Phoenix brewery publicly floats (1896)

Post date: Dec 10, 2011 2:35:48 PM

Pall Mall Gazette - Monday 20 January 1896 reported

Frederick Leney and Sons (Limited) has been formed with a capital of £150,000, in 7,500 five per cent. cumulative preference and 7,500 ordinary £10 shares, for the purpose of acquiring and carrying on the business of the Phoenix Brewery, Wateringbury, Kent, first established in 1843. The purchase price has been fixed at £235,000, to be partly met in the whole of the ordinary and 2,500 of the preference shares. The prospectus states that the assets, irrespective of goodwill, stood in the books on August 1 last at £207,325; the net profits for the three years ended July 31 are certified to average £17,133 per annum.

The public are invited to subscribe for 5,000 preference shares at a premium of 10s. per share, and also for an issue at 102 per cent. of 100,000 Four per Cent. First Mortgage Debenture Stock, redeemable at the option of the company at any time after March 31, 1916, at 110, on six months' notice, and secured in the first place on the freehold and leasehold property, and further by a floating charge on the general undertaking.

Se also Leney and Co fail to do adequate due diligence (in the year preceding their public flotation) and Two work-related deaths within days.