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CAPITAL GAINS TAX

The market values of the Company’s shares and loan stock for capital gains tax purposes were as follows:

On 6 April 1965

Ordinary shares adjusted for sub-division and the following capitalisation issue

January 1967 – Ordinary shares  
January 1972 – Ordinary shares  
January 1979 – 10% Cumulative Preference shares of £1   6.093p
£1 of 6½% Unsecured Loan Stock 1991/1996 68.75p

The above-stated values of the Ordinary shares require adjustment where Ordinary shareholders exercised their options to receive scrip dividends in August 1974 and/or January 1975; in such cases shareholders are recommended to consult their professional advisers as to the adjustment necessary.

On 31 March 1982

Ordinary shares 60.60p
£1 of 6½% Unsecured Loan Stock 1991/1996 49.25p



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