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??" NEW tSSUE. The spectat permission of the dcr-mitiee of tits Stock Exchange to deat in these Shares is being a,,)pi"ed for, I The LIST ci APPLICATIONS for purchase OPENS TO.DAY, MONDAY, the Ist day of December, 1919, and will CLOSE on or before the 3th day of December, 1919.  BUCHA P ?A ..NrDEWAR; L!M:TED. ? (Incorpora.ted under the Comp-inies Acts. 1908 and 1913.) Incorporatd under lÄ liT;:ei..Ada. 1908 and 1913.) ¡ Authorised. Issued. < per Cent. Cumulative Preference Shares of £2 each ;s2,5!M,«M ?2,2?,838 7i per Cent. Cumulative Preference Snares ut &I eacn, being j the Sf.ares, 1,5Jtl,IJ\lU at w<t)Ch are now utfofea hIt sate jE2,5M,000 j52,5M,000 Ordinarv Shares of Ll each £2,5ao,000 £ 1,ö:54:¿ 97,500,DGB £6,b49,58i! i OFFER FOR SALE I OF t.500,000 71 per Cent. Cumulative Preference Shares of £1 each I AT PAR. I PART OF AN ISSUE OF 2,500,000 OF SUCH SHARES; THE REMAINING 1,000,009 OF WHICH THE [jiHECTGRS HAVE AGHEED TO PURCHASE. The Company htt.s entered into an Agreement with the Imperial and Foreign Cor. poration, Limited. that. so long ae any of the of this is.:uc shall be outstanding, the Company shah not raise or borrow or secure the payment or repayment of &ny money by me issue or creation of any Debentures or Debenture Stock or other epeeinc or floating security without the consent of Extraordinary Resolutions passed at separate meetings of the 'holderu cf the existing Preference Shares of the Compa.ny c.nd the holders of Shares of this i&sue. an u steps are being taken to alter the Articles cf Association of me Company accordingly. The Company and its Directors have aiso agreed to use their best endea.voura to procure the alteration of the Articles of Association of James Buchan-an and Com- pany Lisued and John Dewa.i-a.nd SoM Limited. Bo as to provide that, &o long as &ny of the Shares of this isaue shall be outstanding, no Debentures or Debenture Stock ) -cr other specino or floating security constituting a charge upon any part of the ttudert.aking or property (other than real or leasehold property, nxed plant and machinery Shares or securities, acquired a itcr the 1st December. 1919) or on uncalled Capital (if a.ny) exi&ting on the ls-t December.l919.of James Buchcnan and Company. Limited, or John Dewar and Sons. Limited, as the case may be. shall be created or issued by either of those Companies unless such creation or issue shall have been sanctioned by Extraordinary Pollutions passed at separate meetings of the holders of the existing Preference Shares of the Coi.'pany and the holders of Shares of this iasue. The Shares of this iasue wi.il confer upon the holders the right to a, fixed Cumulative Preferential dividend Rt the rate of per cent. per annum, and in a, winding up to re.. payment of capital with arrears of the fixed dividend, u any (suca dividend and re- payment of capital to rank next Gftcr the 6 per cent. Preference Shares and in priority I to the Ordinary Sharps'. but to no further pa.rticipa.ion tn prohts or snrpiua assets. The full rights attaching to the Shares cf this issue, including the votirn' rights. ere set out in detail in the fu!l Pa'-ticula.rs of OfFer dated <st Decpmher. 1919. I Dividends on the 8hRj'e= now offered for sale wul be payable on the 1st day of May end the 1st day of November in ever? year. the Hrt dividend being payable on the 1st day of Nt,-i-y next. and oslculated on the amount for the time being paid up thereon j from the respective dates of payment. N I LLOYDS BANK L!M!TED, I 72, Lombard Street, E.C.3, MANCHESTER AND UVERPOOL D!STR!CT BANKtNG CO., HMNTED, I 75, Cornhit), E.C.3, and ¡ BANK OF SCOTLAND, I Edinburgh, i p-ho arp the Bankers of the Company, aro authorised by the tMPER!AL ANO j FOHEtCM CORPOHA?:OM UMrrEO, of 1. Broad Street PIa.ce. EC.2. the eubscnbera cf the Sha-res. to receive nt their Read Cmces and Branchea appliMtio.ns tor the ) r'lrcha.se of the above l,5f3.')30 ?ven-and-half per Cent. Cumulative iretcrence t Sh?rea of jEl e?oh at par, payable as fo'k'ws: 2s. 6t!. on Appii^.zlion, II 7s. M. on Acceptance, 10s. Od. on the 17th day of January, 1920. jBlOe.M. The MIowing is a copy of a. letter addressed to the Imperial and Foreign Corpom- I. tion, Limited, by Mr. James Buohanan and Forteviot on beilltit of tlle Boarcl:- 26th 1919. ¡ To THE IMPEMAL AND FOREIGN CORPORATION, LIMITED, j 1, Broad-Street-place, E.C.2. Gentlemen, ¡ With reference to the 74 per Cent. Cumu,l&t,i. ve Preference Shares which y&u have purchased, we submit the following information:— Buchanan-Dewar Limited WOi.,S formed in Ja,au:iry 1916. under the r.a.1) of Scotch Whisky Brands Limited iv.hich name was recently changed to B1.L"lan,,¡n-Dewar Limited), to combine the weli-knowu firms of Jamee Buchanan and Company Limited. Jo?hn Dwwar and Sons Limited and W. P. Lowrie and Company Limited. .Tolin Dwwor and SoDLs i?;;t,-d holde all the Ordinary Shares of the first two Companies. ?hich were acquired in exchange for Preference and Ordinary Shares of this Corn- pxny. The whole of the Ordinary Shares of W. P. Low: ie and Company Limited are also held by this Company and James Bucha.na/n and Company Limited. The amount: of the Preference Sharer of the subsidiary companies is .€910 CM. a.nd in addition there are Debentures outstanding in W. P. Lowrie and C-omi)any Limited amounting to .t..l92.2M The .three operati. ng Companies have bad a. long and highly prosperous career. Their joint earnings over the last eipht years are set forth in the following certiucate frcm 'Measra. Price. WaterhouEe, and Co.. who ha-ve investigatd the books and acconnte:— 3, Frederick's-pla,ce, Old Jewry, London, E.G. 26th November. 1919. To the Directors of &UûHAAN-DEW A,¡{ LIMITED. Gentlemen,—We h&ve examined the book:} a.nd accounts of James Buchanan end Company Limited, John Dewar &,ud Sens Limited, and W. P. Lowrie and Company Mmited. and have a,suerta.ined the combined prolite of these Companies, after tnakin? necessary adjuHtments and cha.r?ing <?I! expen&e? .including Alanaecmcnt, ? 6Mt ? -Remuneration. Excess Proats.Dut?.,an?-???eHd??Ml-???-.i'?6ference chares, but ? ;<'efore ded?cMng income Tax a.nd Interest on Loanci to be repaid out of the preE- ent ie&ue. In the c&se of James Buchanan and Company Limited and W. P. Lowrie and Company L-mited. the profits for the tl;:st four ye-a.rs. included in the figures tj&t out below, are tho-;e for the years ended the preceding ;Mth September at which date their financial year then closed. Thereafter the results of all three concerns are brought up to the 31st March in each year. The proSts. therefore, for the period to $Iat March. 1916. are for eighteen months in the caee of James Buchanin and Company Limited and W. P. Lowrie and Company Limited, and for fourtee:. months in the case of John Dewar and S.'ns Limited, The pronts so ascertained were as follows:— Year to 31st January, 1912 .S458.012 do. 1913 460.W9 do. 1914 445,984 do. i9to 45Ú9: after deducting excess pronts duty. Period do. 31st March, 19"6 790,ls do. Year to Slet March. 1917 830.146 do. do. 1918 72.471 do. do. 1919 725,182. do. do. AN ANNUAL AVERAGE OF ES86 ez6 The Proflts for the half-year to 30th September. 1919 are substantially in excess of those for the corresponding period of the i'revioua year. We are, Gentlemen, j Yours faithfully, PRICE. YVATERSOUSE. and 00. fhe net tangiNe asaete of the subsidiary Companies, taking- the large stocks of Whiaky at a consei-tati.ve vaiuaticn, ap<irt frcm the very valuable g-codwill and aftc- cílultLng tdl li.ioilitie6 and the amounts required for repayment of their Preferred chares, but adding thereto the. proijeCLIB 01 the present issue, which will be available ior their benetit. amount to at least £10,000,000 at the present time. It will be observed from the above cet!fic-ate frcm Messra. Price, Waterhouse and Co. that the Average Piohta accrmug to this Company, after deducting Excels Pronto Ihity. amount to £536.8,,6, which, alter deducting the Dividend on the 6 per Cent ,Preference chares, leavea j;a,814 a\ait;.i.ble. cut of which to meet the Dividend on the pre&ent itssue. This Dividend is therefore covered -more than twice. n.ft,er making fuU allowance for all prior charges and without adding anything for the Increased proSts which may accrue from the additi(,n3,1 Working Capital. Further, the a&eets. including the proceeds of the present issue, and after deducting all prior securities. will leave a- margin of three times the present issue. The Dividends pa-id on the Ordinary Sh,-i-re6 of Buchanan-Dewa.r Limited, have been a.B follows:— Year to 31st March, 1916 15 per cent.. free of tax. 1917 2.5 1918 M ]I If S „ 1919 15 ? Ha.If.. -yoa.rt„ o30thSepteTnher.l9l9 15. I. The object of the present issue is to pay ofF roans a,nd to provide further Working C-ipit?l for the subsidiary bueincsses. The subsidiary Companies are ?-m)y CHta-Mished and have a, worldwide connection. Their brands have for ?tonp number of yea-ra c<-f-upied a leading position in all I expert m_rk€ta; on the home markets the na.mes of Buchanan and Dewa.r are house- hold words. „ be ?re??u?i??.d'?.???tu? ??'?- ? '? ??? ? ?? P?? ??1 be more than BU8tamed m the fliture. 1 p W Yours faithfully ?RTEV?'??- FORTEVI()?T. On behalf of the Board. Applications for purchMe must be lodged with the Head Omce or a Branch of any one of the Company's Banks set cut above, together with the amount payable on Application. If aoy applicction be not accepted in respect cf the full number of ShafM comprised in the application, the surplus amount paid on application will be appropriated towards the amount payab.e on acceptance and any balance will be returned to the «p')licant. and where an; is not accepted the amount paid will be returned in full. Interpat at the rate of -) per cert. per annum will be chafed on the amount overdue. Failure to pay the balance of the pu.-ohase money payable on acceptance will render the amount paid en application to forfeiture, and will also give to the Imperial and Foreign CçrDwatlOII, Limbed the right to re-sell the Shares in reject of which the default eblll have been nade. A brokerage of 3d. per Phare will be paid in respect of alt accepted applications by the public bearing the stamp of a Broker or recognised a?ent. approved by the Jmnerial and F<)rpjgn Corporation. Limited fexeept applications in relief of unfter- -n-ritera and apph'!ltion« by Shareho!derf. of the Company). Certificate? will be in due conrse in exchange for Letters of Acceptance duly receipted for the full amount payaMp on t11e ".ans ppli(-.iticii will be m,de in due course for an 0(uc:aj ouotation for the Shares now oTcrf.!forsa!e All Shar(,r a,pT)liec! for and accented heTcunder wi.l,l ,.b.e procured to be allotted directly or the Cc-mpany to the Applicants n.ud on pnymtHt of tne amount due en flccetance the T1.m('5 of thp ba enterpd in the Company's Register of ILrembe-fl us holdera cf the Shares purcha-=.?d. CoDies of the Me-nicr-ndum and Articles of A"0Cl.:J.t.Jon of n)p Com"- &ny: the oTlnnaJ of .4g'1-c'?l.nent da.ted 28th N,. embe!' 1919 between the Company end the Imperial and Foreign CO" poration. Limited under corpo'-ntion agreed to Ruh?crn.p at Vr for the Shares now o!?!-? forage, sublet to a commipsion cf 41 Df'" cent flie Corporation payin!? ir;fir'ent.il to and attendant upon tii on'et-. IncludiTl!r the brnlierit(, and lln(terwitin<! qn, rl Mnd the I acreprncnt dnted ?,S1n Nov-mber, 19'9. bv Nyll,-b th" )i,,n(,.tors of the Company a"ee to piti-rh,,se at na'- from WO of the 1; cf this "Iun; p.¡;t to M-Tflmi"j>n of S per c<'nt can be Rcen at thp nffiN'S of anl I Spver. Winchester Hou=!' 0!d Brond StT-pot E.C.2. between thp hOlS of 11 a.m an<! 4 pTn.. on frv day whilst the n!t l'emj:-t<; open. ( The Imperial artd Fc"piP'T) CorncrDtion.LiTntted. is paying underwriting and over I' TidlT)f of 2" per cpnt. a.nd p- cent. r'Rnect'vely Particular of th; OfrPr for qile a-nd /1, nplicntion ro-rrir may b<' obtained ft-om tlln Imperial Cornorn.tlon. Limitpd or from any of the Bankers or Broke". <U- the <-? the C"Tr"),qy. e. BUCHANAN-ÐE¥AR LIMITED. DtRRCTORS. .T/<?''F<: "Rurl1ANAN. r,,n.. f,avinkn -,I-t7. petworth Sussex. T,()"PT) Pr)PT-rVTr)T Dunnhn C;,tlf'. Prrth IJonD DEWAR WTLTJAM ITIZ4()NT 57" nate N.W.I. AlEXANDFR jr'TTN C.A g,ctJand. EDWARD AUGUSTUS HJND\. E<%o.. 'F;7i?IenRld. WaItonon-Tliames. ) BAMKERS. H?YD<' RA?K. L?nTEP. 72. Lom'?T?-.t eet E.C.3. LLOYDS- PA.'VN, LT-NTT'r-Fr). P,. D19*TRIC'?l' BA.'L\TKING COMPANY LIMITED, 75. M-N"lTr?STER a-d LIVERPOOL DISTRICT BANKING COMPANY LIMITED 75' Cornb'II.E.C'.3. BANK OF SCOTLAND. Perth. MYER? ard CO.. 19 'I1Jrogomnrtor;.3vP')Ue. E.C.2. B.\SJL rjOKTOOMrRY and CO.. 37, E.C.2 BUCHANAK. GAIB.DNER and 'n;!O\AS'l', 13. St. Vincent-place GIa&gow. SOL.!C!TOR3. í BIRCHAM a,nn CO. 50 Old ffor th.e Com')sny\ GUEDALLA. JACORSON nnd SPYFR Winchseter House, OJ (1 B''oad-stKet E.C 2 (for the Imperial and Foreign Corporation, Limited). ANS!TORS. PT.CE, WA'iERHOUSE. and Co.. 3. Frederick'a-place, Old Jewry. E.C.2. 1. C-RCRFTARY AND OPFSCSS W. G. MAETIK 3 Fredcrick'6-plp.ce. Old Jewry. E.C.2 (pro tern.). A

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