WANKIE COLLIERY COMPANY
BONUS ISSUE APPROVED SIR EDMUND DAVIS' ADDRESS
AN extraordinary general meeting of Wankie Colliery Co., Ltd., was held on Monday, May 23rd, in London, when resolutions were passed- increasing the capital of the company to £1,700,000, and authorising the issue of 1,330,003 shares of los. each amongst the shareholders in the proportion of two shares for every three shares held.
Sir Edmund Davis, J.P. (the Chairman), who presided, said that when they held their annual general meeting last November the shareholders were informed that, in view of the developments, expenditure and equipment of the No. 2 colliery, it became advisable to have the mines and plant independently valued, and that the adoption of that revaluation—which was conservative—resulted in the creation of a capital reserve of £710,147. At that meeting a question was asked whether the creation of that capital reserve suggested the probability of a bonus distribution being made to the shareholders in order to bring the issued capital of the company more into line with the real value of the assets. He and Lord Lloyd, since their visit to the colliery, had given most careful con- sideration to the suggestion, and the resolutions before the meeting represented the outcome of their deliberations.
He estimated that sufficient profits would be made in the present financial year to warrant the distribution of a further dividend of 6 per cent. on the total holding, that was on the present holding, as well as on the bonus of 1,330,033 shares.
Replying to a cordial vote of thanks, the Chairman alluded to certain unpleasantness in Southern Rhodesia, following a reference he made at the last annual meeting to a small coal proposition south of Wankie. In the Legislative Assembly a member, Sir Hugh Williams, who was interested in that coal proposition as a vendor, said, "I saw a little paragraph saying the residence of Sir Edmund Davis had been burgled and pictures worth £50,030 had been neatly cut out of their frames. Well, my only regret about that was that the burglar did not cut his throat." (Cries of" Shame.") He did consider it to be a shame that a man should be allowed to say such a thing. (Hear, hear.) He (Sir Edmund) proposed to se ad a full copy of the proceedings at the meeting to the Speaker of the House of Assembly in Bulawayo and to the Prime Minister.
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