AN IrmusTatAL IssuE.
Particulars will be found on another page of an impending issue at par of £375,000 in si per cent. Cumulative First Preference Shares of £1 each in Upsons Limited. In addition, there is also an offer for sale of 62,500 Ordinary Shares of £1 each in the same company at the price of £2 per share. The company carries on a business of boot and shoe retailers in London and the suburbs and some of the larger cities and provincial towns, while in addition to its branches under the name of Upsons Limited it has boot stores under the names of " Dolcis " Shoe Company, the London Boot Company. and some other titles ; in fact, the company now has a total of 138 shoe stores. Over the past five years, annual profits have averaged over £133,000, an amount, it will be seen, sufficient to cover the dividend on the First Preference shares nearly five and a half times, while, including the earnings from the new money about to be subscribed, it is reckoned that the dividend should be covered more than six times. Purchasers of the Ordinary shares now offered are to participate in whatever final dividend is declared. Interim dividends, amounting to 10 per cent.. free of tax, have already been paid for the current year. For the past three years the dividend has been at the rate of 15 per cent. tax free.
(Continued on page 954.)
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