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NODION

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Nodion Llywarch Hen

....... Cyfarfodydd Ysgolion.

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I I'Newyrth Huw yn Llanymor.

------Local Solicitor's Affairs.

IDolgarrog Works.

THE WERNHER-BEIT OFFER.

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THE WERNHER-BEIT OFFER. An extra-ordinary general meeting of the hold- ers of Participating' Preference shares was then held. The Chairman said that just when the liqui- dators had completed the arrangements for the issue of the scheme to them they received an offer from Mr A. W. Tait, the Receiver for the British Aluminium Corporation, on behalf of Messrs Wernher-Eeit & Co., and the executors of the late Mr Charles Morrision, to purchase the whole of the company's assets for 680,0o0. That offer was contingent on its acceptance within a month and subject to an examination by the offerers' engineer. He communicated with Mr Tait, informing him that he should place his offer before the parties interested al: the earliest opportunity, and that, pending such opportunity, they considered it. better that the inspection should be delayed. Notwithstanding this ,the liquidators were served with notice of a summons at the instance of the Receiver in this company, Mr Hawkins, asking the Court to authorise the acceptance by him of an offer evi- dently in similar terms to that which was ad- dr,essed to them,, and that he should be author- ised on Wednesday, 3rd November, to accept the offer. Considering that they, as liquidators, had a monith in which to accept or reject that offer and that it was physically impossible to arrange for any meetings to take place before that day, they decided to oppose Mr Hawkins's summons and to ask the Court at least to ad- journ consideration of the same until after these meetings toox place. On hearing the facts the Master crdered the further heraring of the sum- mons to be adjourned until next Tuesday. That morning he received a letter from Mr Tait, with- drawing his offer. From an ordinary business point of view it was reasonable to assume that if the whole of the assests of the Aluminium Cor- poration were good enough for their rivals to offer £ 80,000 for their acquisition, they ought to be worth a good deal more to. both the creditors and shareholders. He need hardly point out what the effect would have: been to them as shareholders had Mr Tait's offer been agreed to. It would simply have meant that the whole of the Preference and Ordinary capital would have been wiped out of existence, and that even the creditors would, have had to accept a small divid- end in cash, for the Preference claims amounted to, £ 35>000> and by the time several extremely difficult questions with several large creditors could be s,ettled-apart from the arrangements come to under the scheme which they were called upon to consider that day—the claims to be dealt with would undoubtedly amount to a very much larger sum than that with which they expected to deal under the present scheme— namely, £ 100,000 to ,rlio,ooo. Mr W. C. Stennett proposed a resolution auth- orising the registration of the new company and approving the scheme of arrangement. Mr W. Mills seconded, the resolution. Sir Alfred Dent asked by whom the Deben- tures were held. The Chairman said that they were held by a bank. It was a private issue. He added that proxies representing £ 137,000 had been received in favour of the scheme. The resolution was carried unanimously. At an extra-ordinary general meeting of the Ordinary shareholders, which was afterwards held, a similar resolution was unanimously car- ried on the motion of Mr Edward Manville, seconded by Mr F. FaJthfull. Begg.

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