Mexborough and Swinton Times October 8, 1897
The Denaby Explosive Works
Fortis Company to be Voluntarily Wound Up
An extraordinary general meeting of the shareholders of the Fortis Powder and Explosive Company, will have a factory Denaby, was held on Tuesday at Winchester House, E.C., Mr H Bateson presided.
The Chairman said the directors had been continuously engaged in negotiation for the sale of the English and foreign assets for the English property. Several proposals have been made, and the board have been of the opinion that the actual sale was on the eve of completion.
All hope of effecting such sale as a going concern were now abandoned. The Belgian property was sold to a foreign company which had made default in carrying out its agreement, and was therefore placed in liquidation. The only course then opened the directors was to call that meeting. No accounts have been presented, because they would be expensive to prepare, and they had no money. He moved that the company by reason of its liabilities cannot continue his business, and that it is advisable to windup the same, and accordingly that the company be wound up voluntarily.
The motion was duly seconded.
In answer to Mr Daumier, the Chairman said they believed that the liquidator of the French company would enforce the rights of the company as far as he could.
Mr Daumier: why are there no accounts? We ought to have had a statement presented to us. (Hear, hear.) I will vote for nothing until we have a clear statement. (Applause.)
The Chairman stated that the council were practically the same as those presented at the last meeting. Nothing had been done since. If any business had been done in the meantime he could have understood a desire to see accounts.
Mr White (a share owner) complemented the directors and their loyalty to the interests of the shareholders. Doubtless, though, the shareholders will be more satisfied if they could have known what were the actual liabilities and assets of the company. The works at Denaby were, he understood, mortgaged.
The Earl of Denbigh said there was a mortgage of £5000, and there were between £5000 and £7000 worth of debentures. Their principal asset in this county was a factory at Denaby, which was in good repair. There was also the licence, which in this country was a valuable asset.
The motion to voluntary liquidate was unanimously adopted.