17th June, 1971

Mr. Annand. Esq.,
Secretary,
A.C.W. Limited,
40 Hutcheon Street,
Aberdeen.

Dear Mr. Annand,

Capitalisation of Reserves and Scrip Issue

With reference to your meeting with the writer of this morning when it was agreed that because of intervening holidays it would be more convenient if we handled the renounceation, we confirm the following arrangements : 

 

  1. We shall order 400 renounceable share certificates of which 100 will be used for split certificates.

  2. Before 2nd July you will prepare renounceable certificates for the present shareholders. You will number the certificates. You will also complete a registration card which we have you for each of the present shareholders and have the split certificates signed and sealed.

  3. On 2nd July you will despatch the share certificates and on or before that date you will send us the registration cards and the split certificates, which we will hold in our strong room and issue subject to the approval of the Auditors.

  4. All renounced or split share certificates returned to 40 Hutcheon Street during the period from 2nd – 28th July will be delivered to us on the day of receipt. We shall issue split certificates immediately as required.

  5. At the end of the period of renounceation, we will return all the cards to you along with renounced certificates to enable you to prepare new certificates for the renouncees. These will have to be issued not later than 10th August.

 

Yours faithfully,

 

Paul & Williamsons

Source : Letter from Paul & Williamsons to A.C.W. Ltd ref the Capitalisation of Reserves and Scrip Issue