shareholders, presided over by Mr Jasper Clark, carried the following resolution: — " That the capital of the association be reduced from £252,360 (divided into 200,000 ordinary shares of £1 each, 1472 investment shares of £5 each, 50,000 "A" preference shares of £1 each, and 25,000 "B" preference shares of £1 each) to £109,560,: divided into 200,000 ordinary shares of 3s 4d each, 1472 investment shares of 16s 8d each, 50,000 "A" preference shares of £1 each, and 25.000 "B" preference shares of £1 each, and that such reduction be effected by cancelling capital which has been lost or is unrepresented by available assets to the extent of 16s Sd per share upon each of the 150,879 ordinary shares which have been issued and are now outstanding .and to the extent of £4 _3s 4d per share upon each of the 1472 investment shares which have, been issued and are -now outstanding and by reducing the nominal amount of the 150,879 issued and of the 6303 forfeited and of the 42,818 unissued ordinary shares in the capital of the association from £1 to 3s 4d each and by reducing the nominal amount of the 1472 issued investment shares in' the capital of the association from £5 to 16s 8d each."

The voting was 72,921 for the resolution and 6026 against it.