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1100,000 " RETAINER " FOR SIR JOHN BLACK

14th October 1949, Page 34
14th October 1949
Page 34
Page 34, 14th October 1949 — 1100,000 " RETAINER " FOR SIR JOHN BLACK
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AN agreement has been made between the Standard Motor Co., Ltd.. and the managing director, Sir John Black, that should his connection with the company be severed, he will not during the remainder of his life engage in the manufacture of vehicles, including farm tractors, in widely defined areas.

In return, he is to be allotted £25,000 of the unissued ordinary capital of the company, credited as fully paid up. This sum is made of 5s. shares and which were quoted an Monday between 18s. 10,1d. and 20s. 41d.

At the annual meeting to be held next month, stockholders will be asked to approve this agreement. Last year the company's turnover was greater than £31,000,000. trading profits rising by about £1,000,000 from the previous, year.