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FILE NAME Cape Asbestos CAPE DATE 1968 Mar 31 DOC CAPE110 DOCUMENT DESCRIPTION Charter Consolidated Ltd. - Annual Report and Accounts Legal - Tibbs Case Exhibit 8 Charter Consolidated Limited annual report and accounts 31 march 1968 ELCTRONIAMLY FILED - 2023 Oct 18 10:39 AM - RIC-HLAND COMON PLEAS - CASE#203P41759 ELECTRONICAL Y ELCTRONIAY Charter Consolidated Limited FILED Incorporated in England FILED - 2023 Charter is a finance and investment company with assets having Oct a current value of approximately 275 million The greater 18 10:39 proportion of its world wide investments is in mining and allied operations which include the mining of gold and uranium AM copper iron ore tin vanadium and wolfram The company is - extending its management responsibilities in new mining ventures RICHLAND Charter continues to seek new business in a variety of fields and in the sphere of mining conducts on its own account and in - association with others a programme of mineral exploration in COMON many countries Charter works in a close and special association with Anglo PLEAS American Corporation of South Africa Limited of the PLEAS largest mining finance organizations in the which - provides Charter with technical services The Charter group provides for Anglo American Corporation a wide range of services in London 203CP41759 ELCTRONIALY Offices ELECTRONICAL Y ELECTRONICALY FILED - UNITED KINGDOM 40 Holborn Viaduct London EC1 registered 2023 7 Rolls Buildings Fetter Lane London EC Oct Kent House Station Road Ashford Kent 18 10:39 SOUTH AFRICA 44 Main Street Johannesburg AM - RHODESIA 70 Jameson Avenue Central Salisbury C RICHLAND CANADA 28th Floor Dominion Centre Toronto 1 - AUSTRALIA 13th Floor 60 Market Street Melbourne COMON FRANCE 34 rue du Rocher Paris Se PLEAS - Registrars 203CP41759 UNITED KINGDOM Consolidated Share Registrars Limited Kent House Station Road Ashford Kent SOUTH AFRICA 203CP401759 Consolidated Share Registrars Limited 62 Marshall Street Johannesburg RHODESIA Anglo American Corporation of South Africa Limited 70 Jameson Avenue Central Salisbury C Contents Notice of annual general meeting Directorate Administration Features from the consolidated accounts Report of the directors Report of the auditors Consolidated profit and loss account Consolidated balance sheet Balance sheet Notes on the accounts Three year financial record Review of activities during the year Group subsidiary companies Principal interests of the group Analysis of net assets and investment income ELECTRONICALLY ELCTRONIAY FILED - 2023 Oct 18 7 10:39 AM - 9 RICHLAND 14 - 15 15 COMON 16 PLEAS - 17 203CP41759 A statement by the chairman is enclosed with this report 3 Notice of annual general meeting NOTICE IS HEREBY GIVEN that the third annual general meeting of members of Charter Consolidated Limited will be held at The Chartered Insurance Institute 20 Aldermanbury London EC2 on Tuesday 9 July 1968 at 12 noon for the following purposes - 1 To consider the balance sheets and consolidated profit and loss account for the year ended 31 March 1968 and the reports of the directors and auditors 2 To declare a dividend 3 To elect directors 4 To fix the remuneration of the auditors The transfer books and registers of members in the United Kingdom Republic of South Africa and Rhodesia will be closed from 6 to 9 July 1968 both days inclusive A member entitled to attend and vote at the meeting is entitled to appoint one or more proxies to attend and on a poll to vote instead of him A proxy need not be a member of the company Holders of share warrants to bearer who desire to attend in person or by proxy or to vote at any general meeting of the company must comply with the relevant conditions governing share warrants to bearer BY ORDER OF THE BOARD R. V. PRITCHARD manager and secretary 40 Holborn Viaduct London EC1 * see inside back cover 13 June 1968 ELCTRONIALY ELECTRONICAL Y FILED - 2023 Oct 18 10:39 AM - RIC-HLAND COMON PLEAS PLEAS - 203CP41759203CP401759 Directorate ELCTRONIAY FILED - Chairman 2023 H. F. Oppenheimer Oct 18 Deputy chairmen 10:39 S. D. H. Pollen MBE TD AM - The Hon H. V. Smith RICHLAND W. D. Wilson managing director - Directors Sir Keith Acutt KBE alternate L. G. Stopford Sackville O. B. Bennett CBE COMON PLEAS A. Chester Beatty Comte T. de Feuilhade de Chauvin alternate Sir Jim S. Holland Bt TD - J. E. H. Collins MBE DSC CASE Sir Frederick Crawford GCMG OBE alternate H. R. Fraser C. W. Engelhard alternate G. W. Flint 203CP417592023CP4001759 H. St. L. Grenfell OBE MC J. O. Hambro MC N. K. Kinkead P. J. Oppenheimer alternate The Hon R. B. Loder B. W. Pain Evelyn R. A. de Rothschild M. W. Rush alternate J. G. Richardson T. P. Stratten alternate R. H. MacWilliam executive committee of the board of directors The offices at Ashford Kent which house Charter's computer and share registration division Administration ELCTRONIAY FILED - 2023 Managers G. W. Flint Oct H. R. Fraser 18 10:39 Sir Jim S. Holland Bt TD N. K. Kinkead AM The Hon R. B. Loder - B. W. Pain RICHLAND R. V. Pritchard J. G. Richardson L. G. Stopford Sackville - COM ON Secretary R. V. Pritchard Auditors PLEAS - Cooper Brothers & Co. Deloitte Plender Griffiths & Co. Bankers 203CP41759 Barclays Bank D.C.O. Hambros Bank Limited National Provincial Bank Limited Westminster Bank Limited Solicitors Coward Chance & Co. Linklaters & Paines ELCTRONIALY Features from the consolidated accounts ELECTRONICALY FILED - Profit after taxation 1968 000's 9,703 2023 1967 000's Oct 8,737 18 Dividends gross per share 1s 4d 10:39 1s 2d AM - Total dividends RICHLAND 6,522 5,707 - Investments quoted and unquoted a At book value b At stock exchange and directors valuation 123,723 268,929 COMON 106,111 PLEAS - 163,286 Revenue reserves Capital reserves 60,779 54,381 203CP41759 44,362 36,033 Issued capital 24,458 24,458 excluding special recurring tax relief amounting to 1,279,000 The detailed accounts will be found on pages 15 to 22 of this report FINANCE ACT 1965 1. CAPITAL GAINS TAX The market price of the company's shares on 6 April 1965 was Registered shares 19s 9d Shares represented by renounceable letters of allotment 20s Od Share warrants to bearer 20s Od 2. The company is not a close company within the provisions of the Finance Act 1965 Report of the directors ELCTRONIAY FILED - 2023 The directors have pleasure in submitting their third annual report together with the audited accounts for the year ended 31 March 1968 Oct 18 Consolidated profit and loss account The consolidated profit before taxation for the year ended 31 March 1968 was Taxation amounted to 000's 10:39 11,352 AM - 1,649 Leaving a consolidated profit after taxation of Out of which there has been appropriated Interim dividend of 6d per share paid on RICHLAND 9,703 - 15 December 1967 2,446 Recommended final dividend of 10d per share payable on 10 July 1968 4,076 COMON Transfer to investment and exploration reserve 1,000 Leaving an unappropriated profit for the 7,522 PLEAS - year of 2,181 CASE Dividends The board recommends to members the declaration of a final dividend of 203CP417592023CP4001759 10d per share which together with the interim dividend of 6d per share paid on 15 December 1967 will cost the company 6,522,000 This compares with total dividends last year of 1s 2d per share which cost the company 5,707,000 Reserves Movements on reserves during the year are shown on page 22 in note 14 on the accounts The following amounts have been charged to investment and exploration reserve Investment in exploration companies and exploration expenditure written off Amount written off unquoted investments 360,000 574,000 934,000 After the transfer of 1,000,000 to investment and exploration reserve that reserve stands at 10,741,000 Fixed assets The book value of the group's fixed assets increased from 2,664,000 to 3,015,000 during the year Further details are shown on page 20 in note 8 on the accounts Share capital The authorized share capital remains unchanged no shares or debentures were issued during the year Directors A list of the current directors of the company is to be found on page 5 and constitutes part of this directors report The Hon J. Christopher Loder was a director throughout the year under review but resigned from the board on 30 April 1968 Mr Evelyn R. A. de Rothschild Mr T. P. Stratten Sir Keith Acutt KBE Mr A. Chester Beatty and Comte T. de Feuilhade de Chauvin retire by rotation in accordance with the provisions of article 99 of the articles of association and offer themselves for election There were during the year no contracts with the company in which any director has an interest as defined in the Companies Act 1967 nor are there any arrangements to which the company is a party whose object is to enable directors to benefit from the acquisition of shares or debentures in any company The following are the interests in the company of the directors who held office during the year as notified to the company in terms of the Companies Act 1967 INTEREST IN SHARES OF 5S EACH OF THE COMPANY DIRECTORS H. F. Oppenheimer S. D. H. Pollen The Hon H. V. Smith W. D. Wilson Sir Keith Acutt O. B. Bennett A. Chester Beatty Comte T. de Feuilhade de Chauvin J. E. H. Collins Sir Frederick Crawford C. W. Engelhard H. St. L. Grenfell J. O. Hambro N. K. Kinkead The Hon J. Christopher Loder P. J. Oppenheimer B. W. Pain Evelyn R. A. de Rothschild M. W. Rush T. P. Stratten 27 OCTOBER 1967 5,004,600 3,162 1,200 2,100 100 100 287 574 100 100 14,950 200 5,345 1,600 100 13,373 100 180,828 100 1,200 31 MARCH 1968 5,004,600 3,162 1,200 100 100 100 287 574 100 100 14,950 200 5,345 100 100 13,373 100 150,985 100 1,200 ALTERNATE DIRECTORS G. W. Flint H. R. Fraser Sir Jim S. Holland Bt The Hon R. B. Loder R. H. MacWilliam J. G. Richardson L. G. Stopford Sackville 1,000 nil nil nil 1,500 750 4,750 1,000 nil nil nil 1,500 nil 4,750 No director had any notifiable interest in any of the company's subsidiary companies 10 ELECTRONICAL Y ELECTRONICALLY ELECTRONICAL Y ee N ELECTRONICALY FILED - 2023 Oct 18 10:39 AM - RIC-HLAND COMON PLEAS - 203CP41759 ELCTRONIAY FILED - 2023 Oct 18 10:39 AM - RIC-HLAND COMON PLEAS - 203CP41759 Drilling on the north Yorkshire moors where Charter and Imperial Chemical Industries are to develop a potash deposit 11 Principal activities and interests The company's principal activities which are unchanged from last year are finance and investment particularly in mining and mineral exploration and also include interests in a number of industrial companies The review of the group's activities on pages 25 to 32 the lists of subsidiary companies and principal interests on pages 33 to 35 and the analysis of net assets and investment income geographical and by category on page 36 form part of this directors report Political and charitable contributions Neither the company nor its subsidiaries made any contribution for political purposes during the year The company and its subsidiaries made charitable contributions during the year totalling 32,841 Other information The information on turnover exports and the number and remuneration of employees shown on page 23 constitutes part of this directors report Auditors Messrs Cooper Brothers & Co. and Messrs Deloitte Plender Griffiths & Co. are willing to continue in office as joint auditors to the company BY ORDER OF THE BOARD R. V. PRITCHARD manager and secretary 28 May 1968 ELCTRONIAY ZH FILED - 2023 Oct 18 10:39 AM - RIC-HLAND COMON PLEAS - 203CP41759 CHARTER CONSOLIDATED LIMITED ELCTRONIAY FILED - 2023 Oct 18 march for the year to 31 march 1968 10:39 AM - RIC-HLAND COMON PLEAS - CASE#203P41759 13 CHARTER CONSOLIDATED LIMITED ELCTRONIAY FILED - Report of the auditors to the members 2023 Oct 18 In our opinion based on our examination and the reports of 10:39 the auditors of certain subsidiary companies not audited AM - by us the accounts set out on pages 15 to 22 together give so RICHLAND far as concerns members of the holding company a true and fair view of the state of affairs at 31 March 1968 and of the profits - COM ON for the year ended on that date and comply with the Companies Acts 1948 and 1967 PLEAS - 203CP41759 COOPER BROTHERS & CO DELOITTE PLENDER GRIFFITHS & CO Chartered Accountants 203CP401759 London 28 May 1968 14 ELCTRONIAY CHARTER CONSOLIDATED LIMITED AND SUBSIDIARY COMPANIES Consolidated profit and loss account for the year ended 31 march 1968 FILED - Income from investments note 1 Profits less losses on realization of investments by dealing subsidiaries and underwriting commission Interest received Trading profit and sundry revenue note 2 1968 000's 000's 8,972 2,253 748 871 12,844 000's 1967 2023 Oct 000 000 000 8,218 8,218 1,618 10:39 AMAM 11,56 Deduct Administration and technical expenditure Directors emoluments not4 e Interest paid note 6 Auditors remuneration parent company 2,100 Consolidated profit before taxation Taxation note 7 Consolidated profit after taxation RICHLAND 1,151 1,005 - 118 117 209 14 1,492 COMON 112 13 11,24,7 247 11,352 1,649 PLEAS10,313 1,57 1,57 9,703 Add Transitional relief under the Finance Act 1965 in respect of dividends deemed to be paid out of income previously taxed Appropriated as follows Dividend of 6d per share gross 1967-6d per share paid 15 December 1967 Proposed dividend of 10d per share gross 1967 payable 10 July 1968 8pder share 2,446 4,076 Transfer to investment and exploration reserve note 14 Company Subsidiaries Unappropriated profit for the year _ 1,000 _ 9,703 6,522 3,181 1,000 2,181 203CP4017592023CP4001759 10,01 10,01 203CP401759 2,446 3,261 2,207 293 2,500 1,809 For notes on the accounts see pages 18 to 22 15 CHARTER CONSOLIDATED LIMITED SUBSIDIARY COMPANIES ELCTRONIAY FILED Consolidated balance sheet 31 march 1968 - Fixed assets note 8 Investments note 9 Current assets Stocks and work in progress note 11 Debtors United Kingdom tax repayable British Government securities stock exchange value 1,000,000 446,000 Short term loans and deposits Bank and cash balances Current liabilities Associated companies and other deposit accounts Unclaimed dividends Bank overdrafts Creditors Taxation including United Kingdom corporation tax due 1 January 1969 2,977,000 1967-874,000 Proposed final dividend gross 000's 1968 000's 3,015 123,723 1,083 5,680 482 999 8,911 338 17,493 1,262 10 4,846 3,313 4,076 13,507 NET CURRENT ASSETS TOTAL NET ASSETS 3,986 130,724 FINANCED BY Issued capital note 12 Capital reserves note 14 Revenue reserves note 14 TOTAL CAPITAL AND RESERVES Investment grants note 8 Minority interest Debenture stocks note 13 W. D. WILSON S. D. H. POLLEN } Directors S. W. PARKS = Accountant 24,458 44,362 60,779 129,599 38 87 1,000 130,724 000's 1,403 3,541 1,444 1967 2023 000's Oct Oct 2,664 18 18 106,111 10:39 10:39 AM - RICHLAND 431 7,615 510 - 14,944 COMON 3,168 270 PLEAS 185 PLEAS 1,981 - 2,163 7,767 CASE 203CP401759 7,177 115.952 115.952 2023CP40 1759 24,458 36,033 54,38154,381 14,872 114,872 SO 1,000 115.952 For notes on the accounts see pages 18 to 22 16 CHARTER CONSOLIDATED LIMITED Balance sheet - 31 march 1968 Subsidiary companies Shares at cost Add Amounts due from subsidiaries Less Amounts due to subsidiaries Current assets Debtors Short term loans Bank balances FINANCED BY Issued capital note 12 Revenue reserves Investment and exploration reserve Unappropriated profits note 14 TOTAL CAPITAL AND RESERVES Current liabilities Associated companies deposit accounts Unclaimed dividends Creditors Proposed final dividend gross 1968 000's 85,313 6,724 92,037 61,643 000's 30,394 317 275 22 614 31,008 2000's 24,458 4,381 28,839 796 2,300 3 2,207 171 45 10 41 4,076 24,458 2,378 26,836 4,172 31,008 2,207 1,621 W. D. WILSON S. D. H. POLLEN Directors S. W. PARKS = Accountant For notes on the accounts see pages 18 to 22 ELCTRONIAY FILED - 2023 2000's Oct 18 10:39 AM - 28.043 RIC-HLAND COMON PLEAS - 3,828 28,286 20 3CP4 1759 17 ELCTRONIAY Notes on the accounts 1 Income from investments 31 march 1968 a Includes franked investment income of 3,130,000 b Arises from Quoted investments Unquoted investments 1968 000's 7,316 1,656 8,972 FILED 1967 - 000's 6,778 2023 1,440 Oct 8,218 18 10:39 Dividends from overseas investments are included at the gross amount declared except for dividends from Malaysian and Zambian companies which have been included after deduction of taxation levied in those countries AM - RICHLAND 2 Trading profit and sundry revenue ) In order to facilitate administration the financial year of all manufacturing subsidiaries terminates on 31 January - ii The turnover of the manufacturing subsidiaries amounted to 4,564,968 based on the invoiced value of goods sold 1968 iii Investment grants credited in these accounts 000's 12 iv Depreciation of fixed assets charged in these accounts including amount set aside for increased cost of plant replacement 25,000 1967- ) 136 COMON1967 000's ~~ PLEAS 191 PLEAS a - v Rents paid in respect of hire of plant machinery and equipment charged in these accounts 55 ... 203CP4 1759 3 The profits of overseas subsidiaries have been converted at rates of exchange ruling on 31 March 1968. The resulting increase in net profits after taxation for the year earned prior to sterling devaluation is estimated at 60,000 4 Directors emoluments Directors of the parent company Fees Salaries and other remuneration including pension contributions Pension to former director Less Fees received from other companies and refunded to the group 1968 24,000 120,000 7,000 151,000 33,000 118,000 1967 k 23,000 116,000 _ 139,000 22,000 117,000 18 4 Directors emoluments continued Amounts paid to directors Chairman Mr H. F. Oppenheimer The late Mr P. V. Emrys Highest paid director Others 12,50110,001- 7,5015,001- 7,500 2,501- 5,000 up to 2,500 ELCTRONIAY 1968 1967 Fa FILED 2,000 500 - 17,115 3 17,672 2023 17,000 Oct 18 32-3 10:39 4 32-3 32-3 32-3 AM 32-3 - 11 13 RICHLAND 5 Remuneration of employees of the group The number of employees other than directors of the parent company whose total emoluments receivable from the company and its subsidiaries exceeded 10,000 were - Exceeding 10,000 but not exceeding 12,500 3 employees Exceeding 12,500 but not exceeding 15,000 1 employee 6 Interest paid on 1968 000's COMON 1967 000's Loans repayable within five years Amounts deposited with the group Debenture Charter Consolidated Investments Limited 88 78 25 tt PLEAS - 43 43 209 112 7 Taxation On profit for the year United corporation tax -income tax -profits tax Less Double taxation relief Overseas taxation Less Adjustments in respect of previous year Less Estimated overspill relief in respect of 1968 203CP41759 3,902 _ _ 3,902 3,984 3,984 136 1 +4,121 2,414 2,808 1,488 381 1,313 336 1,869 1,649 73 1,869 220 1,576 1,649 1,576 Notes i ii Corporation tax for 1968 has been calculated at 42.5 per cent 1967-40 per cent ) In the event of certain overseas subsidiaries distributing reserves or profits additional liability to United Kingdom taxation would arise 19 Notes on the accounts march 1968 continued 8 Fixed assets Cost at 31 March 1967 Additions at cost Cost of items sold and scrapped Sale of subsidiary company Adjustments on currency conversion Balance at 31 March 1968 FREEHOLD PROPERTY 000's 683 85 _ 59 19 728 LONG LEASEHOLD PROPERTY note iii 000's 1,275 290 _ _ _ 1,565 PLANT FURNITURE AND FITTINGS 000's 1,407 237 163 95 42 1,428 Depreciation At 31 March 1967 on assets at cost Charge to profit and loss account On items sold and scrapped Sale of subsidiary company Adjustments on currency conversion Balance at 31 March 1968 Net book value At 31 March 1968 At 31 March 1967 103 10 _ 16 5 102 626 580 54 48 _ _ 102 1,463 1,221 544 51 25 69 1 502 926 863 ELCTRONIAYea FILED - 2023 TOTAL Oct 000's 3,365_ 612 16350 154 RICHLAND RICHLAND 3,721 RICHLAND RICHLAND RICHLAND COMMON COMMON COMMON 25 PLEAS PLEAS PLEAS 706 CASI CASI CASI A 023CP4001759 3,01 2,664 023CP4001759 023CP40 1759 023CP4001759 023CP4001759 023CP4001759 Notes i In addition to the above the group owns estates buildings and citrus groves in Rhodesia which cost 230,000 and are fully depreciated ii No depreciation has been provided on freehold land iii Includes expenditure during year on short leasehold property amounting to 66,000 on which depreciation of 7,000 has been provided iv Investment grants in respect of each year's capital expenditure are now being credited to profit and loss account over a period of ten years the estimated average life of the relevant fixed assets Grants shown in the consolidated balance sheet represent total grants received to date less the amount credited to profits this year in respect of both 1967 and 1968 v Commitments for capital expenditure of subsidiaries amount to 134,000 314,000 Investment grants 4,000 1967 ) vi Estimated capital expenditure of subsidiaries authorized but not committed amounts to 88,000 1967 Investment grants 12,000 1967 ELECTRONICAL Y 9 Investments QUOTED ON STOCK EXCHANGES In Great Britain Outside Great Britain UNQUOTED ELCTRONIAY AT COST LESS AMOUNTS FILED MARKET VALUE OR - WRITTEN OFF DIRECTORS VALUATION 1968 000's 71,427 20,038 1967 000's 59,899 20,756 1968 000's 200,621 30,164 2023 1967 000's Oct 105,267 29,108 18 91,465 32,258 123,723 80,655 25,456 106,111 230,785 38,144 268,929 10:39 134,375 28,911 AM 163,286 - Notes RICHLAND ) In the case of quoted South African securities London stock exchange prices have been taken where the securities are held in the United Kingdom and Johannesburg stock exchange prices where the securities are held in South Africa - ii Commitments by the company in respect of subscriptions for shares and loan facilities amount to 3,297,000 1967 3,922,000 COM ON iii A subsidiary company has entered into contracts for exploration expenditure to be incurred after 31 March 1968 iv A liability to corporation tax would arise in the event of the realisation of investments v The Stock Exchange value of investments includes 75 per cent 1967-75 per cent of the investment currency premium where applicable which amounts to 4,788,000 PLEAS - 10 Contingent liabilities 1968 1967 000's 2000's For amounts not called on investments 313 360 In respect of guarantees company 102,000 1967 537 449 In respect of underwriting participations 47 25 As acceptors of bills company 1,500 2,397 34 203CP41759 11 Stocks and work in progress have been valued at the lowest of cost net realizable value and replacement price 12 Share capital 1968 ny Authorized 120,000,000 shares of 5s each Issued 97,832,866 shares of 5s each fully paid 30,000,000 24,458,216 Set, Mp aS los 13 Debenture stocks secured Issued by Charter Consolidated Investments Limited formerly The Rhodesia Railways Trust Limited 4 per cent first debenture stock 1978/83 4 per cent second debenture stock 1978/83 1968 000's 500 500 1,000 21 Notes on the accounts march 1968 continued 14 Movements on reserves during the year Balances at 31 March 1967 Add SHARE PREMIUM ACCOUNT GROUP 000's 11,996 Appropriated from profits Exchange surpluses due to devaluation note 15 Loss on sale of subsidiary company Surplus realized on sales of investments by holding subsidiaries less United Kingdom tax thereon Surplus on realization of shares in connection with group transactions in previous years Surplus taxation provisions including overspill relief for 1967 Sundry surpluses and adjustments Deduct Amount written off unquoted investments Investments in exploration companies and exploration expenditure written off 11,996 11,996 OTHER CAPITAL RESERVES GROUP 000's 24,037 INVESTMENT AND EXPLORATION RESERVE GROUP 000's 10,863 25 1,272 272 1,000 7,340 457 36 32,366 32,366 269 11,675 574 360 10,741 ELCTRONIAY UNAPPROPRIATED FILED PROFITS - GROUP 000's 43,518 COMPANY 000's 2023 1,621 Oct 2,181 18 1,450 510 10:39 63 AM - RICHLAND 2,198 - 1,568 50,038 171 COMON PLEAS PLEAS - 50,038 171 Balances at 31 March 1968 44,362 60,779 171 203CP4 1759 15 Assets and liabilities in commonwealth and foreign currencies have been converted into sterling at the rates of exchange ruling on 31 March 1968. The resulting increase in the group's net assets following the devaluation of sterling on 18 November 1967 has been credited to reserves 16 Exchange control The transfer of assets held by the group in Rhodesia and from the Republic of South Africa would be subject to restriction under the exchange control regulations of those countries 17 A list of the major subsidiary companies interests of ten per cent or more in quoted companies and other principal investments are included on pages 33 to 35 22 ELECTRONICAL Y ELCTRONIAY Other information TURNOVER FILED The following is the proportion of the turnover shown in note 2 and the amount of profit attributable to each different class of business undertaken - by the group's United Kingdom manufacturing subsidiaries 2023 PROPORTION CONTRIBUTION Oct OF TURNOVER TO GROUP PROFIT BEFORE TAXATION 18 % Railway track fastenings galvanizing etc. 33 336,000 10:39 Heaters and heating equipment 53 349,000 AM Components for the television and - telecommunications industries 14 70,000 RICHLAND 100 755,000 - COM ON EXPORTS The aggregate value of goods exported by the group's United Kingdom manufacturing subsidiaries during the year totalled 523,168 PLEAS - NUMBER AND REMUNERATION OF EMPLOYEES The average number of employees per week of the company and its subsidiaries working wholly or mainly in the United Kingdom was 1,833 during the year The aggregate amount of the remuneration paid to employees working wholly or mainly in the United Kingdom during the year was 2,121,375 203CP41759 23 ELCTRONIAY CHARTER CONSOLIDATED LIMITED AND SUBSIDIARY COMPANIES 1966-8 FILED Three year financial record 1966-8 - EARNINGS Income Investment income Profits on realization of investments Interest received Trading profit and sundry revenue EXPENSES Administration Interest paid 1966 000's 000's 8,717 1,200 1,338 518 1,216 122 11,773 1,338 1967 000's 000's 8,218 1,619 889 834 1,135 112 11,560 1,247 1968 2023 000's 000's Oct 18 8,972 2,253 748 871 10:39 AM - 12,844 RICHLAND 1,283 209 1,492 - PROFIT BEFORE TAXATION Taxation GROUP NET PROFIT Allocation of profit Dividends paid Retained * Dividends paid in 1966 shown net thereafter gross Dividends per ordinary share Charged against investment and exploration reserve CAPITAL EMPLOYED Net assets Fixed assets Investments at book value Net Current assets 10,435 2,656 7,779 4,784 2,995 10,313 1,576 8,737 5,707 3,030 11,352 1,649 9,703 COMON PLEAS 6,522 PLEAS 3,181 - 1s 4d 1s 2d 1s 4d 1,890 1,772 934 203CP41759 155,688 2,030 92,326 163,286 2,664 106,111 268,929 3,015 123,723 15,163 7,177 3,986 Minority interest Share capital etc Capital Capital reserves Revenue reserves Debenture stocks Investment grants 109,519 145 109,374 24,431 32,442 51,406 1,095 109,374 115,952 80 115,872 24,458 36,033 54,381 1,000 115,872 130,724 87 130,637 24,458 44,362 60,779 1,000 38 130,637 Market value and directors valuation of investments 24 Review of activities during the year ELCTRONIAY FILED - 2023 Oct 18 Income from investments amounted to 8,972,000 and was 754,000 higher than 10:39 AM last year Part of this increase was due to the devaluation of sterling in November 1967 which had the effect of increasing by 16 per cent the value of - overseas dividends received after that date in terms of United Kingdom sterling RICHLAND The increase also reflects the fact that Charter was more fully invested and as a result although interest rates have been generally higher the net amount received from interest was lower - Substantial changes were made in investments to bring more overseas holdings COM ON up to 100 per cent of the equity of the companies concerned in order to qualify for double tax relief in respect of underlying taxes suffered abroad This limitation was introduced by the government with the corporation tax system PLEAS Details of holdings of 10 per cent or more of the equity in quoted overseas companies are included in the list of principal interests given on page 34 of this - report A number of holdings not large enough to qualify for double tax relief CASE were disposed of including those in Johannesburg Consolidated Investment Company Limited Orange Free State Investment Trust Limited West Rand Investment Trust Limited Western Holdings Limited and also Consolidated 2023CP40 1759 Gold Fields Limited Charter's holdings in Rhokana Corporation Limited 203CP401759 Nehanga Consolidated Copper Mines Limited and Mufulira Copper Mines Limited were replaced by additional shares in Zambian Anglo American Limited 203CP401759 Advantage was taken of favourable stock market conditions to realize investments of substantial value and at the same time to carry out an extensive programme of rationalization and concentration of those remaining into a smaller number of holdings These operations resulted in profits of 2.2 million accruing to companies classified as sharedealers for tax purposes and have accordingly been credited to the profit and loss account In addition capital profits of 7.3 million after tax accrued to holding companies and this has been added to capital reserves These figures are considerably higher than the comparable figures for the two previous years In addition to qualifying for a greater measure of double tax relief by more of our holdings amounting to 10 per cent the tax burden has also been mitigated through a greater proportion of our income being in the form of dividends from United Kingdom companies and thus franked 25 25 ELECTRONICALLY ELCTRONIAY The consolidated profit before tax for the year was 11.3 million and the tax charge 1.6 million This left 9.7 million compared with 8.7 million last year to which was added special recurring tax relief under the FILED transitional provisions of the Finance Act 1965 of 1,279,000 In addition to investments in associated companies considerable funds are - 2023 employed in investments of a portfolio nature with a wide spread of interests and a high degree of marketability These investments have appreciated substantially in line with the general rise in stock exchange particularly Oct so far as North American securities are concerned on account of sterling 18 10:39 devaluation and the rise in the investment dollar premium Although the division between portfolio and portfolio must to some extent be arbitrary the total book value of investments regarded as portfolio was 29 million at the AM end of the year and the market value 45 million including North American - securities having a book value of 15 million and a market value of 22 million RICHLAND Important investments were made during the year in particular in the Mauritanian copper mining company Soci^'t^M'ini^rede Mauritanie SOMIMA Engelhard Hanovia Ferranti Limited Highveld Steel and Vanadium Corporation - Limited Covenant Industries Limited and in Malayan tin companies A number of the new enterprises in which Charter has recently invested have not yet reached the dividend paying stage but it is expected that increasing revenue COMON will be received from them in due course PLEAS PLEAS United Kingdom - Charter has joined with Imperial Chemical Industries Limited to establish a major potash mine near Staithes in north Yorkshire and has a 50 per cent interest in the operating company Cleveland Potash Limited 203CP41759 Detailed drilling seismic surveys and development studies have already indicated onshore ore reserves of potash to sustain an annual output of between 1 million and 1 million tons of potash products from the early sufficient to meet 203CP401759 the full requirements of the United Kingdom which are at present imported and to provide a substantial surplus for export The ore grade is high being comparable with that of the Saskatchewan mines in Canada and on present values an annual output of one million tons would improve the United Kingdom balance of payments by about 14 million a year In November 1967 Charter acquired 500,000 shares in Ferranti Limited at a cost of 2.78 million This holding is equivalent to 12 per cent of the issued ordinary capital of Ferranti Anmercosa Sales Limited which has now been appointed sales agent for SOMIMA has had a successful year in spite of the many difficulties which have beset the various branches of the metal trade A subsidiary company Anmercosa Sales Italia S.p.A. has been formed to handle selling operations in Italy The serious disturbances which affected the copper market during the past year and in particular the long strike in the United States created very active 26 ELECTRONICALLY EFLICTRLONEIADY FILED - 2023 Oct 18 10 RICHLAND RICHLAND RICHLAND C Subsurface geochemical sampling in the Kalgoorlie area of Western Australia 22 trading conditions in this metal Consequently The Anglo Chemical & Ore Co. Limited maintained a high level of business throughout the year A trading company Anamet Inc. has been formed in New York by Charter and Anglo American Corporation of South Africa North America Limited to operate in the North American market in close association with Anglo Chemical On 1 February 1968 A. & P. Steven Limited the lift manufacturing company previously wholly owned within the group merged with E. Pollard & Co. Limited a larger lift manufacturing organization in which Charter has acquired 600,000 ordinary shares equivalent to 25 per cent of the issued share capital In spite of difficult trading conditions the manufacturing subsidiaries Elastic Rail Spike Company Limited Heatrae Limited and Rathdown Industries Limited increased their profits by 5 per cent over the previous year In January 1968 Heatrae which has been identified hitherto almost entirely with electrical products introduced to the United Kingdom market the first central heating boiler specifically designed to burn natural gas The reception of this new product has been most encouraging Europe In July 1967 Charter bought an additional large block of shares in Beralt Tin and Wolfram Limited which mines the most important wolfram and tin deposit in Portugal bringing its holding in that company's issued capital up to 41 per cent The high wolfram prices which prevailed during 1967 enabled the company to earn a profit before taxation of 1,097,000 a figure only once previously exceeded and to declare dividends totalling 7s per unit of stock Beralt with the assistance of Charter is pursuing an active prospecting programme in Portugal Charter has recently taken up a 40 per cent interest in a French company Soci^'t^'Mini^red'Anglade which has been formed by Omnimines of the Banque de Paris et des Pays group Compagnie M^'tallurgiqueet Mini^re and Bureau de Recherches G^'ologiqueset Mini^resto exploit a scheelite deposit near Salau in the French Pyrenees On present indicated reserves the estimated annual mining rate of 75,000 tons of ore to produce 870 tons of tungsten oxide in concentrates will give a mine life of nine years It is planned that production will start in the middle of 1970. A satisfactory long term sales contract for a substantial proportion of the company's production has already been arranged North America Charter holds an interest of 24.4 per cent in Anglo American Corporation of Canada Limited AMCAN whose consolidated net income for 1967 amounted to 3,906,359 which did not include exceptional capital gains of 1,340,659 realized on the sale of investment holdings out of which dividends totalling 3,161,080 were paid Since the enlargement of the company was not EFLILCETDRONICALY FILED - 2023 Oct 18 10:39 AM - RIC-HLAND COMON PLEAS PLEAS - 203CP41759 ELCTRONIAY completed until the second half of 1966 no meaningful comparison can be made with the previous year's results In June 1967 Charter's holding of shares in McIntyre Porcupine Mines Limited FILED was sold simultaneously with AMCAN's holding in that company This sale by AMCAN resulted in a considerable increase in its cash resources - AMCAN's major asset continued to be its holding of approximately 25 per cent 2023 Oct of the shares of Hudson Bay Mining and Smelting Co. Limited which company in 1967 had net earnings per share of 5.93 compared with 6.93 in 1966 For the first quarter of 1968 Hudson Bay Mining had net earnings of 1.97 18 per share compared with 1.37 the previous year 10:39 AM During 1967 Hudson Bay Mining took a 60 per cent interest in Hudcana Development Corporation Limited a new company formed to acquire the - non and non interests of Francana Oil and Gas Limited The most RICHLAND important of these interests was an 85 per cent holding in Sylvite of Canada Limited which owns the sylvite potash property near Rocanville Saskatchewan to be brought into production by 1971 at an annual rate of one million tons of potash - product Hudcana also holds a 60 per cent interest in Francana Minerals Limited COM ON formed in 1967 to develop sodium sulphate deposits near Cabri Saskatchewan Apart from its indirect interest in these companies through Hudson Bay Mining AMCAN holds 10 per cent of Hudcana Development and 40 per cent of PLEAS Francana Development Limited which owns the remaining 30 per cent of Hudcana Development The remaining 60 per cent of Francana Development - is held by Cr^'ditFoncier Canadien AMCAN acquired in early 1968 a 10 per cent interest in Agnew Lake Mines Limited from Quebec Mattagami Minerals Limited in terms of an agreement which commits AMCAN to guaranteeing 20 per cent of the financing required 203CP41759 to bring the Agnew Lake uranium property to production by 1971. The estimated capital cost of this enterprise is 33 million Preliminary estimates of Agnew Lake's ore reserves total some 7.75 million tons averaging 1.8 lb. uranium oxide per ton The arrangements referred to in last year's report for the acquisition of a substantial minority holding in Engelhard Hanovia by the Charter and Anglo American Corporation groups have been completed Engelhard Industries merged with Minerals and Chemicals Philipps Corporation during the year to form Engelhard Minerals and Chemicals in which Engelhard Hanovia holds some 42 per cent The after tax profits for the year ended 31 December 1967 for the combined company amounted to US 28,231,000 The merger brought together two companies which were closely associated in the past and whose operations are broadly complementary Since the end of the year arrangements have been made with Selco Holdings Limited a subsidiary of Selection Trust Limited for the purchase of their holding of Western Decalta Petroleum Limited shares thus increasing Charter's investment in the equity of Western Decalta from 30 per cent to 45 per cent 29 Africa ZAMBIA Charter has rationalized its interests in the Zambian copper mining industry by selling its holdings in a number of mining companies to Zambian Anglo American Limited for a cash consideration of 3,525,139 which was then used to subscribe for 1,379,027 shares in Zambian Anglo American The effect of these transactions was to replace holdings which individually were not large enough to qualify for double taxation relief by additional shares in Zambian Anglo American which together with the substantial interest already held would be eligible for this relief MAURITANIA Negotiations were concluded during the year for raising the necessary finance to bring into production the copper deposit at Akjoujt in Mauritania Charter and associates will have a 44.6 per cent interest in the operating company Soci^'t^'Mini^rede Mauritanie SOMIMA the equity capital of which will be 23 million The balance of expenditure will be financed by loans which have been arranged amounting to some 35 million Of this 16.55 million will be provided by International Finance Corporation a division of the World Bank group for whom its total participation amounting to 20 million including 15 per cent of the equity will represent the largest single investment it has ever made European Investment Bank will subscribe 11 million and the balance will be made available by Cr^'dit Lyonnais and Banque Internationale pour P'Afrique Occidentale The other shareholders in soMIMA are the government of the Islamic Republic of Mauritania with 22 per cent and a French group having a total of 18.4 per cent composed of Soci^'t^'Mini^reet M^'tallurgiquede Penarroya Bureau de Recherches G^'ologiqueset Mini^resBanque de Paris et des Pays and Compagnie Financi^repour l'Outre The deposit has estimated reserves of 7.7 million tons of oxide ore with an average grade of 2.7 per cent copper overlying 15 million tons of sulphide ore with an average grade of 1.7 per cent copper Mining will be by opencast methods and production which is planned to begin by 1970 will be at an annual rate of approximately 25,000 tons of copper in concentrates The oxide ore will be treated by the TORCO treatment of refractory copper ores patented process which has been developed by the Anglo American Corporation group An Establishment Convention has been signed between SOMIMA and the government of the Islamic Republic of Mauritania defining the terms under which somIMA will exploit the deposit a management agreement has been drawn up between SOMIMA and Charter France a subsidiary of Charter and as reported at the bottom of page 26 a metal sales agreement has been signed with Anmercosa Sales ELECTRONICALY ELCTRONICALY ELECTRONICALY FILED - 2023 Oct 18 10:39 AM - RIC-HLAND COMON PLEAS - 203CP41759 ELCTRONIAY == nin he 2 aa FILED eat ee .en i . tease <<" ee " -_- est c - ~ ae ~- acd a - 2023 Oct 18 10:39 AM - RIC-HLAND Nouakchott the capital of Mauritania where Charter is heading a consortium formed to develop the Akjoujt copper deposit COMON PLEAS Engineering design work is well advanced and construction activity on site will increase during 1968 and 1969 - GENERAL Charter and associates own half the shares of Covenant Industries Limited a CASE company formed for the purpose of developing trade and industry in chemical 2023CP4001759 and allied products in eastern central and western Africa Imperial Chemical Industries owns the other half of the shares Covenant Industries has wholly owned trading subsidiaries in east Africa and Nigeria and in 203CP41759 partnership with Albatros Superfosfaatfabrieken N.V. a leading Dutch fertilizer company and the Development Finance Company of Kenya is establishing a factory at Mombasa to manufacture nitrogenous fertilizers from imported ammonia The major proportion of the cost of the project will be financed by export credits and bank loans Covenant Industries is also participating in a project with Industrial Development Corporation of Zambia and African Explosives and Chemical Industries Limited to manufacture explosives in Zambia to supply the needs of that country's copper mining industry Malaysia Charter has a 26 per cent shareholding in Tronoh Mines Limited which with its subsidiary companies produced 1,265 tons of tin in concentrates during 1967 compared with 1,530 tons the previous year This reduction followed the phased transfer of certain dredges from depleted to new mining areas Work continued on the new Bidor composite area jointly owned by Tronoh Mines and Charter which should have its full complement of four dredges by the beginning of 1969. In another new area the Ayer Kuning section of Tronoh the first dredge is already in production and work is going ahead on a second dredge which should come into operation about the middle of next year Other producing companies administered by Associated Mines Malaya Sendirian Berhad a management company owned jointly by Charter and the Tronoh group include Sungei Besi Mines Limited Ayer Hitam Tin Dredging Limited and Sungei Way Dredging Berhad Sungei Besi has recently acquired the assets of a small operating mine Abdul Aziz Shah Mining Sendirian Berhad adjacent to its own property and a detailed review of the mining potential of the combined lease areas of Sungei Besi is being undertaken At Ayer Hitam following final modifications to a third dredge production after improving significantly has unfortunately been curtailed on account of damage to no 2 dredge by a face fall The financial results of the group as a whole were affected by rising costs reduction in output and a lower price for tin A number of companies are involved in substantial capital expenditure programmes which should result in increasing production and profits during 1969 In conjunction with Jardine Waugh and Muda Development Corporation Charter has promoted a small opencast mining operation in Kedah and is also prospecting in that state Australasia On its own account and in association with other mining companies Charter continues its prospecting activities which include drilling for gold at Kalgoorlie and in the Victoria gold fields and base metals exploration in the Fraser Range A number of new ventures have been taken up during the year amongst which are prospecting for nickel in the Kalgoorlie area for uranium in Western Australia and for tin and base metals in north Tasmania An exploration programme is also being undertaken in Fiji Charter Consolidated Investments Australia Limited a wholly owned subsidiary of Charter has a 30 per cent interest in International Pacific Corporation Limited a merchant bank established in Australia by Charter N. M. Rothschild & Sons and the Sydney stockbroking firm Hordern Utz and Bode The new company has an issued capital of 750,000 ELCTRONICALY FILED - 2023 Oct 18 10:39 AM - RIC-HLAND COMON PLEAS - 203CP41759 33 Group subsidiary companies ELCTRONIAY FILED In the opinion of the directors the number of Charter's subsidiary companies at 31 March 1968 is such that a complete list would not only be excessively long but also would - neither be meaningful nor accurately reflect the relative importance of such companies 2023 Accordingly the list below is confined to the major companies of the group and includes all those whose activities materially affected the profit or assets of the Charter group during the year Each of these companies is wholly owned except where otherwise stated and all the shares or Oct stock held are either unclassified or classified as ordinary 18 COMPANY AND COUNTRY OF INCORPORATION England The British South Africa Company The British South Africa Company Investments Limited 10:39 PRINCIPAL ACTIVITY investment holding AM - investment dealing Central Mining Finance Limited investment dealing The Central Mining & Investment Corporation Limited Centramic Properties Limited % Centramic U.K. Limited RICHLAND investment holding property development - industrial holding Charter Consolidated Investments Limited formerly The Rhodesia Railways Trust Limited Charter Consolidated Services Limited A. Moir & Co. Limited COM ON investment holding provision of services provision of services Elastic Rail Spike Company Limited Heatrae Limited Rathdown Industries Limited Australia Charter Consolidated Investments Australia Limited Charter Consolidated Prospecting Australia Limited Bermuda Greenpoint Company Limited PLEAS manufacture of railway track fastenings manufacture of heaters - and heating equipment manufacture of components for the television and telecommunications industries 203CP41759 investment holding prospecting investment holding Canada Interlink Investments Limited investment holding France Charter France provision of services Luxemburg Charter European Holdings investment holding Malaysia Charter Consolidated Malaysia Sendirian Berhad investment holding South Africa Centramic South Africa Limited The Consolidated Mines Selection Johannesburg Limited Equinox Investments Limited Swaziland Swaziland Collieries Limited 63.4 investment dealing investment holding investment holding coal mining * Shares in these companies are held directly by Charter Consolidated the shares in the remaining companies are held through subsidiaries Principal interests of the group at 31 march 1968 Interests of ten per cent or more in quoted companies COMPANY AND COUNTRY OF INCORPORATION GROUP INTEREST APPROX IN EQUITY CAPITAL England Beralt Tin and Wolfram Limited The Cape Asbestos Company Limited Pillar Holdings Limited E. Pollard & Co. Limited Selection Trust Limited Tronoh Mines Limited Canada Western Decalta Petroleum Limited South Africa Anglo American Corporation of South Africa Limited Blyvooruitzicht Gold Mining Company Limited Harmony Gold Mining Company Limited Hume Limited 30 10 10 10 15 Northern Lime Company Limited Pretoria Portland Cement Company Limited Rand Mines Limited South African Coal Estates Witbank Limited Transvaal Consolidated Land and Exploration Company Limited Union Corporation Limited Witbank Colliery Limited Zambia Zambian Anglo American Limited 12 10 16 10 23 10 21 PRINCIPAL ACTIVITY wolfram mining mining and manufacture of asbestos aluminium fabrication lift manufacture mining finance tin mining oil production mining finance gold mining gold mining manufacture of steel and concrete pipes lime quarrying cement manufacture mining finance coal mining mining finance mining finance coal mining copper mining Other principal investments QUOTED England The Rio Tinto Corporation Limited The Shell Transport and Trading Company Limited France mining finance production refining and distribution of oil Soci^'t^M'ini^reet M^'tallurgiquede Penarroya Switzerland Soci^'t^'Internationale Pirelli mining finance and metallurgy investment holding Charter's percentage interest in Rio Tinto was reduced during the year through the issue by Rio Tinto of new shares for Borax Holdings Limited and Capper Pass & Son Limited ELCTRONIALY ELECTRONICALLY FILED - 2023 Oct 18 10:39 AM - RIC-HLAND COMON PLEAS - 203CP41759 34 COMPANY AND COUNTRY OF INCORPORATION South Africa Anglo American Investment Trust Limited De Beers Consolidated Mines Limited Rand Selection Corporation Limited Western Deep Levels Limited UNQUOTED England The Anglo Chemical & Ore Co. Limited Anmercosa Sales Limited Barlow Myers Limited Covenant Industries Limited Ferranti Limited Lancashire Tar Distillers Limited Werff Bros Limited Australia International Pacific Corporation Limited Canada Anglo American Corporation of Canada Limited Malaysia Associated Mines Malaya Sendirian Berhad Bidor Malaya Tin Limited Mauritania Soci^'t^M'ini^rede Mauritanie Rhodesia Anglo American Corporation Rhodesia Limited South Africa The Argus Printing and Publishing Company Limited Boart and Hard Metal Products S.A. Limited Brakspruit Platinum Pty Limited Euranglo Pty Limited Highveld Steel and Vanadium Corporation Limited R.M.B. Alloys Pty Limited Merriespruit Investments Pty Limited United States Engelhard Hanovia Inc. Zambia National Milling Company Limited Zambian government housing -Kariba electric scheme ELCTRONIAY FILED - PRINCIPAL ACTIVITY 2023 Oct diamond mining diamond mining 18 mining finance gold mining 10:39 AM - dealing in metals RICHLAND selling of metals selling of hydraulic lifting equipment manufacture of chemicals - manufacture of electrical and COM ON electronic equipment tar distilling retail fashion trading merchant banking PLEAS - mining finance mine management tin mining 203CP41759 copper mining industrial finance printing and publishing manufacture of diamond drilling tools platinum mining investment holding steel manufacture ferro alloy manufacture gold mining manufacture of precious metal and chemical products flour milling 35 Analysis of net assets and investment income Geographical analysis UNITED KINGDOM CONTINENTAL EUROPE CANADA UNITED STATES SOUTH AFRICA ZAMBIA REST OF AFRICA MALAYSIA AUSTRALIA VALUATION 1968 000's 40,911 5,345 23,374 39,702 101,576 17,535 12,967 3,898 23,621 1967 000's 21,294 3,385 17,584 25,633 62,743 13,847 7,647 3,492 7,661 268,929 163,286 PER CENT OF NET ASSETS 1968 1967 15.2 2.0 8.6 15.5 37.4 6.4 4.8 1.4 8.7 100.0 15.6 2.0 10.3 16.0 37.5 7.6 4.5 2.0 4.5 100.0 PER CENT OF INVESTMENT INCOME 1968 1967 19.8 1.1 6.0 8.2 37.4 20.0 2.5 0.4 4.6 100.0 8.0 1.1 4.6 6.3 42.3 26.8 6.3 2.5 2.1 100.0 Investment category FINANCE DIAMONDS GOLD TIN COPPER AND OTHER INDUSTRIAL COMMERCIAL OIL ETC. LONG TERM LOANS FIXED ASSETS LESS MINORITY INTERESTS AND DEBENTURE STOCKS NET CURRENT ASSETS VALUATION 1968 000's 145,895 10,653 9,900 5,289 16,275 1967 000's 72,980 6,494 8,214 3,757 13,252 76,975 3,942 268,929 55,086 3,503 163,286 1,928 3,986 274,843 1,584 7,177 172,047 PER CENT OF NET ASSETS 1968 1967 53.1 3.9 3.6 1.9 5.9 42.4 3.8 4.8 2.3 7.7 28.0 1.4 97.8 31.9 2.0 94.9 0.7 1.5 100.0 0.9 4.2 100.0 PER CENT OF INVESTMENT INCOME 1968 1967 34.2 2.5 10.6 3.2 20.2 32.1 3.9 11.4 0.5 28.0 26.5 2.8 100.0 21.1 3.0 100.0 100.0 100.0 Notes 1. The analysis of assets geographical and by category is based on the stock exchange value of quoted investments and the directors valuation of unquoted investments at 31 March 1968 2. The geographical analysis takes into consideration direct interests and where possible major indirect interests in the areas concerned and is therefore only approximate ELCTRONICALY ELECTRONICAL Y FILED - 2023 Oct 18 10:39 AM - RICH- LAND COMON PLEAS PLEAS - 203CP41759 36 EXTRACT FROM CONDITIONS GOVERNING SHARE WARRANTS TO BEARER 11. No person shall as holder of a Share Warrant be entitled to attend or to exercise any privilege as a Member at a meeting unless he shall three clear normal business days at least the day fixed for the meeting have deposited before i at the Transfer Office of the Company Kent House Station Road Ashford Kent or ii at the offices of Cr^'ditLyonnais S.A. 19 Boulevard des Italiens Paris 2e and Messrs de Rothschild Freres 21 rue Laffitte Paris 9e the Share Warrant in respect of which he claims to act as aforesaid and unless the Warrant shall remain so deposited until the close of the meeting and any adjournment thereof The Directors may in lieu of the deposit of a Share Warrant as aforesaid accept the deposit of a Certificate of an Authorised Depositary as defined by the Exchange Control Act 1947 or of some Banker or other person to be approved of by the Directors to the effect that the Warrant has been deposited with him and an undertaking by such Authorised Depositary Banker or other person that he will not surrender the possession of such Warrant except against the return to him of such Certificate of Deposit and Undertaking Every such Certificate of Deposit and Undertaking shall specify the number of the Share Warrant so deposited the name and address of the person so depositing the same and the number of shares represented by such Warrant and the lodgement of such Certificate of Deposit and Undertaking shall if accepted by the Directors be for all the purposes of these conditions equivalent to the deposit of the Share Warrant to which it relates 12. The Company shall deliver to the person so depositing a Share Warrant or Certificate of Deposit and Undertaking a certificate stating his name and address and the number of shares represented by the relative Warrant and such certificate shall entitle him to attend and vote in person or by proxy at a meeting in respect of the shares specified therein in the same manner and subject to the same provisions and restrictions as if he were a registered member provided that no form of proxy deposited with the Company shall be effective unless the relative certificate is deposited therewith and remains so deposited until after the meeting at which such form of proxy is used Upon surrender of such certificate to the Company the Warrant or Certificate of Deposit in respect whereof it shall have been given shall be returned EXTRAIT DES CONDITIONS REGISSANT LES CERTIFICATS D'ACTIONS AU PORTEUR 11. Aucun d^'tenteurde certificat d'actions au porteur ne sera admis ^ assister ^ une Assembl^'e G^'n^'ralo eu ^ y exercer ses droits d'associ^'s'il n'a pas trois jours ouvrables francs au moins avant la date de cette Assembl^'ed^'pos^' ( Au Bureau des Transferts de la Soci^'t^H' ouse Station Road Ashford Kent ou ii Au Cr^'ditLyonnais 19 boulevard des Italiens Paris 2e ou chez Messieurs de Rothschild Fr^res21 rue Laffitte Paris 9e le certificat d'actions dont il se r^'clameet ^ condition ^'galementque ledit certificat demeure en d^'p^jtusqu'^ la cl^turede l'Assembl^'eG^'n^'ralm e^"meen cas de renvoi de celle Les Administrateurs pourront accepter qu'^ la place du certificat d'actions soit d^'pos^'u ene attestation d^'livr^'pear un D^'positaireAutoris^'tel que d^'finipar la loi de 1947 sur le contr^ledes changes un Banquier ou toute autre personne agr^'^'pear eux Par cette attestation le D^'positaireAutoris^'le Banquier ou toute personne d^'clareraavoir re^ule d^'p^dtu certificat et s'engagera ^ ne s'en dessaisir que contre remise de cette attestation de d^'p^ett d'engagement Chaque attestation de d^'p^ett d'engagement devra mentionner le num^'rodu certificat d'actions d^'pos^l'e nom et l'adresse du d^'posantet le nombre d'actions repr^'sent^'epsar ce certificat S'il est accept^'par les Administrateurs le d^'p^dte cette attestation aura aux termes de ces conditions les m^"meseffets que le d^'p^dtu certificat d'actions qu'il repr^'sente 12. La Soci^'t^d'^'livreraau d^'posantd'un certificat d'actions ou d'une attestation de d^'p^ett d'engagement une formule portant ses nom et adresse et le nombre d'actions repr^'sent^'epsar le certificat correspondant cette formule lui permettra d'assister et de voter en personne ou par mandataire ^ une Assembl^'eG^'n^'rale en vertu des actions qui y sont mentionn^'esde la m^"me mani^reet sous les m^"mesconditions et limitations que s'il ^'taittitulaire de titres nominatifs ^'tantbien entendu qu'aucune procuration d^'pos^'aeupr^sde la Soci^'t^'ne sera valable que si la formule correspondante y est jointe et demeure en d^'p^jtusqu'^ la fin de l'Assembl^'epour laquelle cette procuration a ^'t^'donn^'e Lors de la remise de cette formule ^ la Soci^'t^l''attestation de d^'p^o tu le certificat d'actions en contre duquel il aura ^'t^d'^'livr^s 'era rendu au d^'posant MM les actionnaires sont inform^'squ'ils peuvent se procurer un exemplaire en fran^aisde ce rapport et de l'allocution du Pr^'sidenten s'addressant soit au Secr^'taire CHARTER CONSOLIDATED LIMITED 40 Holborn Viaduct London EC 1 soit au CREDIT LYONNAIS S.A. 19 boulevard des Italiens Paris 2e soit chez BANQUE ROTHSCHILD 21 rue Laffitte Paris 9e Printed by McCorquodale and Company Limited London ELECTRONICALLY ELCTRONIAY FILED - 2023 Oct 18 10:39 AM - RIC-HLAND COMON PLEAS PLEAS - 203CP41759