After that meeting your directors: had many discussions with the dir tors of the New Engineering & Ship-dull ding Works, Ltd, and October 3, 1935," they issued a cir cular outlining 'a proposed sche of amalgamation, which was, ho fever, subject to the approval of shareholders of the New Engineering Shipbuilding Works, Ltd, A meet ing of the New Engineering & Ship-Building Works, Lsd., preference shareholders was called to approve the scheme, but it failed to do so and the scheme was therefore not with, early part of this year the boards of both your company and the New Engineering & Shipbuilding Works, Ltd, met on many occasions, and the earlier scheme was some What modified, On March 30 this year a further circular was, sent to Ail shareholders setting out the new proposal, In this circular you were' informed that your company and the New. Engineering & Shipbuilding 'Works, Lid, each proposed to contribute assets to the amalgamation to the value of $8,800,000 in land, docks, buildings, stocks, plant and _-machinery, and floating craft, ete, at valuations which had been' carefully prepared, making the net assets of-a new company to be called "Shanghai Dockyards, Ltd." $17,600,- and assuming that, the resolution which I shall later propose is passed (he shareholders of The New Engineering & Shipbuilding Works: Ltd, having passed a similar resolution' yesterday) the new, company. will at once be formed under the Hongkong Companies Ordinances as a private company, The authorized capital of the new company will be $20,000,000, and the capital issued for the purposes of amalgamation will be $10,000,000 in ordinary "shares of $10 each par Value, 'These shares will be allotted fas to 500,000 shares to your company in payment of the assets taken over, and as to 500,000 shares to the New Engineering & Shipbuilding 'Works, Lid,, in payment of the assets {taken over' from them.
Text read from the printed page and cleaned; old type leaves the occasional error.