 It also stated, "That immediately upon the aforesaid reduction of capital taking effect (a) each of the 4,130 issued shares of £5 each (fully paid up), (b) each of the 870 unissued shares of £10 each be divided into 10 shares of £1 each and (c) the capital of the company be increased from £29,350 (resulting from such reduction) to £50,000 by the creation of 20,650 shares of £1 each.