OCR Text |
Show Ray Consolidated Sends Notice 'That Exchange of Stocks Can Be Made. RATE IS ONE OF RAY FOR THREE OF GILA First of Next Month Fixed as Last Day on Which Ex- change Possible. As anticipated In these columns Sunday, Sun-day, the Ray Consolidated company has forwarded a statement to the stockholders stockhold-ers of the Gila Coppor company In regard to the time of oxchnnglng Gila for Ray Consolidated slock, which notification roads as follows: "You are Informed that nt a meeting of the board of directors of the Ray Consolidated Con-solidated Copper company, held on the USth dny of April. 1910, the board unanimously unani-mously resolved to authorize the calling of a spoclal stockholders' meeting of said company for the purpose of Increasing the capital stock In tho amount of 200,-000 200,-000 shams, and that if said Increase In stock bo authorized, to offer to Ihc stockholders stock-holders of the Gila Copper company tho prlvllcgo of exchanging three shares of stock of tho Gila company, for one share of said Increased slock of the Ray company. com-pany. The stockholders' meeting was hold on the 25Lh day of May, the increase of stock was authorized, and tho action of the board of directors In offering to exchange It on the basis above stated for stock of tho Gila company was rall-llod rall-llod and npproved. "You are Informed, therefore, that undor tho action of tho directors and stockholders, as above stated, the right to exchange three shares of stock of tho Olla Copper company for one share of stock of the Ray Consolidated Copper company Is accorded to you to bo exercised exer-cised at any time on or before tho first clay of July. 1910. "The Ray Consolidated Coppor company com-pany has now Issued and outstanding 1.000.000 shares of stock, nnd tho Increased In-creased slock, authorized as above, amounting to 200.000 additional shares, will enable the company lo aqulro by exchange upon the terms above specified, speci-fied, 600.000 shares of stock of tho Gila companv, which Is all of tho outstanding stock of said company except 5000 shares which Is now owned by tho Ray compnny "The exchange of stock on the basis above set forth is approved by all tho directors di-rectors of the Gila company, and there is Inclosed herewith a report of the executive execu-tive committee of the Ray company, which Is also tho cxecutlvo commlltco of the Gila company, recommending said exchange, ex-change, and your attention Is particularly called to tho statements therein contained. con-tained. If you wish to avail yourself of tho right lo exchange your stock on tho above basis, certlllcates for shares of tho Gila company indorsed In blank, or to tho Ray Consolidated Copper company, musi be sent to tho Old Colony Trust company. Boston. Mass.: so as lo be received there on or before July 1. 1910. InclosoU you will find stamped envelope and letter of transmittal for this purpose. "Any fractional share of the Ray company com-pany to which you might become entitled In the exchange will be paid for In cash at tho closing bid quotation on the Boston Bos-ton stock exchange for the day prccodlng the date on which your stock Is presented present-ed for exchange. The management of the companies deems It highly advisable In the Interests of the stockholders of both companies that this exchange bo made, and you are tnerefore requested to give the mattor your oarlv attention." |