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HONG KONG DAILY PRESS, TUESDAY, NOVEMBER 10, 1936.
REDUCTION
CONFIRMED
Sincere Co's. Capital
SUCCESSFUL
APPLICATION
A petition for the reduction of the capital of the Sincere Com- pany Limited from $12,000,000 to $10.000.000 was approved by Mr. Justice J. J. Hayden at the Sum- mary Court yesterday morning.
The petidon was made on be- half of the company by Mr. H. G Sheldon, K. C Instructed by Mr R. M. M. King. of Messrs. John- son, Stakes and Master.
PREMISES
DESTROYED
Outbreak Of Fire
A large fire which broke out un Sunday, demolished the building of the Hip Yat Leong Electro- Plating Shop, - causing damage estimated at $3.000 local currency. The building, located at 96. Keelung Street. caught slight from a lightec cigarette being thrown into a bin of shavings`and rubbish.
Fortunately, no one was injured. The premises were not insured.
ANOTHER OUTBREAK
An outbreak which began o the staircase of 5. Mercer Street, first floor, was quickly extinguish- ed by the Inmates before the ar- riyal of the Fire Brigade, on Sun
The reduction of capital was trom $12,000,000, divided into day:
POLICE PARS
1.000.000 ordinary shares of...$10 The origin of the fire is said t? each and 1,000,000 preference have been caused by a flaming shares of $2 each to $10,000,000 oll-soaked rag being thrown on divided Into 1,000,000 ordinary the stairs. shares of $10 each, by canëelling so many of the preference shares as have not be taken or agreed to be taken by paying, and as capital in excess of the wants of the com- pany, the capital paid up and not get repaid, and so many of the An armed lubbery was reported preference shares as have been to pave occurred at Cheung Kang, taken up and subject to the sanc- village, Shaun, at 7. p.m.. 0 tion of the Court, together with November 8, when the sum 01 the excess at 5 per cent. annum. $117 was stolen by four men from the day when the preference | armed with poles. shares were paid for.
produced al
ARMEU ROBBERY
The victim was Wan Hau. 43, á seaman.
•
Mr. Sheldon adavic by Mr. David Chan See, managing director of the Sincere, A Ave-year old girl, So Kwan- Company Ltd.. in support of the Hing, was admitted Into the Gov- petition. The list of creditors ernment Civu Hospital "on Sun- were dispensed with by the Chief day after being knocked down "hy Justice by an order dated Sep-bus No. 606 at Queen's Road West teraber 18, 1936.
Mr. Sheldon, in reply to his Lordship, said that there was no opposition to the petition.
Addressing the Court, M.. Sheldon," said the firm was incorporated in 1919 with the ob Ject of carrying on business as drapers, furnishers and general warehousemen in all its branches, and with the objects set forth in the Memorandum of Association.
The capital of the Company was $12,000,000 divided into 1,000,000 ordinary shares of $10. each and 1,000,000 Preference shares of $2 ench. The Company had issued 1,000,000 Ordinary shares and 97,671 Préference shares and the sum of $10 had been paid up on the former and 32 on the latter.
Her condition is reported to be very serious in spite of first-ald rendered immediately by Dr. E. L. Scuza, a passenger in the bus....
..
FALL TO DEATH The body of a young girl, Kwok Wal-blig. of 155, Tung Chol Street, first floor, was taken to the. Kowloon Mortuary on Sun- day, following her death caused by a fail from the first floor to the street, `
She sustained such severe head injuries that she died on the way to the Kowloon Hospital.
preferential dividend at the rate of eight per cent. per annum, but such dividend was not cumulative By a special resolution of the Company passed at an extraordi-
and should only be payable out nary general meeting held on Sep- preference shares were offered to of the profits of that year. These tember 7 last, it was resolved, the persons who at the date of the "That the capital of the Companypassing of the special resolution be reduced from $12,000,000 divided were
the holders of Ordinary
Into 1,000,000 Ordinary shares of shares. The Issue, however, was $1 each and 1,000,000 Preference shares of $2 eath to $10.000.000 divided into 1,000,000 Ordinary shares of $10 each: and that such reduction be effected by cancelling
not a success, as only 97.591 shares were subscribed representing a sum of $195.382 which was quite in- sufficient for the Company's needs. so many of the said Preferenceed the Hong Kong and Shanghai (2) The Company then approach- shares as have not been taken or Banking Corporation and the Bank agreed to be taken by any person, agreed to Anance the Company and by paying off as capital in excess of the wants of the Com-which were accepted by the Com- upon certain terms and conditions pany the capital paid up, and not pany. Accordingly, the Company yet repaid, on so many of the Pre- on July 10 last entered into an ference shares as have been taken. agreement with the Bank whereby and, subject to the sanction of the the Bank agreed. subject to their Court, together with interest at absolute discretion the rate of five per cent. per annum
as to the from the date when the said Pre-
amount that should be advanced, ference shares were respectively not exceeding $5,000,000 upon the to advance monies to the Company paid for and the confirmation of securities mentioned in the sald the suld reduction by the Court, and by confirming, and the Com-
agreement. pany does hereby confirm, the re- payment of the capital on-so-many of the said Preference shares as have already been paid off, and that the Preference ahares upon which the capital paid up has been, or shall be, repaid as aforesaid be cancelled."!
REASONS STATED Continuing. counsel said the paid-up share capital proposed to be repaid and which had already been repaid was in excess of the wants of the Company for the following reasons:
CONDITIONS OF BANK The Bank made it a condition of carrying through the financing" of the Company that the capital ob- tained by the Company from the issue of the before-mentioned Pre- ference shares should be repaid to the holders of such shares with interest at the rate of five per cent. per annum from the respective dates upon which such capital was paid up until the date of the con- Armation of the reduction by the Court. The Bank were not pre- pared to advance the said montes with a view to placing the Com- pany on a sound financial basis unless the said Preference. shares were cancelled, as such finansing of the Company would only be for the benent of a small number of shareholders at the expense of the general body of shareholders.
(1) The Company was urgently in need of cash for its business and it was decided to endeavour to raise the same by an issue of Pre- ference shares with very attractive terms. It was hoped to raise a sum of $2,000,000 by this means and ac- cordingly, at ап extraord dary (3) The Company had obtained, general meeting of the Company the consent of 80 per cent of the held on May 8 last, a speciál re-holdiers of the Preference shares solution was duly passed increas to the return of their capital on Ing the capital of the Company the terms mentioned. from $10,000,000 to $12,000,000. by Mr. Sheldon concluded by stating the creation of 1,000,000 new Pre- that the application was to obtain ference shares of $2 each. Inter confirmation of a scheme whereby alia it was resolved that these the Company could obtain the Preference shares should carry a amount of $5,000,000 · · finazicial cumulative preferential dividend of backing from the Hong Kong and 20 per cent. per annum for the Shanghai Bank The scheme WAS years 1936 to 1940 inclusive and one a sound one and fair to everyone. of 15 per cent. per annum for the concerned. years 1941 to 1945. inclusive. It was His Lordship, agreed that the also provided that in respect of scheme was fair, and, after ascer the year 1948 and subsequent years taining that there was no oppost- the Buid Preference shares carry ation, confirmed the reduction.
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