'Throughout the negotiations your directors have been continually guided by. our legal advisers, and if the' resolution I shall sharily propose is assed the new company can come into operation immediately. To put it shortly the effect of the amalgamation will be that the two old companies become holding companies shares in the new company for the benefit of their respective sharehold~ ers, but each of them in addition to. being holding companies in the new company, will retain their separate entities so far as the assets excluded from the merger ara concerned, The new company will publish to the shareholders of both your com. pany and the New Engineering Shipbuilding Works, Lid, a balance sheet and a profit and loss account. One of the terms of the arrangement for the amalgamation is that your company will not permit either the Broadway or Cosmopolitan pro arties to be used in such manner '22 {0 compote with the new company, and in the event of your company receiving an offer of purchase for the Cosmopolitan Dock, which they are willing to accept, the new company will be given an option purchasing the property.
'Your directors and the directors of the New Engineering & Shipbuilding Works, Lid, a8 well as their legal advisers and auditors have given the matter of this amalgamation a great deal of thought and time, and your board' has no. hesitation in recommending it to you, and ju asking you to vote for the resolution. If the smalgamatiog "becomes "effective will mean. the cessation of competi tion between the: wo old companies and although the saving in overhead expenses may not be very large to commence with, as both companies have been effecting savings in this respect in nearly every item of their working account during the last fow years, there is no doubt that there considerable saving in, overhead expenses and that the shareholders in Both the old companies will benefit accordingly. 1 now propose the resolution as follows:—
Text read from the printed page and cleaned; old type leaves the occasional error.