JOHN BANNISTER AND CO. LTD.

Gisborne Times, Volume XXXVI, Issue 3978, 8 July 1913, Page 6

JOHN BANNISTER AND CO. LTD.

i MEETING OF DIRECTORS. _ | A meeting of directors in the above Company was hold yesterday. A cable was received from the Company s London attorneys stating that a trial had been held of the motor-cycle patent owned jfcjy the ‘Company. The test was made in the presence of the leading firms interested in the motorcycle industry in England, and was an unqualified success. Mr Wm. Devery, of Gisborne, was present at the trial run and confirmed the report. In view of the success'of the first trial the directors decided that in the interests of the shareholders an extension of the local Company’s shares was advisable. At present it is registered with only 3000 shares, TOGO of which are held by the inventors in London, and 2000 by some 60 local shareholders. It was agreed to submit a proposal to the shareholders that 20,000 new shares should be issued in place of the existing 3000. „15,000 of the nGW * s ‘ sue to be allotted to the present shareholders, and 'SOOO held as a reserve, of which 1000 should bo offered' at par with preference to shareholders. The Company owns the full rights of tho motor-cycle patent, which has been tested, together with the improvements which have been effected by the inventors since their arrival in England, and also a second patent of the same inventors, which is considered by far the more valuable of the two, arid consists of a new idea in gearing adaptable to any form of machinery. The Company will probably float a subsidiary Company in London to handle tho rights for the first patent, and dp nothing towards exploiting the second one until tho first has been disposed of. A meeting of shareholders is to be held on tho 16th instant to confirm the directors’ resolution, and in consequence of the recent developments there has been a keen local demand for tho shares, but holders are loath to part with them except at fancy prices.