Leney Board Minutes (1896-1899)

Post date: Mar 15, 2015 2:26:54 PM

(Kent archives U3555/2/L/Ba2/1)

There follows a highly selective and very condensed summary of the Frederick Leney Board Minutes from the public flotation in 1896 until 1919 Debenture related matters from the minutes are summarised but transfers of debentures from one holder to another are not. There are frequent property transactions minuted as they required the use of the seal but the minute usually gives limited detail so only some are summarised. No financial information is minuted as presented to the board until 1917. Very little general business information is covered until Augustus Leney’s death in 1915 (an exception is a quality issue in 1912).

Board Meeting 17 Jan 1896

(held at Old Jewry London; present A. & E. Leney, H. Green, R.Tapply)

Resolved to create £120,000 of 4% First mortgage debentures and issue £100,000 plus £5,000 preference shares.

Messrs Wigan Mercer &Co. [of Maidstone] appointed bankers of the company and their London agents Messrs Smith Payne & Smith authorised to receive applications for Debentures and Prefs.

[reference to prospectus of same day’s date].

Board Meeting 28 Jan 1896

(held at 11 Queen Victoria Street, London; present A.&E Leney, H. Green, R.Tapply+ W.J. Mercer+ E. Garside+Secretary, A. Starmer)

Resolved that Phoenix Brewery Wateringbury be the registered office of the co; A.Leney to be chair; A. Leney and R.Tapply to be Managing Directors; A. Starmer be Secretary; Messrs Wigan Mercer &Co. appointed bankers; cheques to be signed by one director and countersigned by secretary; Messrs Godden, Tow & Holmes appointed solicitors; Messrs Collins, Tootel (?) &Co of 11, Queen Street, London appointed auditors; Messrs MacFadyen Mercer, brokers, instructed to apply for a stock Exchange quotation for Debs and Prefs. Agreements with A.Leney and R.Tapply of 17 Jan 1896 be sealed.

Secretary submitted lists of applications totalling £200, 950 for Debs & £135,790 for Prefs. Letters of allotment and regret, where no allotment, to be issued. M.Ds to proceed towards paying off the mortgages and incumbrances on properties. Company to set aside a fire-proof safw under double lock & key held by trustees for debs holders for mortgages.

A.L. reported sale of Eastbourne leasehold stores for £250.

Saturday 1^st Feb 1896 all allotment and regret letters posted at Wateringbury Post Office.

Board Meeting 13 May 1896

(at the Office, Wateringbury, present A. Leney, H. Green, R.Tapply+ Secretary, A. Starmer).

Mortgage Deeds to be lodged at bank in strong room.

[various board meetings to approve transfers and issue new certificates.]

Board Meeting 11 June 1896

(at the Registered Office, present A. &E. Leney, H. Green, R.Tapply+ Secretary, A. Starmer).

Resolved: that conveyance of properties by A.L to Co be approved; conveyance of Red House, Beer House and land and cottages at Yalding by A.L. to A.S. as trustee for Co; Declaration of Trust by AS be approved; that £2,500 £10 pref shares and £7,500 £10 ordinary shares be allotted to AL as per agreement dated 17 Jan 1896. AL did not vote.

Board Meeting 1 Feb 1897

Approval of sealing loan agreement with Kent Fire Office.

Board Meeting 10 July 1897

Approves sealing of Lease of Kings Head Stables, Rochester.

Board Meeting 14 Sept 1897

Approves sealing of lease of Star beerhouse , High Street, Strood.

Board Meeting 30 Sep 1897

Approves sealing of Lease of Horse Shoe , High Street, Chatham and 77 High Street, Tunbridge wells.

Board Meeting 8 Jan 1898

Seal to be attached to [surrender?] of leases to Castle Hotel, TW and 18 Newgate Street.

Board Meeting 17 Feb 1898

Seal to be attached to Lease of Bridge House, Collier Street.

Board Meeting 25 Mar 1898

Seal to be attached to agreement to purchase World’s End, Chatham. [sold May 1898]

Board Meeting 15 Mar 1899

Conveyance of High Brooms, Kent.

Board Meeting 29 Apr 1899

H. Thompson appointed Sec pro tem in absence through illness of AS.

Board Meeting 16 May 1899

Sale of Ottheram Quay.

Board Meeting 25 May 1899

Company to purchase from Mr. O. Harbridge the Milton brewery with residential and trading properties, plant and stock for £27,000. [£15,000 mortgage at 4%.]

Board Meeting 22 June 1899

Approval to issue of remaining £20,000 Debenture stock.

Board Meeting 1 July 1899

Report from Collins Tootel &Co [auditors] showing £29,591.17.10 spent between date of Deb Trust and 31/07/98 on additions & improvements to property charged to Trustees less £2,668.12.2. received in respect of sales less £2,236.12.4.depreciation of wasting properties.

Resolved that following recently acquired properties should be conveyed to Deb Trustees:

1. Land adjoining the Anchor at Horsham: £1,975 .0.0

2. Papermakers Arms deposit £220.0.0.

3. Refreshment Rooms & Cottages, Strood £1,621. 4.1

4. The Star Strood £410.0.0.

5. Carlton Tun Wells new lease £1,7777. 7.6.

6. Dorset Arms £173.11.6.

7. Castle Tun Wells Freehold £8,610.12.4.

8. Chandos Rd Beer House £754.4.0.

£15,941.19.5

Proof prospectus read and approved.

Board Meeting 20 Jul 1899

Acquisition of Holden Park road & Charles St, Southborough.