COMPANY MEETING
ALLIED BAKERIES LIMITED
CAPITAL PROPOSALS APPROVED MR. W. GARFIELD WESTON'S SPEECH
AT an extraordinary general meeting of Allied Bakeries, Ltd., held on October 26th, in London, a resolution was passed increasing the authorised capital to L2,250,000 in i,000,000 51 per cent. Cumu- lative Preference shares of £1 each and 5,000,000 Ordinary shares of 5s. each.
Mr. W. Garfield-Weston (the Chairman) said that since the last meeting the Company had acquired, or were in the process of acquiring old-established businesses of proven merit and progressive growth in Stoke-on-Trent, Manchester, Liverpool, Glasgow and Edinburgh. Each of those businesses fell in with the plan the board had mapped out for development in certain areas that would enable their control to operate with due regard to economy and for the best interests of the organisation as a whole. The names of those businesses were Handley Bakeries, Ltd., of Manchester, G. Embrey, Ltd., of Stoke-on-Trent, Thomas Scott and Sons (Bakers) Ltd., of Liverpool, Martins Bakeries, Ltd., of Edinburgh, and Walter G. McAuley and Sons, of Glasgow and Greenock, and each individual business had a long record of earnings and profits and in every case the same management that had made the business successful had
been retained.. .,
Without • going Into deuilecl figures he would assure the share- holder's that the total assets of their Company would bear a higher ratio to the Preference capital in issue than that shown, in the last balance-sheet and the profits, based on the current.earuings of the companies being acquired, would be maintained on the, high level
the board had been able to report for the last year • ' -
As showing their confidence in the Company the Vendors of -the companies in question were taking the bulk of the-purchase pric.e in Preference and Ordinary shares at substantial .p_remiunas ; the balance of the shares to be issued to provide the. necessary cash had been placed privately on- terms more advantageOus_to the Com- pany than could have been obtained from the shareholders or by .means of a public issue. It was not anticipated. that those shares would come on the market.
When the new acquisitions had been completed the Corapeny would have 22 well-equipped bakeries, 189 retail, shops, 629 well:, established bread-routes, and 4,187 employees. It was a **tau' to make prophecies as to the future, but he thought hecpuid alp/ that from the figures a10-ady available there was eyery,mompegt- an increased Ordinary dividend for the coming year, and
state that an interim dividend would be declared shortly.
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