NOKOMAI COMPANY

Timaru Herald, Volume CXXXVIII, Issue 19959, 17 November 1934, Page 7

NOKOMAI COMPANY

SALE OF ASSETS DUNEDIN, November 16. nn extraordinary general meeting of shareholders in the Nokomai Gold Mining Company was held to-night to receive a report from the directors of the sale and the terms thereof of the company’s assets to the Nokomai Gold Dredging- Company, London, and to confirm the sale. The chairman, Mr F. Y. Milnes, explained that the offer of the London company was £67,000. The proposal submitted to the board of directors was as follows—£ls,ooo to be paid in cash by the Nokomai Gold Dredging Company (London) within seven days, and the New Zealand Company to take 500,000 fully paid up shares (paid to 2/-) issued by the new company. The sum of £2OOB had already been paid. A resolution was carried confirming the directors’ action in completing the sale of the assets to the London Company. In answer to a question, it was stated that the capital of the English company was £450,000, and that it was understood that two dredges were to be placed on the property. A motion was carried authorising the directors to hold the 500,000 vendors’ fully paid up shares for such time as in their discretion they consider necessary.