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Lhi . coin Wagon and Engine Co. Developments.
Page 78
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The directors of the Lincoln Wagon and Engine Co., Ltd., have issued a notice to the shareholders intimating that they have agreed to sell to Sir Connop Guthrie, K.B.E„ all the shares 120 held by them, and they recommend the shareholders to accept a similar offer in respect of their holdings. The payment will be £5 per share (of £3 paid up), a dividend of 6s. per share and £2 10s. in fully paid .5 per cent. debentures of the company for each share sold.
The authorized share capital is 11,000,000 in 50,000 shares of £20 each. The whole has been issued, but only £3 called up and paid, the capital, therefore, being £150,000, whilst the mortgage debentures stand at 1578,374.
The directors have been invited to remain in office. It is intended that Mr. F. E. Bovill shall be appointed managing director instead of Mr. Lodge.
The company owns about 22,000 railway wagons, but two years ago the board decided to utilize available funds in financing road transport and con siderable business has developed. It finances coaches, lorries and private cars on favourable terms.