S.M.T. CAPITAL REPAYMENT
Page 19
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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.