Cannock and Co., Ltd., a stalwart in the business landscape of Limerick, recently marked its 37th annual general meeting with a sense of accomplishment and optimism. The meeting, held at the company’s headquarters in the heart of Limerick, saw the presence of shareholders, directors, and key figures in the business community. Mr David Tidmarsh, the Chairman, presided over the gathering, reflecting on the company’s journey since its inception in 1877.
In his opening address, Chairman Tidmarsh expressed his satisfaction and congratulated the shareholders on the consistent success that Cannock and Co., Ltd. has achieved over the years. The company’s financial report presented at the meeting revealed a remarkable track record of dividends, with an average annual fraction of eight percent for the past 37 years. Notably, since 1896, the dividends had maintained a uniform rate of nine percent, free of tax burdens.
The financial figures indicated that the company had an impressive £16,669 at its disposal after fulfilling dividend obligations and addressing various accounts, including a reduction in the building and goodwill account by £41,000. This robust financial position left £10,988 to be carried forward to the ensuing year, underscoring the company’s stability and prudent financial management.
Chairman Tidmarsh also shared the board’s contemplation to abolish the call of £1 per share, a move that would directly benefit each of the shareholders. However, he emphasized that any decision in this matter would only be taken after further communication and consultation with the shareholders. This strategic move, if implemented, could further enhance shareholder value and streamline the company’s financial structure.
During the meeting, the directors announced the write-off of £8,000 for building and fixtures, signalling a commitment to maintaining and upgrading Cannock and Co., Ltd.’s infrastructure. This investment in the physical assets of the company is expected to contribute to its long-term sustainability and operational efficiency.
In addition to the financial aspects, the directors discussed future prospects and potential avenues for expansion. The Chairman highlighted the need for continued innovation and adaptation to market dynamics to ensure Cannock and Co., Ltd.’s competitiveness in an ever-evolving business environment.
The meeting also addressed the importance of fostering strong communication channels between the board and shareholders. The commitment to transparency and collabouration was evident in the Chairman’s assurance that major decisions, such as the potential abolition of the £1 call per share, would be subject to thorough discussion and consensus-building.
As Cannock and Co., Ltd. looks towards the future, the company remains a cornerstone of Limerick’s business community, contributing to economic growth and providing value to its shareholders. The resilience and adaptability displayed by the company over the years position it well to face challenges and seize opportunities in the dynamic business landscape.
The 37th annual general meeting concluded on a positive note, leaving shareholders optimistic about the future of Cannock and Co., Ltd. The company’s commitment to financial prudence, strategic decision-making, and shareholder value continues to solidify its standing in the business world. As the sun sets on another successful meeting, Limerick can proudly claim Cannock and Co., Ltd. as a beacon of success in its corporate landscape.
Dublin Daily Express – Thursday 05 March 1914
