ATLAS ROLLER MILLS

Evening Post, Volume CXIX, Issue 31, 6 February 1935, Page 14

ATLAS ROLLER MILLS

At an extraordinary general meeting of shareholders of Evans's Atlas Roller Flour and Oatmeal Milling Company, Ltd., to be held on February 28, the following special resolution will be sub"mitted:—.'..--,■

That the capital of the company be reduced from £60,000 divided into 60,000 shares of £1 each to £30,00 divided into 60,000 shares of 10s each, and that such reduction be effected by returning to the holders of the 60,000 shares paid-up capitalto the extent of 10s a share, euch return of capital to be carried out in the manner, following, that is to say:— (a) The amount of capital to be returned to each shareholder, calculated at the rate of 10s a share, shall be ascertained and increased by 15 per cent.; and all amounts of under £5 and all fractions of £5 shall then be paid in cash; (b) the remaining balance due to each shareholder shall then be satisfied by transferring to such shareholder New Zealand Government inscribed stock 3% per cent, (free of income tax) maturing on March 15, 1943, and May 15, 1952.. .If the resolution is. passed by the meeting application will be made to the Supreme Court for approval. In an' explanatory note the directors state:—"Profits on the manufacture- of flour have been reduced considerably, and the sales have decreased and owing to the number of flourmills operating no increase can be expected. Our mill'is fully equipped and capable of meeting any demand -which may. arise in the future, and sufficient' liquid assets are available to install plant and machinery to meet any changes .in the process of manufacture. The reduced capital and existing reserves are, in the opinion, of your board, sufficient to provide such equipment."