FARMERS’ MEAT COMPANY

Taranaki Daily News, 23 June 1925, Page 4

FARMERS’ MEAT COMPANY

BANK’S OFFER REJECTED 1 LEGAL ACTION TO PROCEED. DECISION O'F SHAREHOLDERS In connection with the Bank of Ne\fr Zealand’s offer to rebate £1 5s per share to preference shareholders in the Taranaki Farmers’ Meat Co., under certain conditions, a meeting of preference shareholders who have objected to pay calk was held in the Workers’ Social Hall at New Plymouth yesterday. Mr. F. Eiberlet presided over an attendance of 100 shareholders. The chairman explained the reason for calling the meeting, and it was resolved to go into committee. After the bank circular had been read, the chairman called on Mr. L. M. Moss (solicitor for the investigation committee), who fully outlined the difference in the position between the plaintiffs in the action and the shareholders who did not join in the action, these latter shareholders being included in t'he No. 2 list, formed to assist the investigation. The position both of the plaintiffs and other shareholders, if the bank’s offer was not accepted, was clearly outlined.

A motion that the shareholders offer to pay up to a total of £2 10s per share was defeated, several speakers stressing that, although some financial sacrifice might possibly ensue, the question was one of principle affecting the whole community, and the movement should have the backing of every shareholder.

After further discussion a resolution was carried refusing to accept the bank’s offer of £1 5s rebate per share, and deciding to carry on the present proceedings. It was explained to the meeting that many shareholders were under a misapprehension as to the true meaning of the circular sent out by the bank, thinking that they only had to pay up £3 per share in all, £'l 5s of which would be refunded, making a total pay- x ment of £3 13s per share and not £1 15s per share. Further discussion elicited the feeling that the questions at stake were of great importance to the district, and the following resolution was carried unanimously: "That this meeting, having been fully advised of the legal position of the plaintiffs and of those objectors who are not joined in the action, accords to the plaintiffs its fullest support in their attempt to obtain justice for the shareholders of the company, and that if, on account of any legal technicality. a verdict cannot be obtained in favour of the plaintiffs under the present state of law. public meetings be held throughout the province for the purpose of taking such further steps as may be considered necessary for the purpose of protecting the shareholders and the public.” On the motion of Mr. P. E. Stainton, a vote of thanks was accorded to the chair and to the members of the investigation committee for their work. At a meeting of the committee held subsequent to the meeting, it was decided to invite the co-operation in the movement for investigation of all those preference shareholders who had not already given in their names. Tn this connection an advertisement appears in this issue.