South Yorkshire Times, November 3rd, 1951
Stockholders Meet
Report by Mr. George Baker
A meeting of the stockholders of John Baker and Bessemer Limited was held in the Crown Hotel, Rotherham, on Tuesday, when Mr. George Baker O.B.E. presented a report as stockholders’ representative. Mr. Edward Baker, who presided, said at the previous meeting Mr. George Baker was appointed stockholders’ representative to negotiate prices on which the Company’s share should be taken over.
Mr George Baker said “I have agreed with the representatives of the Minister of Supply that sub-section (9), and Sec 15 of the Act applies to all Securities this Company which have vested in the Iron and Steel Corp of Great Britain. The value for compensation purposes of securities to which this sub-section applies is such value as may be agreed between the Minister of Supply and the stockholders’ representatives all, in default of such agreement, as may be determined by arbitration under the Act. I have agreed without recourse to arbitration that the values of such securities for the purpose of compensation are: -6% Cumulative Preference Shares of £1 each 34/-, 4 ½% Cumulative Second Preference Shares of £1 each 21/-, Ordinary Preference Shares of £1 each 60/-.
Mr. George Baker said they had been up against the very low prices of shares on the Sheffield Stock Exchange. “The deciding factor would have been the price on the London Stock Exchange if they had been quoted there. I don’t suggest that this settlement is a good settlement; it is the best we can make of a bad job.” said Mr Baker. Mr. Edward Baker moved a vote of thanks to Mr. George Baker for his report and Mr. S. E. Baker seconded.