1976 Share capital

1976     Share capital

Note:until the relaxation of exchange control regulations in England in 1979, a non-resident of the UK could not control more than 10% of the shares of a UK company.

Directors held 54 199 shares (<1%) at this stage (Heathcote and Law both resigned 12 August 1975);

London Cavendish Securities, in which Casper and Simmons were directors and controlling shareholders, held a further 284 841 (4%).

Capital Introductions Ltd, owned by Heathcote and Law, held 217 500 ordinary shares and £54 375 of the loan stock. (Heathcote and Law both resigned 12 August 1975)

Ordinary resolution passed 11 June 1976 for restructuring of share capital (see appendix A), as a result of whichBernard Glazer ended up with 2 523 525 ordinary and preferred ordinary shares representing 36% of the issued share capital of the company.

Save as above, the company was ‘not aware of any shareholder beneficially interested in 10% or more of the share capital of the company’.

_Contingent Liabilities  _

‘There is a contingent liability in respect of a counter-indemnity relating to a bank guarantee given by the company for the Dutch subsidiary which at 31 March 1976 amounted to £680 602 (1975 £969 243).’

Directors

Lionel Israel Casper

Brian Simmons

Alexander Lionel Silver, secretary

Subsidiaries (ref Appendix E)

Chromegrove Ltd (not listed in the 1976 accounts, but no details given either)

City & Cranbrook Securities Ltd (100%) (not discussed in notes; presume dormant)

Mirivale (TC Investments) Ltd (50,01%) (industrial space in Bristol not discussed; also see Crest Int. Holland below)

Crest International Holland BV (held 100% by Mirivale) (‘Negotiations for the refinancing of the Dutch property in which Crest has a 50% interest are profressing and it is hoped that these will lead to a satisfactory conclusion asap.’; also see contingent liabilities above)

Crest International Holdings Ltd (sold off: share transfer form for Crest Int. Holdings shows Bernard Glazer became new holder of 80 shares on 8/1/76; other 20 held by Conrad Jeffrey Morris) 

London & Foreign Investment Trust Ltd (100%) (quoted stock exchange investments in the 1976 accounts were down to £230 187; unquoted, £33 531; provision for diminution in value was £197 627; net value of investments was therefore down to £66 091)

Lonfor Securities (held 100% by London & Foreign)

Corporate Guarantee Ltd (in liquidation; shares issued as part of restructuring, then returned in exchange for relief of a debt)

Worthmore Finance Ltd (not mentioned in the 1976 accounts)

Ashbourne Investments Ltd (Crest’s 12% holding in Ashbourne were bought by Bernard Glazer through Incentive Investments, a company ostensibly owned by a Frenchman by the name of Faust)

Dares Estates Ltd (‘The principal investment of the group, namely its holding of Dares Estates Ltd 8% convertible unsecured loan stock 1992/97, has since [been] requoted and its present market price exceeds the value placed upon this investment in both the reconstruction circular to shareholders and the pro forma balance sheet at 31 March 1976.’)

Auditors

Landau Morley

Year-end changed to 31 March

Bankers

Midland Bank Ltd

Barclays Bank Ltd

(London Cavendish in liquidation)

_Address

_325 City Road, London EC1V 1LJ