Page 4 Advertisements Column 4

Taranaki Daily News, 3 August 1920, Page 4

NEWTON»KING, LIMITED. mm mmm Divided into 260,689 Ordinary Shares of £1 each, and 259,868 Pre* ferenoe Shares of £1 each. Issua of 125,098 PREFERENCE SHARES and 78,888 ORDINARY SHARES, payable 2s 8d per Share en Application, 2s 6d per Share en Allotment, and the balance in calls net exceeding 5s pee Share at intervale »f net leas than ene month. DIfIiCTORSI NEWTON KING, of New Plymouth, Merehimt. STANLEY WAKEFIELD SHAW, of New Plymouth, Merchant. FRED WATSON, of New Plymouth, Shipping Manager. WILLIAM HEALY, of New Plymouth, Merchant. ELIOT MILLAR KING, sf New Plymouth, Business Manager. JAMES HENRY ASHTON, of Stratford, Motor Superintendent. All of whom will hold office uata the Ordinary General Meeting »f the Company in the year 1922. HAROLD E. ABRAHAM, of Stratford, Business Manager, who is temporarily absent from the Dominion, will jem the Board upon his return. BANKERS: THE BANK OP NEW ZEALAND. ■ROKERSt FRATER BROS., Queen Street, Auckland. G. A. BUTTLE & 00., Victoria Arcade, Auckland. S. GEORGE NATHAN & c 6., Customhouse Quay, Wellington, J. S. S. MEDLEY, Egmont Street, New Plymouth. AUDITORS: iWATKINS, HULL, HDNT & WHEELER, Publio Accountants and Auditors, Wellington. / SECRETARY: G. M. KEBBELL, New Plymouth. The Company has been formed to acquire as a going concern the business previously carried on in the Tamaki District by Mr. Newton King. The business has been acquired "oy the Company on the basis of the stock-in-trade and other assets and liabilities as thoy existed on the 30th April, 1920, but there is excepted from the sale a proportionate part of the current year's profits as from Ist May, 1920, to the 31st day of July, 1920, when the agreement for safe between Mr. King and the Company was executed. The excess of assets acquired by the Company over liabilities undertaken, according te a balance sheet prepared as at the bOth April, 1920, is £829,354 9s 9d, made up as follows: „ , £ s. d. £ 8, d. Properties, Buildings and Cattle Yards 73,072 0 0 Stationery and ©ffcoe Furniture ... 4,052 7 7 (These items have been valued by independent ■ H,Ui 1. I valuers at £82,566 7s 7d.) Stock-in-trade : .. 98,713 7 1 Working Plant, Fittings and Motor Oars used in business 15,762 6 8 (These items have been valued by Depart mental Managers who are applying for Ordinary Shares.) Book Debts and Bills in hand ... 314,761 1 3 (Guaranteed by Mr. King as hereinafter mentioned.) Cash, Stamps and Insurances etc. unexpired ... 2,641 13 5 Goodwill (payable to Newton King as vendor) ... • 30,000 0 0 639,002 16 0 The total liabilities amount to 98,713 7 1 15,762 6 8 77,124 7. I 114,475 13 9 314,761 1 3 2,641 13 5 30,000 0 0 639,002 16 0 209,643 6 3 £829,354 9 9

In addition to the above-mentioned liabilities, ww Company lakes ctm a contingent liability on account of bills under discount, but guaranteed by Mi. King as hereinafter mentioned. The Comoany also takes over (subject to the consent of the principals) several valuable agencies hold by Mr. King. The book and other debts—as well as, bills under discount—a.\-> guarcnlesit by Mr. KSng for the period of one year, at the expiration of which period tbo Company iB to make its claims in respect of bad and doubtful debts (if any), and the claims have to be adjusted and, in the event of dispute, settled by arbitration. The consideration payable by the Company to Mr. King as abovementioned, namely, £329,354 9s 9d, is payable as follows: (a) As to £130,000 by the allotment to Mr. King or his nominees of Ordinary Shares in the capital of the Company credited as fully paid up. (b) A* to the sum of £50,000 by the allotment to Mr. King or his nominees of 50,000 fully paid up Preference Shares in the capital of the Company. (c) The balance is payable in cash with interest at the rate of £6 10b per centum per annum on the portions thereof for the time' being outstanding. The Company has agreed to reduce the cash consideration to Mr. King has agreed, if so long required by the Company, to hold for the riod of not less than three years the positions of Managing Director and General Manager of the Company at a salary of £I2OO per annum. The Preference Shares will confer on -the holders the right to a fixed cumulative preferential dividend at the rate of £8 Its per centum per annum (free ef all inoome-tax payable by the Company) on the capital for the time being paid up thereon, and will rank both as regards dividend and capital in priority to the Ordinary Shares, but will not confer on the holders any right to further participation in the profits of the Company or in the surplus assets on a winding-up. Nor will the Preference Shares confer any voting power except on proposals to increase or reduce the capital or wind up the Company or to sanction the sale of the undertaking of the Company or on matters directly affecting the privileges ef the holders as a class or unless the dividend on the Preference Shares is in arrear for more than three calendar months; and where the holders of Preference Shares are entitled to vote each holder will have one vote for every complete number' of five shares held. The "Minimum Subscription" on which the Directors may proceed to allotment is 50,009 contributing shares. It is proposed to proceed to allotment as soon as the minimum subscription has been subscribed. The material contract affecting the Company is the contract or agreement between Mr. Newton King as Vendor and the Company for the sale and purchase of the business undertaking and assetß hereinbefore referred to. This contract is dated the 3lst day of July, 1920. , Mr. Newton King is the promoter of the Company and is interested in the promotion of the Company to the extent of his interests as vendor, and as a shareholder in and Managing Director of, the Company. No other persons are interested in the promotion of the Company. The preliminary expenses of and incidental to the formation and establishment ef the Company are estimated at £IOOO and will be borne by the Company. This amount does not include ad valorem duty on the transfer to the Company of the lands taken over by the Company; nor does it include brokerage. The Company will pay a commission at the rate of riot exceeding 3$ per cent, to the Brokers on all shares of which they procure the subscription. The qualification of a Director is ■ the holding of ordinary or preference shares of the nominal value of £SOO. Each of the Directors is entitled to remuneration at the rate of £2OO per annum, and the Chairman of Directors (if any) to an additional £59 per annum, and such further remuneration (if any) as the Company in general meeting shall from time to time determine, but no Director who holds any other office or place of profit in the Company (and for this purpose the position of Managing Director shall be deemed to be another office or place of profit) shall be entitled to be paid the fixed sums mentioned in the first part of this clause or any part thereof, bui he shall be entitled (if the Directors shall so determine) to share in any further remuneration determined upon or voted by a general meeting as aforesaid. " ( A printed copy of the Memorandum and Articles of Association of the Company and a copy of the above-mentioned material contract can be inspected at thelites of the Company in New Plymouth, er at the office of any of the Company's Brokers during ordinary business hews while the subscription list isepeh. Copies of the prospectus (which has been filed far registration) and ferms of application for Preference Shares or Ordinary Shares, may be had at the offices of the Company or from the Bankers or Brokers of the Company. Applications fer Shares (Preference or Ordinary) should be made upon the appropriate forms accompanying tile Prospectus, and may be sent te the Bank of New Zealand, New Plymouth, or to any of the branches of the said Bank, -together with the amount payable on application, or through any Broker of the Comp„ny, or direct to the Company's office. The Subscription List will close on or before 31st August, 1920. No applications for lobs than .50 Shares will be entertained, pM-Oh Blst 4»y »i u s , 19.29,