To moke the present proposal possible an alteration will have to be made in our memorandum of ass0- lation, which, whilst at present, giving power to the company to sell for dispose of its undertaking for shares in another company, does not} specifically give it the right to continue in existence as a holding com-' pany.
It is the fore proposed to call an extraordinary general meeting of the company on April 21 to past a special' resolution giving power to the Company under ils memorandum to hold the shares which will be allotted to it in exchange for the transfer of] lis assets to Shanghai Dockyards Ltd., which will enable it to continue its existence as a holding company.
Your directors, throughout the recent negotiations, have been continually guided by our legal advisers, who have obtained counsel's opinion. fon the matter through a leading rin of solicitors in London, and your: Board Is definitely advised that' the proposed addition to the memorandum, may be carried out by means of al special resolution of "the company sanctioned by the Court, Your prosent company will then continue its existence, ts assets being those excluded from the merger and referred to herein, with the addition of 500,000 ordinary shares in Shanghai Dockyards Lid, In reler to avoid any further Jelay the memorandum ud articles of association of the new company, and deed of sale, are in process of being drafted and when completed will be open to inspection at the Head Omce of the Company, 610 Yangtszepoo Road, and at the Company's lawyers,
Text read from the printed page and cleaned; old type leaves the occasional error.