COMPANY MEETING

MOUNT CHARLOTTE INVESTMENTS

SATISFACTORY RESULTS THE 29th Annual General Meeting of Mount Char- lotte Investments Ltd. was held on June 27 at Betta- fcods Restaurant, London Wall, E.C.2. The follow- ing are extracts from the Chairman's comments.

The results for the (8 months to 31st December, 1961 are satisfactory. We did not expect to make more than about £25,000 before tax in the 6 months

31st, December, 1960 so that the group profit of £212,559 has fallen very little below our forecast.

The amount available for Dividends is £141,210 against £53,565 for the 12 months to 3rd July, 1960, and the balance carried forward £52,205 against £25,564.

DIVIDENDS The final dividend is 6% making a total of 12%

in respect of the 12 months trading since we ac- quired Nuthalls (Caterers) Ltd. and compares with the equiy,lent of 10f% for the last complete year, namely that to 3rd July, 1960.

It is expected that the interim dividend for the current year will be declared around the end of December, 1962.

DEVELOPMENT

Our major development since the last report in November, 1960 has, of course, been the acquisition of Nuthalls (Caterers) Ltd. We are well satisfied with the purchase and have very considerable Capi- tal Development already executed and in hand- pardcularly at Bristol where we have trebled the

banqueting capacity at the Grand and are currently adding 70 new single rooms with private bathrooms and television. A large amount of money has already been spent on our latest Hotel purchase—the Aber- nant Lake Hotel at Llanwrtyd Wells, Brecon.

The Bettafoods and Walkers branches have con- tinued to be run during the period on similar lines as previously, and the profits of Bettafoods (London) Ltd. for the 18 months to 31st December, 1961 amounted to £53,599 compared with £30,995 for the 12 months to 3rd July, 1960 and may be deemed to be satisfactory.

The Black & White Milk Bars at Kingston and Fleet Street have been converted to Bettabars. A new branch under the name of Carpenters has re- cently been opened at 150 Southampton Row.

Certain branches have been sold during the year at satisfactory prices since because of the terms of their leases and/or their location they were not considered satisfactory for development.

THE FUTURE

We shall undoubtedly receive some benefit during 1962 from our past Capital Programme, but the main benefit will be felt during 1963. We can locik forward to the future with confidence. The 1962 results will, in the absence of unforeseen circum- stances, certainly justify a maintained dividend of 12 per cent.

The Report was adopted.