To the Shareholders,
NELSON BROTHERS LIMITED.
Dear Sir (or Madam),
It has been decided by the Directors to issue the remaining authorised Capital of the Company, the offer being made to Shareholders on the following terms :
Ordinary Shares – Balance, 55,376. These are offered to Ordinary Shareholders registered at this date at the price of 35s. per £1 Share in the proportion of one new Share for every eight held. Fractions will be disregarded. Provisional Allotment Letter stating the number to which you are entitled is enclosed.
The new Shares will rank for full final dividend payable in December next, but not for interim dividend payable in June. The new Shares are to be paid for as follows :-
5s. on Acceptance ;
10s. on 7th May, 1926 (including 5s. premium);
10s. on 1st June, l926 (including 5s. premium);
10s. on 1st July, I926 (including 5s. premium).
A form of renunciation is attached to the Provisional Allotment Letter, enabling any Shareholder to renounce his rights. If you wish to renounce a portion only of the Shares, split Letters of Allotment will be granted on or before the 7th May, 1926, if the Provisional Allotment Letter is returned to the Company’s office and on payment of the stamp duty on the split Allotment Letters, but the Allotment Letter will be split once only.
Preference Shares (6 per cent. non-Cumulative of £1 each) – Balance 85,405.
These are offered to the Shareholders (both Preference and Ordinary) for subscription at par, viz, £1 each. Application may be made for any number, but in the event of over subscription, allotments will be made as far as possible pro rata to existing shareholdings.
Although these Shares are non-cumulative, it may be pointed out that the total Preference Capital and Interest is covered about eight times over in accordance with the last published Balance Sheet of the Company, after taking into account the additional Capital now being raised.
A Form of Application is enclosed, payment being due as follows : –
5s. on Application ;
5s. on Allotment ;
5s. on 1st June, 1926 ;
5s. on 1st July, 1926.
A full six months dividend will be paid on the new Shares in December next.
Interest at the rate of 6 per cent. per annum will be charged on instalments in arrear.
Applications for Preference Shares, with cheque for amount due on application, must be lodged at Lloyds Bank Limited, 72, Lombard Street, London, EC. 3. not later than the 7th May, 1926.
By Order of the Board,
W. A. PORTER,
14, DOWGATE HILL,
LONDON. EC. 4,
22nd April, 1926.