Document V379XrD1RGZqmQ8J4MDQLkO68

123) *7l]q. IW Iimii n .ablr l7`i * * *' HJ ilttrffH rul> 41. Iftl l' mu.mii) I-mii (r|iayat4( .... > . ninJ hni vii rumiHH . JVi-uur mien* *"e ** I|*6"* k #**>* WtCba m,ansiF>rt Equipment Ltd. .virenill UcL ______atri* Ltd. Matris Kniiiumirs Ltd. an etmeu lorv. all; 1;M* ...18 ...I4.49p 1*71 1974 ....19 ....ISMIp 1972 .........t I97S..........IT I8.7p 1977 ............ 71.ip 197S.............2 1979 . .0249210 IWO..........USk < <Jit ri.mm.oiK> hkin innyaW' *** Wichita Co. lad. yni xoruK*' init-inti nu W [1*-. (M) X2.MVl.0ta> Uun i|*#U within . IW -Tl Punh l.td. Tt ParkBN>ng Mat hitus Ltd. jrrjn in hnnKn lUtimcM-a ai average intcraat T1 Coventry Cauue fair uf 12.8%. ___ Capital Sleek: Truathousa Perl* Ue. aranny; Tl OrynanieLs Ltd. The British Aluminium Co. Ltd. Aluminium Wire 2c Cable Co. Ltd. ^Awt 340.otsi.ma> ihu euuuu Oct il. 017 mt--m---.---t-o----D---e--c--.--J--l-.- I nice Ramre (London): I9M>. Jl7-TOOp: 19B 440-234p; 1978. 4J6-JJ6p; |ti77. 4Sl-302tg lyto 388-237p. iAmerican Depositary Itoalptg Issued Morgan Guaranty Trust Ca- New Yofk. positsry and Pairing Agent in exchange company's ordinary stuck on basis of Ia. JiUJI h4 lr lSp. . Diaitlawfa iwM (fwal 3*4tara "JJJ IW<)s 1*73-76 _____A7p I*77...............-lp *................-*P WRciivnir*i?P8t Tnuatw O**, Sir Brian KeOett. Oimn. 2c Man. Dir. ILM. BagnaU. Dep. Oimn. 2c Man. Dir. LA.F. Binny. Deputy Chmn. T.E. Barnsley. Man. Dir. MX.G. Bouehtoo X.1L Phillips American share for each Cl stock. Outstanding: Not disclosed. Initial dividend of 80.119 paid June 9. ifB Doc. 23. 1939. 80.203: I960. 80.293. plus S3.M proceeds sale of rightiK 1961. 30.22: IW. Wcsuninstct Bank Ltd. Registrar a Depart Sir J.Wi Menter LG.P. Hog* sa2lt: 1963. 3a22: 1964. 80.236: |963. 8a244 ment, Bristol Office. ,_ . Listed: On London Stock,Eachaiute.. price Ranee >*W >979 1978 1977 1979 Lord Penney Sir A.W. France M.B. Forman FA Ruhemann RJ. BaU Sir St. John Elstub 1966. 80.294; 1967. 801331: 1968. 30313; 1969 80J04.- 1970. S0LJ4S; 1971. 30J73: 1972. PJ-Jll: 1973. 80-346; 1974. 80.476: 1973. 3033. incl .......... 2Mp 200p 262p 200p IJJ'Ap A.B. Marshall J^D. Johnson 80.203 proceeds from sale of righu; 1976 Low............... I2S 12AM l i ** . \.T.D. Sawkill Warrants: Oulslg.. Oct. 31. 1979. Warrants to M.F. Garner CA Ashton purchase 90.000 ahnrea of ordinary stock tor Treasurer: A. Stabler. Up per share, ex|rinc Mar. I98L Listed: On London Stock Eachango.__ Price HithT^T.......... 19*0 1979 1972 1977 1*76 164 66 28*% 14** 9% Secretary: D. Saunders. Auditors: Price Waterhouse 2c Co. Annual Mooting: In May. 30.238: 1977. 80.603. inch 30.279 from sale of rights; 1978. 8a403; 1979.80^01; 1980.30583. Traded (ADR): OTC. Price Range:' 1980 1979 1978 1977 1972 Kish..................... 3A 3V4 .... 7 4W Lam ..................... 4V4 SVC .... 7 4% Subscription Rights: In Sept. 1977. Co. an Low ........... 31 34M *11 A iV* TUBE INVESTMENTS LTD. Watery: Reiristered in England in 1919. la April 1969 acquired Vcru Machine Tool Co. Ltd. (now Churchill Vato Ltd.). In June 1969 acquired United Flexible Mr No. or Stoekhoidets: Dec. Jt. 1979,43,000. No. of employees: Dec. 31. 1979. 70.000 (U.K. group). Head Office: T.I. Hnuu. Five Ways. Bir mingham I68SQ. England. Consolidated Income Account, nounced rights offering m holders of regis tered ordinary stock at price of J50p per share on the basis for each one held. Holders of ADR's were not available to participate to the offering. TURNER & NEWALL LTD. taDic Tubing Co. Ltd. for CJ.64S.OOO nominal Dec. 31 (to 1.000): History: Established to England In I920l ' 4Vi% conv. unsecured loan stork. 1979 1978 Business: Co.*a activities are conducted In July 1969 acquired Coventry Gauge Lid. Sales. 1.213.800 1.106.000 through five operating divisions: plastic and (or 6.817.000 nominal of 6>/%% conv. unse 7JJ00 89.700 industrial materials, automotive components, cured loan stock. _ ._ _____affiliates. IJ00 S.400 chemicals, construction materials and mining. In Dec. I960 acquired The Cynl Bath Com pany (USA.) through Churchill-Froriep Curp. for 1.1 million in cash. In early 1970 subsidiary acquired Steel Service It Engineering Ltd., Hamilton. One. Canada. Additional V1 domestic cos. were if* wiired during year. *' In Aug. 1970 sold Churchill Tools 2c Serv ice, Birmingham to Standard Pressed Steel Co. (U.S.) (or 2.000.000. Beginning 197.1 nroutired ]|% of Allen West Sr Co. Ltd. General Eleccttrriicc Co. owns 49%, During 1972. group acquired following com- unie* which became subsidiaries: Healy of Cncesler Lida Lines Bros. (Canada) Ltd.: Ra- Total 73-100 93.100 Interest paid.................. 23,100 13.100 Taxation......................... Minority to............... I2-M0 8-M0 17.300 12.900 Extraord. item............. drl.900 drl 1.000 DfOUl aeaes DiviSends.................... 29.700 13.100 38.800 13.800 Retain.cam. 14.400 23.000 0Eam. ord.sk........... 33-ln 84.8p CEJAfler deduct, riepr. Of 23.200.000 (1978. 30.900.000) and other expenua and inveasmerit in come. [BA reported by Co. on average shs. based on net pruht before extranrd. item. Consolidated Balance Sheet. Dec. 31 (in Subsidiaries: (wholly-owned except as not ed): British Industrial Plastics Ltd. British Industrial Plastics (&A.)(Pty.) Ltd. (S. Africa) (M%) Storey Brothers and Company Ltd. Storey Corporation of Virgimn (U.SA) TBA Industrial Products Lid. Engineering Components Ltd. ' (TTBriseham Engineering Co. Ltd. Cootwrs Filters Ltd. Coi>era Pa yen Ltd. Cork Manufacturing Co. Ltd. rjEmot Development Co. Ltd. gii:h Industries (Australia) Ltd.: John ElweU 1.000).- Flexitnllic Gaskets Ltd. HL: Ueckur Equipment 2c Lifts Ltd.: Clang Assets: 1979 1978 Halls Caskets Ltd. Lid* In May 1981 acquired King Fifth Wheel Co. Inventory....................... Debtors............................ 319.200 243,000 305.600 CjTHydnt-Tight Lid. (73%) 224.200 Paven International Lul. Joint Ventures: In Apr. 1973, Co. announced 1 signed a reciprocal production and market er agreement with Oleums Machinery Works yd. Nagoya. Japan. Oliunii will pro*lue jnd sell Co.'s mai-hine tool products, while Co.`s machine tool division will make and sell Okunui pioductkin grinding equipment. The igreemeni also provides for continuous interfOttutv of technology to help development of w* machine tool products. both conventional Old numerically controlled. Xa Nov. 1077, Co. and General Electric Co., (oatrihuted new oiwrniions to their joint vengn, Alien West Ifuhling Co., in Britain and South Africa. The venture-is 51% held by Os* gj iV",. by General Electric. Co. In the U.K.. Co. nuts its industrial electric!- Other current.......................... Totsl cutt.............. BNtt property............. Deferred rev................ Trade invest................ Total .......... Liabilities: Creditors 2c pray..... Acrrpt- loans, etc.... Banks................................ Tax payable .**.............. Dividends...................... . Total curr.............. Ordinary stock............. 23.700 389.900 227.400 2.900 34,100 854300 223,100 31.900 21,400 13.800 7.700 299.900 39.JOO 28,700 338.360 212.700 1,.440000 34i.,1IO0O0 808.700 201.900 27.300 13.100 9.700 7,300 261300 38.700 HOF Flexitallic GmbH (Federal German Re public) (80%) Payen BV (llnlland) Component* (Eastern) Ltd. (Hong Kong) Coopers FIAAM SpA (Italy) Payen New Zealand Caskets l.td. (New Zea land) GJ. Payen (Ireland) Ltd. (Republic of Irc- land) Flexitallic Caskets Africa Ltd. (S. Africa) (807%) Payen Components South Africa Ltd. (S. Afri ca) (80%) Flexitallic Gasket Co. Inc. (U.S.A.) Ferudn Ltd. Bureau Technique International SA (Bel- Fcrodo imlil] (Federal German Republic) _ distriliutiun and lighting division into the Reserves ........... 308.400 291300 pint venture. In South Africa. General Elec- Loans................................ 100300 100.400 4 jde Co. will add its control gear and lighting business. Business: Manufactures precision tube, ey rie* and components, aluminium eiectrical cnj^rimi and steel products. Company add Dri. liab. It credits ... Minority int.................. - Total........................... (^Depreciation.............. 26.600 , .39,600 *- - 834.300 , 193,000 a. 32300 64300 808.700 184,300 igcria) Ltd. (Nig--e---r-i-a---), (J6V0/B%J ) .' Fcrnhrakc (Pty.) Ltd. (S. Africa) (80%) Ferulirake (Transvaal) (Pty.) Ltd. (S. Africa) wSE(Pty.) Ltd. (S. Africa) (80%) Jubstdiaries olierale following divisions: Steel Long Term 06t rube. Cycle. Aluminium. Electrical, Engineerlog, Machine Domestic Appliance and Over- KSS. principal Subsidiaries and Associates: ciChrsierfielcl Ltd. fl Dcaford Ltd. r{ Wddless Ltd. iy% Unsecured Loan Stock due 1977-82: Authorized and outstanding. 7.300.000; dated 1937; due Oct. I, 1982 at par. Intereat A2cOt. Callable as a whole or in part (by drawings) at any time on or after Oct. 1. 1977 on J months' notice at par or by purcha.se at or under par. Trustee: Atlas Assurance Co. Nuturn Cora. (USA) (80%) Philip A. (63.3%T Hunt Chemical Corp. (USA.) Ncwnlls Insulation Co. Ltd. TAC Construction Materials Ltd. Turners Building Products (Northern Ire* .lnud.(II%) Tl Tube Product* Ltd. Ltd. offered (7.30(1.000) in 1937 at 193VS. 'ft11** Tur^`r.1IJ,-c- (Canaria) TiAccies3c Pollock Ltd. rt jiUrktoxI Ltd. fl Silencers Lid. ft Bainbridge lallencers Ltd. Tl Chevrick Silencers Ltd. ei Raleigh Indu <ries LtiL rtSlutmey Archer Z.ld. L*ist-ed on London Stock Exchange. 8%% Conv. unsecured loan stock due 1*83: Outstanding, Dec. Jl, 1979, 5.177,039; Is sued in 1969 for acquisitions. Convertible on June JO. to 1983 into 23.9034 onl. shares for every 100 loan stork. Other Loans: In 1969 following loan stocks were issued in substitution at preference Turners Building Products Ltd. (Canada) (90%) Eta Dagard et FIlx SA (France) (82%) Asbestna Cement LtiL tlmlial (74%) Turners Building Products (Atewa) Ltd. (Ni - TJESis.ll- !ing Products (Emetic) Ltd. (N*i- T__u__m___a__l_l_L__t_d__. (S. Africa) (8U%) fl Co* W- , . . jo*.Worm Ltd. stocks retired and cancelled: 3.000.000 3.3%; TAP Ruildinc Products LxL (Zambia) CX087S25 7.7% 828.437 9% ail due 1984-94. _QTurnail .Moldings (Pvt.) Ltd. (Zimbabwe radiation-Asra* Lid. rSlll>artlcWyo2r:ldSuLgtdd.en LtiL All loan Mocks listed on London Stock Ex- Rhodcaia) change. Turner AdIicmm Fibres Ltd. Capital Stock: AuthmUnl. 83.000.000*. issued vBell Asbesirm Mines Ltd. (Canada) f{ bsJ* Manufui turiug Ltd. A it f*vhson Ltd. v rt Surd-ou'-r Ltd. I!ru,- !I llnhl-s Ltd. f ri To***`f Housi Mates Ltd. I Parkrny t.ld. -L-.i.-fiii Kuui: o . -it i.id. and outstanding. Dec. Jt, 1979, 39,261-162 orti. Mirk, par 1. Ordinary has .mw vote per 1 smrk with certain n- .ftit Iwmv. Oidinaiy IhvUW.,-.. jr-. **ud**d J*dy 31): 194 f____ tv; 14 .4 ' i:';'.- I91 ____iVV%> I9.U. . . . I IV* W47 15 IV.4.........I TVs Dublin Consolidated Minrs (Pty.) Ltd. (S. Af rica) Havehnk Asbestos Mines (Swa. :iuiid) Ltd. (Swar.ilatxl) (MK," L~Shal*.nir - Mb.hubs Mii.-s (I'vt.t (.p|. . .:(ZimhuliM-r RIi.mI*--! t) C*,lleldby Tuiiu I .5 N* ni 1 1 ' EXHIBIT ? sorvli.g, On Hny ?9, I travelled t> Al*l**r. penury1var* to meet with George Barge, Vice-President of KtH, and Ralph I Batenan, Deputy' Chairman of Tin, and there received the permi* slon of the latter to have Nlcolet personnel inspect the ass^t remaining to be sold and the business records pertinent there* | for the purpose of deciding* whether or not Ulcolct might wish !; make an offer for any portion of those assets. ! 7. The investigation conducted during the following I ! month led to the conclusions that KtM asbestos paper sales voli j- ! probably could be shifted successfully to NScolet's Norristown Pennsylvania plant, tint KtH asbestos millboard volume probabl; : could not be shlted to Nlcolet's Norristown plant but that mot i millboard business might be generate*! from KtH customers and elsewhere /or profitable operstlen of both the Norristown and ! Ambler millboard machines, that Nlcolet should lie nbJe prtirilal i ; to extend its gasketing business beyond the paper gasketing mai II j rials, which it was selling and Into compressed asbestos sheet ;i packing by acquiring the Ambler facilities which were making t.v product, provided tlisi. Him let mu Id acquit*** tie* i***rt I ivnt )' trademarks and thus avoid the long delay of Qualifying Its own marks under hundreds of sn'cfi fi r-'tvlmci'llinb*1iy coiu|i3t.-i-hr. tlw* i! j market introduction of a new product which KtH had developed j Nlcolct probably could generate sufficient monolithic asl-stcs cement board volume to justify in terms of profit the considers cost of moving the basic piece oT product ion equipment, a f**GO ton capacity A* x 8' flooded bed press, from the Certain-teed Ambler pipe plant to a new building to br constructed by Hleelc that the KtH low pressure thermal insulation business success fully could be slil n *d to Hlrolel.':: Hour I ntown plniit. mnl l.lviJ j the KtH high pressure thermal insula Lion product line was not ii lj competitive and was only marginally profitable but that the ar- | bestos paper and millboard facilities could not In? purchased sc j irate from the high pressure (or molded) thermal insulation fae j lties because they were located in the same complex of building i 8. On June ?fi, J !>(.' In Ambler, Pennsylvania 1 mad** an I offer, in behalf of Nl'rnlrl , in Georg'* Harr.**, for transalMj] \