ROBINSON ICE CREAM COMPANY

Sun (Auckland), Volume IV, Issue 1069, 5 September 1930, Page 11

ROBINSON ICE CREAM COMPANY

MERGER PROPOSALS OFF MEETING OF SHAREHOLDERS The proposal that the Robinson Ice Cream Company, .Limited, absorb the ■Polar Ice Cream Company was rejected finally yesterday. A rather stormy meeting of shiVeliolders in the Robinson Ice Cream Company wa& held as a result of a requisition from 18 shareholders holding one-tenth of the issued capital, which asked that an inquiry be made regarding negotiations for the purchase of the business of the Polar Ice Cream Company. Limited, and into the reasons of the directors for discontinuing the negotiations; to inquire into the shareholding of the directors and their qualification for office; and also to inquire into the necessity for the removal from office of all or any persons directly or indirectly connected with the control or management of the affairs of the company either as officers or directors and, if thought fit, to carry resolutions to that effect. At the outset, Mr. Neumegen called upon those who signed *the resolution to substantiate their case against the directors, but they were unable to give reasons for their desires. Mr. Neumegen stated that the terms submitted at a joint meeting of the directors of the Robinson Ice Cream Company and the Polar Company were that a company of £IOO,OOO share capital should be formed, of which 70,000 should be preference shares and 30,000 ordinary shares. The Polar Company should be paid £9,000 in cash to meet liabilities and should be allotted 0,077 preference shares, bearing interest at 8 per cent, and receive 17,404 ordinary shares. The Robinson Company was to ,be allotted 50,425 preference shares bearing 8 per cent, and 12,119 ordinary shares.

Mr. Neumegen said he felt it was not in the best interests of the Robinson Company that the proposals should be carried out. He doubted whether the new company would be able to make sufficient to pay the interest on the preference shares. The proposal of the new company was dropped and it was suggested that the Robinson Company should increase its capital to £IOO.OOO, divided into 70,000 preference shares and 30,000 ordinary shares, a proposal which he did not favour. On the motion of Mr. T. N. Baxter, seconded by Mr. A. F*. Jagger, it was decided unanimously that the meeting approved of the action of the directors of the Robinson Ice Cream Company in determining any further negotiations with the Polar Ice Cream Company. An amendment that further investigations should be made was lost. It was also decided that no action should be taken in regard to the objects of the requisition, out of which the meeting arose.