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Simms to Write Down Capital?

20th August 1937, Page 28
20th August 1937
Page 28
Page 28, 20th August 1937 — Simms to Write Down Capital?
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Which of the following most accurately describes the problem?

At an extraordinary meeting, on Septembtr 9, a scheme for the capital reorganization of Simms Motor Units, Ltd., will be submitted to shareholders. The plan is to cancel 13s. 6d. per share on each of the 250,000 £1 Ordinary shares, thus reducing the capital to £181,250.

The Ordinary shares would then be sub-divided into 13 of 6d. each and every Ordinary shareholder would' be asked to surrender three of every 13 shares of 6d. The 6d. Ordinary shares would then be consolidated into 5s. shares-of the same class.

The directors propose to reduce to 818 5 per cent, per annum, as from January 1 last, interest on Preference shares. Iu return and in consideration of cancelling arrears of interest, the Preference shareholders would receive £18,750 in fully paid Ordinary shares.

It is also proposed to write £68,193 off freehold works and fixed. plant, £34,458 off goodwill And £7,005 off deferred expenditure. •


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