U.S.S. CO-GREAT MOVE.

Dominion, Volume 6, Issue 1810, 25 July 1913, Page 7

U.S.S. CO-GREAT MOVE.

ENTIRE RECONSTRUCTION.

OLD COMPANY TO BE WOUND UP,

A circular has been forwarded to the shareholders in the Union Steam Ship Company culling a meeting for early in September to liquidate t'lio present company, with a view to forming a new company with a capital of in 3,00u,000 shares of J;1 each, of which 2,000,000 will bo ordinary shares, mid 1,000,000 will be 51 per cent, cumulntivo preference shares, Shares will be alloted lo shareholders in proportion of one ordinary ami one , preferential for every ordinary sliaru now held in the present company, 'i'bo other million ordinary shares will be held in reserve for future issue. The main ieatures of the scheme of reconstruction are as follow:—

(1) A new company to be formed with the same nanio as tlie existing company, and with a capital of AH,000,000 divided into 3,000,000 shares of XI each. Opportunity has been taken to enlarge the objects of the company, and those will be set out iu tho memorandum of association of the new company. (2) The undertakings and assets of tho existing company are to bo made over to the new company upon the footing that the new company shall undertake all tlie debts and liabilities of the existing company, and shall pay all tho costs of winding it up, and dissolving it, and all costs of carrying tho reconstruction schemo into effect, anil, 'further, shall allot to every member of tho existing company (claiming same in respect of every XI sharo in the existing company held by such' member) ono i:l ordinary sharo fully paid up in the now company, and, in addition thereto, one .£1 preference share fully paid up, the said preference share to carry a fixed cumulative preferential dividend at the rate of >£5 10s. per cent, per annum on capital for the time being paid Up thereon, and suck other rights as are mentioned in the articles of association of the new company. (3) Tho directors of tho existing company to ix> directors of tho now company. (4) Tho reconstruction to be carried cut under Section. 25!) of the Companies Act, 1908, and, accordingly, the existing company is to go into voluntary liquidation, and to authorise tho liquidators to curry out the reconstruction immediately, so that there may be no interruption of business. (5) With all convenient speed tho existing company is to bo dissolved.