Ford Working Capital Doubled
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AFORMAL offer was made, last Friday, by the Ford Motor Co., Ltd., to acquire 756,062 shares held by individual shareholders in Briggs Motor Bodies, Ltd. The Ford corn. party own the remaining 1,243,938 shares, which were' purchased on April 17 at 51s. 3d. per share.
At the annual general meeting of the Ford Company, last week, a share-forshare scrip issue to existing shareholders was approved. This increases the working capital from £9m. to £18m. The meeting also approved the creation of £2m. of new ordinary shares, of which up to £1,512,124 will be available for issue to Briggs shareholders. Ford are offering two of these new shares, plus 5s. in cash, for each Briggr share.
PREMIER TRAVEL LOSE APPEAL
AN appeal lodged by Premier Travel, Ltd., Cambridge, against a decision of the.Western Licensing Authority to back the licence granted to Associated Motorways, Ltd., to continue to operate, with modifications, an express service between Cheltenham and Cambridge, has been dismissed with costs against the appellant, In the appeal, Associated Motorways were cited as newcomers and it was claimed that their application was worded ambiguously.
In reply it was stated that whereas Premier Travel provided only a weekend service, Associated Motorways had usefully co-ordinated services, with Cheltenham as the focal point.
In his report, the Ministry inspector said that the company were fulfilling a genuine need and covered over 200 destinations in the West of England and South and Mid Wales.
Grace Line Coaches also' lost their appeal against the granting of licences to Empress Coaches (Stockbridge), Ltd., by the South Eastern Licensing Authority. The service concerned was between Worthy Down and Liverpool, which, it was said, had been provided by the respondents since last September.
FINALISTS IN AMBULANCE ' COMPETITION
TI-IE first-aid teams of Birmingham I City Transport and Nottingham City Transport last Sunday qualified as finalists in the Stirk Trophy competition of the National Road Passenger Transport Ambulance Association, to be held at Plymouth on July 12. They were awarded first and second places respectively in the Midland area eliminating competition held at West Bromwich. The West Bromwich team was awarded third place.
In addition to the two teams from the West Midland area, finalists in the competition include teams entered by London Transport, Ribble Motor Services, Ltd., and the transport departments of Plymouth, Huddersfield and Liverpool.