Page 2 Advertisements Column 1

Poverty Bay Herald, Volume XXXIX, Issue 12707, 9 March 1912, Page 2 (Supplement)

ABRIDGED PROSPECTUS OF IAS. J. NIVEN & COMPANY LIMED, ENGINEERS. A Private Company d«ly incorporate i under "The Companies' Act," but about to be reregistered as a Public Company. (This Prospect -is is issued in resfie^t of the intended Public Companv.) CAPITAL - £300,000. DIVIDED INTO 300.000 ORDINARY SHARES OF £1 EACH. SHARES . ALREADY ISSUED ... ..*. 82,700 SHARES NOW OFFERED FOR PUBLIC SUBSCRIPTION 117,300 To be paid for as follows : — On application ..." 2s per share On 29th June, 1912 2s per share On 30th September, 1912 2s peV share On 31st December, 1912 ... ... ... ... 2s per share On 31st March, 1913 ... ... 2s per share On 30th June, 1913 ... '. . .:. ... 2s per share On 30th September, 1913 ... ... 2s per share On 31st December, 1913 ... ... ..' ... '" 2s per share The balance of 4s. per share shall (at the discretion of the directors) be pavable in one sum at a. date being not less than three calendar months from the 31st December, 1913, or in .such a.mount3 and at such intervals (being , not earlier than as aforesaid) as the Dire. tors may from time to time determine. i DIRECTORS. GEORGE NELSON, M.1., Mech E., Napier. Chairman and Managing Director. • WILLIAM NELSON, Ton.oana, General Manager in New Zealand for Nelson Bros.,. Limited. JOHN CHAMBERS, Mokopeka, Havelock North, Sheepfarmer. WILLIAM HENRY NELSON, Woodville, Managing Director of the Woodville Bacon Co., Ltd. LIONEL NELSON, G.1., Mech. E., Napier, Engineer. \ BANKERS : 'he Bank of Australasia. AUDITOR: William McCulloch, Napier. • ' , .- SOLICITORS: Sainsbury, Logan and Williams, Napier. ■ ■ SECRETARY: Frank Sydney Russell. REGISTERED OfFFICK: Waghorne Street, Napier. .. ■,-. HISTORY OF THE COMPANY. The business of Jas. J, Niven and Co.. General Engineers, was founded in the year 1893 by Jas. J. Niven and Ueorge Aelson, in partnership^ under the style of Jas J. Niven and Co. The partnership ' continued until. 1903, when Mr Niven retired. The business was carried on for 5 years by Mr Nelson, when, owing to its outgrowing his financial resources, he converted the undertaking into a private company, incorporated on the 21st September, 1908. , r T«e business was taken over by the Company as a going concern. Mr Qecnjo Nelson, being elected Chairman and Managing Director. - . V a J£ X % S^ pital £, f the Private Company when registered was £65,0C0, divided into 50 Preference Shares of £100 each >? ,a. Ordinary Shares of £100 each, all fully subscribed.; as the business R r«w. farther capital was from time to time nntroduced, bnnging the total up to £82,700. , Eventually, in January, 1912, tho Directors considered that lhe lime ha'd arrived when it was desirable for the emeient carrying on and expansion of the business; that the capital of the Company should be again largely increased, and the Company converted into a Public Company. Accordingly the capital -wan increased to £300.0W> and it wm.. [mS« tl '^grater the Company as a Public .Company under the provisions of Section 172 of "Tha Companies Act 1-03. lhe necessary steps are now being taken to effect this. The convert on of the Company into a, Public Company will enable the membership of the Company to bs increased beyond that allowed by law toes. Private Company— namely, Z5-*md will further enable the. Company to avail itself to the full of the- opportunities fnr legitimate expansion, which are now offering, and which it is confidently anticipated will in the flit: r e present themselves to the Company. The 50 Preference Shares mentioned in the Memorandum of Association of the Companv have been converted into Ordinary —ares, and by a special reFo.ution passed by the Company on 26th J unary. ■ 1912. 'it was resolved that tho capital of the Company be divided Jy the subdivision of aU its existing shares into Ordinary Shares of £1 e->ch. and that the conditions of the Memorandum, of Association be modified accordingly. , L -' I ! he o^« al of , the Company, therefore, now consists of £3C0,000, divided into 3Ce,CCO Ordinary Shares of £1 each of which 82,700 are held by Shareholders of tho old Private Company, and hav, been fully paid f or by theS . TiehS bers of the old Private Company have not received, nor will they receive, any other benefit or consideration in cash or otherwise on the conversion of the Crninany into a Public Company., nor has ; liv money or other consideration been paid or gnren for or m respect of the fjoodwiXLof the business of the Private ( nor will any such be paid or given. " As the re-registration of the Private Company as a Public Company do: « ,not alter the identity of the Companv and consequently does not involve the promotion of a new Company, no payn-ents have been or will be made to any. one as promoter. . ■-,: ' -V • • , - . ofAhP^mnTa^t^M^ 1 ?! 111 '!! 1^ S? * e *°? ™ d Baianw *«*>■*«* <"* the/Assets and Liabilities or/tne Lompany a., .it 3Ut M.nvh, 1911. other than liabilities under current uo tiauts in the ordinary course of business. ; ' ■ / '__. j: ! ->M : Yin'.\ ■■< . ,'"' . ; ASSETS AND LIABILITIES. The last Annual Report and Balanco 'Sheet of the Company, duly certiiierl by the Company's Auditors, that at 31st Mk;ch, 1911, the ' Assets held by' the Company exceeded the 'Company's Liabilities by...- £84,685 16 5 ' This amount representing the Capital paid up at 31st March, 1911 ... ;. 78 000 0 0 ~~~ ■ Z= ' Plus, the profit -available /or division ye; r ending 31st March, 1911 ... 6*685 16 5 • . — £84,685 16 5 . Since 31st March, 1911. further Capital to the amount of. £47C0 has been ' " paid up, making the total of paid-up Capital to d..te ... ... ... £82 700 0 0 REMARKS ON ASSETS The Company owns Engineer,-^ Worts at Napier, QUboroe, Hamilton, and Palmer.ton North the Harbor Board runs out in 1930, and^con&ns no TXe^l SovlsLs It Vp J , lh ii rem^ nin S Lease f«>m « l e. The remainder of the work's site Theld under S^e mS !2i tu-J'vP 7 * T al l^° rilon of the work>s ing clause at £225, exercisable at th* end of the tern^ ' y "iO Tm ' and whlch contains a purchase 'ITie Property «ias a frontage of 508 feet to Waghorne Street, of which 412 feet is freehold, and co^ler^ve^res^. 00 " 1^ 0 "" of a General Entering Co mpan y , the Works a^ modern cpposi^thfp^^ h SJttf t R1 7 °S tHe *»* Equa« feet, and are quite new, having been built-in 1910 blllld >ng- ■ winch are of wood and iron, cover 9000 At AUCKLAND the Company rents an Office only. O^hefu^S o^^^^ covering 26C0 square feet, built in 1902 and lOT, «iiit«blv fitted Tnd MiiiunS 'ml bu ' rtl , m S ? f . »««» "uid 1 iron,. £3» Sr %£ 'oTLE^disLr^eS;'. IM ™ £&£^:*^Vs^- ssr? «S. At WEI.MNGTOX the Company rente premiss, ivhere a small stock i. oirried. - .;.■•. TWs't^Yofiori^n^et^pffirb^ .« --»<,, eehok, op,x> S i,. the Eailway Station, Stwf Ste'th^pS SSJ[ '" it ° l "'""' "™~™ °' " l ' M ' """"« **^» "* «*«*«. t. r.»; n U™.A® W ' MN<3S ASD ™* T ' hroUgllOllt UW Y *'™* WoA « -*4 in « ■•■I 1 -*'. «d h»ve been thorougMy we,, fol iteS 6 hf?e°Sn wrUte n nTl OrfeVl a " d th<> iMB ° wi "« th » Com " "" "».•»•">'. Y.,'l, year any douMLtd., of cSS'^lroa. o N^en"^"^'^"" swi2S, d &tt Or; KT' rt*?^ W™--*^. trolling interest. TUe Company of Scott, Niven and Co Ltd ,r»»wn,mrt,m ? . former the Company holds a conthis Company. It is now conducted as a. Branch of the Compaiiy P ymr > an<l iU b ° ginoss P»«n«»d by PROFITS OF THE COMPANY. Since the" formation of the Company in 1908, an average annual profit of £7777 18s 4d his ho*., « , a tn GENERAL. As the re-registration of the Company does not alter its identity, the su! r.istine contr-iru fi. Q r« -n be affected. They are of the ordinary trade character. g contracts of ">o Company will not The minimum subscription on which the Directors may proceed to allotment* is 20 000 vh*™* n ( i• i „ present shareholders are prepared to take up. V>VW - sh a»es, all of which the No commission will be payable for subscribing or agreeing to subscribe or procurini? or «»»»;„„ t • , sariptions^but the Company will be at liberty to pay ordinary brokerage. b a g leei «g *o procure subThe preliminary expense's of the Public Company will be paid by it, and are estimated at £800 '• ' The Articles of Association provide that a Director's qualification is the holding in his own vlcht n f nt l \' 10C0 shares of the Company, and that the Directors' fees shall be fixed from time to time by a r^oluS « i\L r ]:any in general meeting, and that the remuneration of the Managing Director shall be fixed by the D, ? rectors ' Applications for shares should be made to tho Directors on the forms provided with tho Prosnuc-LiH Th^v mi i, be forwarded direct to the Secretary of the Company at Napier, or through tho Managers of the cimnlnv^fSnvn/ Auckland, Hamilton, Pahnerston North, Wellington, or 3 Salters Hall Coust, Cannon |t^eV London, fee aißboin f' Applications will be received up to noon on TUESDAY, 30lh April, 1912. A remittance for the amount payable on application must be forwarded with the .application. Wno allotment S^^wWw J? SStSSS. 1 ductlolK Tf the number of , shares nllottetf " ]eBS th " n that nwlied ->• ■ Prospectuses and Forms of Application can be obtained at any of the Company's Offices. The Prospectus has been duly filed with the Uegistrar of Companies. Dated this Bth day of March, I£l2. ';'