12 NOVEMBER 1937, Page 44

* * * * THE New CAPITAL.

The new capital is to consist of 2,000,000 LI 5 per cent. Redeemable Cumulative Preference shares, the issue being made to pay for very large extensions to buildings and plant required by reason of the expansion of business and also to repay certain bank loans of subsidiary companies. The new Prefer- ence shares will be redeemable up to the end of 1949 at 22S. 6d. by means of a fund calculated to complete redemption by that date, while the company reserves the right to redeem

in whole or in part before January, 1949, at 23s. per share. Powers are also to be taken to issue to holders of the new Preference shares certain Option Certificates conferring a right to subscribe for Ordinary shares. * * * *