COMPANY MEETING
LONDON SHOP PROPERTY LIMITED
YEAR OF PROGRESS THE Thirty-first Annual General Meeting of the London Shop Property Trust, Ltd., was held on October 4 in London, Sir Cyril Black, J.P., D.L., M.P., F.R.LC.S., F.A.1., Chairman, presiding.
The following are the main features of the Financial Accounts to 30th April, 1962, and of the Chairman's Statement :
1959 X. )960 1961 1962 £ £ £ Profit for the year before taxation
81,585 129,468 164,122 218,597 Profit for the year after taxation
31,815 48,087 62,232 91,016 Dividends less Income Tax .. Balance carried forward ..
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24,892 13,556 42,005 19,638 46,672 35,198 67,375 58;839 The profit for 1961/2 though very satisfactory by no means represents the full earning potential of the Group. Freehold and Leasehold Properties held by the Group have risen from £1,441,006 to £1,716,352.
. MORTGAGE ARRANGEMENTS Shareholders are aware of the arrangement with Legal & General Assurance Society Ltd., whereby they will provide the Company with Mortgage funds up to f1,5Q0,000 over a period of three years. The first instalment of this mortgage money has now been taken up.
INVESTMENT OF NEW CAPITAL
During the year 352,000 Ord:nary Shares were issued to the Legal & General Assurance Society Ltd., and 600,000 Ordinary Shares were offered to Shareholders by way of rights and were fully subscribed. As a result the issued capital has increased to £1,000,000. The proceds of these two issues of shares are being steadily invested to good advantage.
PROPERTY DEVELOPMENT Our two major building schemes in Manchester and Bedford have been completed and are both now nearly fully let. They did not contribute by any means a full year's income during 1961/2.
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