Vickers-Armstrong Merger Proposed
GREAT BRITISH FIRMS NOVEL INSURANCE PLAN By Cable.—Press Association.—Copyright Reed. 9.5 a.m. LONDON, Sunday. Details of an amalgamation between Vickers, Limited, and Sir W. G. Armstrong, Whitworth’s show that a new company is being formed Vickers, Armstrong, Limited—with a capital not exceeding £21,000,000. Vickers will receive £8,500,000 in fully-paid shares and Armstrong's £4,500,000 in the same, as the purchase price. A novel feature is an arrangement with the Sun Insurance Company for a policy by which, if profits fail to reach £900,000 in any year, the Sun will contribute £200,000. Sir Herbert Lawrence is chairman, and the directors include Mr. Otto Niemeyer, Bank of England, Mr. E. R. Peacock, of Baring Brothers. Armstrongs have circularised their shareholders recommending the amalgamation and stating that the company’s assets will have to be written down to the extent of at least £11,000,000. —A. and N.Z.
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https://paperspast.natlib.govt.nz/newspapers/SUNAK19271122.2.98
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Sun (Auckland), Volume I, Issue 208, 22 November 1927, Page 11
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145Vickers-Armstrong Merger Proposed Sun (Auckland), Volume I, Issue 208, 22 November 1927, Page 11
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