TEREMAKAU GOLD DREDGING COMPANY.

Greymouth Evening Star, Volume XXXI, 1 November 1901, Page 2

TEREMAKAU GOLD DREDGING COMPANY.

Second Annual Meeting.

The second annual meeting of shareholders in the above Company will bo held at Dunedin on Wednesday N.ovember 13-h.

The following is the directors report:— After the circular of August 7th had been issued, an effort was then made to provide funds for the completion of the dredge-by issuing 600 debentures. This resulted in a total application of under 200, including 70 reported to have been guaranteed at meeting of shareholders he'd at Grsymoutb, where the suggestion that Debentures should bo issued originated. The Board were therefore, powerless to proceed in the direction of finishing of the dredge; but a scheme has been submitted by the Dunedin Directors to their colleague at Kumara providing for the liquidation of this Company, and the sale of its assets to a newono to be formed by present members; iho new Company to have a nominal capital of £6,000, of which Shareholders in the old Company would receive £2,500 in paid-up shares, representing £1 5s for each £5 now held in payment for the whole of that Company’s assets. Three thousand shares of £1 each to be offered to present Share. J holders pro rata, and any that might npt be subscribed for by them to thg

public, on the following terms:—2/6 on application, 2/6 on allotment, and the balance by calls of 5/- each at intervals of one month; Five hundred shares to be held in reserve. This proposal has the approval of a section of West Coast shareholders; but the Directors are informed that it was not favourably received at a meeting held in Groymouth a few days ago, Those present did not, however, suggest an alternative one. The Directors are satisfied that the proposed schema will be advantageous to the Company and the shareholders; but counsel has advised that the same can only bo carried out by reconstruction. The resolution for winding-up is merely part of the machinery for effecting what is desired, and will not involve any disturbance of the affairs of the Company, since the new or reconstructed Company will at once step into the shoos of the existing Company,

During the year Mr Chas. Coombs resigned from the Board, and was sue. ceeded by Mr W. J. Mcllroy, of EumaraThe retiring directors are Messrs N. Y. A, Wales and John Moloney, Mr B, T, Wheeler, Junr., the auditor, also retires; but all are eligible for re-election,’*

Proposals for Reconstruction. An extraordinary meeting of shareholders will be held immediately afterwards, when the following resolutions for reconstruction of the Company will be considered

(1) That it Is desirable to reconstruct the Company, and accordingly, that the Company be wound 'up voluntarily, and that Monkman, of Dunedin, bo and is hereby, appointed Liquidator for the purposes of such winding up, (2) That the said Liquidator bo and is hereby authorised to consent to the registration of a new Company, to be named “ The Teremakau Gold Dredging Company, Limited,” with a Memorandum and Articles of Association, which have already been prepared with the privity and approval of the Directors of the Company. (3) That the drafe Agreement submitted to this meeting, and expressed to be made between this Company and its Liqu’dator, of the one part, and the Teremakau Gold Dredging Company, Limited, of the other part, be and the same is hereby approve 1, and that'the said Liquidator bo and he is hereby authorised pursuant to Section 222 of “The Companies Act, 1882,” to enter into an agreement with such new Company (when incorporated) in terms of the said draft, and to carry the same into effect with such (if any) modifications as he thinks expedient.