AT THE HEART OF THE ROAD TRANSPORT INDUSTRY.

Call our Sales Team on 0208 912 2120

S.M.T. CAPITAL REPAYMENT

5th June 1942, Page 19
5th June 1942
Page 19
Page 19, 5th June 1942 — S.M.T. CAPITAL REPAYMENT
Close
Noticed an error?
If you've noticed an error in this article please click here to report it so we can fix it.

Which of the following most accurately describes the problem?

I N a circular to stockholders of the Scottish Motor Traction Co., Ltd., the secretary refers to the intimation in the annual ieport of the directors intention to recommend that the capital of the company be reduced by the return to ordinary stockholders of 5s. per £1 unit of stock held. The necessary resolutions for a reduction of • capital of certain subsidiaries have been duly passed and confirmed by the Court, so that the way is now open for the

action • proposed. Accordingly, an extraordinary meeting will be held on June 17, at which a resolution giving effect to the above proposal will be considered, as well as one increasing the capital to its present nominal amount of £2,750,000.

The directors are of opinion that the company and its subsidiaries have ample funds at their disposal for the development of the business, and they believe that the proposals will not in any way diminish the earning power of the company or its subsidiaries.


comments powered by Disqus