1977 Share capital

1977 _                 Peter Winkworth joins Close Brothers from Barings. _

1977                 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 at this stage (Casper held 42 000 of these; he resigned during the year, on 23 September 1977; Simmons acquired 10 000 preferred ordinary shares post-b/s on 30 November 1977)

London Cavendish Securities, in which Casper and Simmons were directors and controlling shareholders, held a further 284 841 ordinary shares)

‘Mr B Glazer and his family trusts hold a total of 362 250 ordinary shares of 10p each (approximately 15,5% of the issued ordinary share capital) of the company and 2 161 275 preferred ordinary shares of 5p each (approximately 46,33% of the issued preferred ordinary share capital).’ (ref Appendix A)

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 1977 amounted to £815 850 (1976 £680 602).’

Directors

Ervin Landau, chairman, appointed 23 September 1977; solicitor

Brian Simmons

Alexander Lionel Silver, secretary

Lionel Israel Casper, resigned 23 September 1977

Subsidiaries

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 sale of the group’s Dutch property] … have now been brought to a successful conclusion…’; also see contingent liabilities above)

London & Foreign Investment Trust Ltd (100%) (quoted stock exchange investments in the 1977 accounts were down to £177 338; unquoted, £30 500; provision for diminution in value was £141 235; net value of investments was therefore down to £66 603)

Lonfor Securities (held 100% by London & Foreign)

Dares Estates Ltd (not mentioned in the 1977 accounts)

Auditors

Landau Morley

Solicitors

Halliwell, Landau & Co

Bankers

Midland Bank Ltd

Barclays Bank Ltd

_Address

_325 City Road, London EC1V 1LJ