RIMU OPTIONS LTD.

Hokitika Guardian, 16 March 1917, Page 1

RIMU OPTIONS LTD.

Annual MealingThe first annual general meeting of shareholders in ltiiuu Options', Ltd, was held in Sydney yesterday. It was called for noon— when about 50 representative mining investors assembled in the hoard-room, Now Zealand Chambers—and lasted till after lunch time, when it was adourned till 4.30 p.m., only to be again adourned until Monday next. Mr. E. S. Carr, M.11.R. presided, and the proceedings were animated throughout. Tlie chairman early decided that- representatives of the press could not he permitted to attend. Jn reply to Mr. S, S. Cohen lie explained that under the articles of association a mooting of shareholders could only ho attended by shareholders. A shareholder held that press representatives might surely be admitted—if there was nothing to hide. Tie Chairman declared that the board had nothing to hide, but thought that shareholders should excerise discretion Statements would probably be made in the heal of discussion which it watmld not he wise to publish. Ultimately he consented to a private shorthand note of the proceedings being taken, for record purposes. After “The Daily Telegraph” representative left • the Riniu meeting yesterday the chairman delivered a long address in defence of the conduct of the Board Other directors—including Sir Allen Taylor and Mr. Percy P. Cook, of Melbourne—also spoke. They were subjected to considerable interruption, and severely heckled at times'. Ultimately a vote of censure was moved, and Messrs G. B. Humphries and T. H. Valdie were nominated in opposition to the retiring directors, Messrs E. S. C'arr and G . H. Blakemore. A ballot has yet to decide the issue. The balance-sheet of tlie* company provide?.' a keynote to the discontent among shareholders. The profit and loss account shows to credit; Net proceeds from sale of Brighton Terrace Option, £6467 10s; from sale of No. 1 Area' Rimu Flat, £22,000; total, £28,467, 10s: Less total cost and charge?! to date on all mining rights and leases, £27,561 3s. lid.. On the debt side is: Preliminary legal expenses £476 17s. 5d.: directors foes and office expenses £1599; travelling expenses £153 9?i 9d.; legal expenses ,£97 7s ; interest £238; bank guarantee charges £750; and New Zealand expenses £524 Is. sd. The balance carried down was thus £3070 JOs. lOd. The company’s

>.«ats are 17,000 fully paid £1 shares in the same company at cost £1937, less £502 Bs. unpaid' calls; boring expemliiure £1930 Gs 7dsundries £69 12s f-d. The liabilities are: Nominal capital 15,000 shares l of £1 each; Bank < f New South Wales £S7S7 11s. Id.; due on options £3250: directors fees £1150; Bank guarantors £250; and sundries £l3. The financing of the company’s affairs provided the bone of contention throughout the meeting. Silmreholdctrs stunned contend enough with the mining prospects of their properties. The adjourned meeting of the Bimu Option Ltd. was held yesterday at noon when a number of the shareholders assembled to learn the result of the negotiations' or investigatons, which it was roumou'recl had been proceeding since last week’s meeting. As before tlie meeting was held in private but the secretary of the Company subsequently made the following available for publication :

Inter alia the following statement was made by M r.S.S. ■ Colien :—“I have to state that T find the result of investigations conducted for me by -Mr. Goo; B. Humphreys public accountant (of tn*» firm of J. E. Cornell, G. B. Humphreys and Co.) that the statements made by the chairman at last Wednesday’s meeting are correct and that Hr. Burns lias boon an invaluable aid to the Board in conserving the company’s interests, and that in the peculiar circumstances surrounding this company’s formation, and control, the board could not safely have acted otherwise than it has. In accordance with the views which I now bold, and the fact that Mr. Geo. B. Humphreys requested me to withdraw hisi nomination, I do therefore withdraw my nomination of two directors for the hoard.” Mr. J. Millican, of E. D. Miles and Co., supported Mr. Cohen’s attitude, and stated that he was sure that no other man would have done what Mr. Burns had for the company. Mr. A. Ducker also spoke in support. It will he remembered that Mr. T. Hall Waldie was* nominated for one of the two vacancies on tho board. Ho stated after yesterday’s meeting—which he did not attend—that lie had declined to consent to the withdrawal of bis nomination. In the circumstances, the nomination may have actually lapsed for want of a proposer. The statement furnished by the secretary does not, however, make it clear who way elected directors.' There is much other information about the affairs of the Company which might, with advantage to all concerned, be duly communicated to the shareholders. Only a very small proportion of the latter can attend meetings, and as press representatives are excluded when interesting statements are indicated, a circular letter might serve the purpose. Mr. S. S. Cohen is satisfied; but, after all, wliat happened at the annual meeting and subsequently?.—. Sydney ‘‘Daily Telegraph.” IN AND ABOUT THE MINES. With reference to the general meeting of shareholders in Hi mu Options, Ltd., tho secretary (Mr. B. D. Hartwell) stateci yesterday that Messrs. E. S. Carr and G. H. Blakemore, the retiring directors, were duly re-elected. He added that “the other members of the Board are :—-Sir . Allen Taylor, Messrs. James Burns, .T. W. Hayest, A. Firtli, and P. P. Cook (Melbourne)” The secretary did not state if the directors’ report and .balance*-sliedt, as submitted to the meeting, were adopted- If not, presumably there will have to be another meeting for that purpose. It was asserted after tlie first meeting that the opposition to the Board had , sufficient voting {power —> mostly proxies—to pursue any course that they considered desirable. It will be interesting to note the course of events at tlio special meeting—if it should ho necessary to hold one.