28 MARCH 1931, Page 42

THE GRAMOPHONE MERGER.

Not the least important development in the Industrial Market last week was the announcement of the terms of the fusion of the Gramophone Company and the Columbia Graphophone Company. A new holding company is to be formed to acquire the issued capital of both companies by an exchange of shares, and the terms of the exchange are as follows :- ' Holders of £1 Ordinary shares in the Gramophone Company will receive an equal number of £1 Ordinary shares in the new company, and holders of Five per Cent. Preference shares 1411 receive an equal number of £1 Six per Cent. Preference shafts in the new company. Holders of each 10s. share of the Columbia Graphophone Company will receive one £1 Ordinary share in the new company, and Holders of five £1 Seven per Cent. Preference shares will receive six £1 Six per Cent. Preference shares."

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