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Rolls-Royce Buy Sentinel

7th September 1956
Page 32
Page 32, 7th September 1956 — Rolls-Royce Buy Sentinel
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Keywords : Business / Finance

AN offer by Rolls-Royce, Ltd., to buy. about 96 per cent, of the preference and 90 per cent. of the ordinary capital of Sentinel (Shrewsbury), Ltd., has been accepted by Metal Industries, Ltd., who hold the shares. A sum of £1,548,250 is involved. Rolls-Royce are paying 20s. 6d. for each of the 6 per cent. cumulative preference shares and 12s. for each of the ordinary £1 shares.

Lazard Brothers and Co., who made the proposal on behalf of Rolls-Royce, are offering to acquire the remaining shares on similar terms. Holders of ordinary shares are, however, given the option of payment by Rolls-Royce ordinary shares, valued at £5 per £1 share.

It is stated that Sentinel production will be continued and any surplus manufacturing capacity will be used to meet the demands of Rolls-Royce. Mr. J. T. Rymer, chairman and managing director of Sentinel, has been asked to continue in these posts.

Sentinel vehicles will not be exhibited at the Commercial Motor Show this year. The range includes goods and passenger models.

Last year Sentinel incurred a net loss of £20.614.

NEW TWO-PEDAL CONTROL SYSTEM

ANEW two-pedal control system which can be applied to all types of vehicle has been designed by Newton and Bennett, Ltd„ Valetta Road, Acton, London, W.3. A 'demonstration of the device, which employs a Newton centrifugal clutch, electrically operated from the gear lever, is to be given next Friday.

At least one make of commercial vehicle to be shown at Earls Court will incorporate the system.

Tags

Organisations: Earls Court
People: J. T. Rymer
Locations: London

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