in Morris Motors Limited giving in exchange shares in BMC. Holders of the ordinary shares in either Morris or Austin received the same number of new ordinary shares in BMC. Holders of preferred shares, because of the four different classes in Austin's capital received various apportionments of new 5% cumulative preference shares related to their market valuations. If BMC's offer had been accepted in full the capital of BMC would have been £9.2 million in preference shares with £4.8 million in ordinary shares. The effective date for exchange of the shares was to be 31 March 1952. On 10 April 1952 it was announced that sufficient acceptances had been received to satisfy the conditions of the offer of 29 February. The first published balance sheet of BMC, 31 July 1952 showed: Current assets £54.8 million Current liabilities £28.0 million Net current assets £26.8 million Fixed assets £17.5 million Issued capital and reserves £44.3 million On 8 September 1952 the British Motor Corporation advertised that it included: Morris Motors Limited Morris Commercial Cars Limited Nuffield (Australia) Pty Limited Nuffield Exports Limited Nuffield Metal Products Limited Riley Motors Limited The M.G. Car Company Limited The S.U. Carburetter Company Limited Wolseley Motors Limited as well as: The Austin Motor Company Limited Austin Motor Export Corporation Limited The Austin Finance Company Limited Vanden Plas (England) 1923 Limited The Austin Motor Company (Canada) Limited The Austin Motor Company Limited (England) The Austin Motor Company (Australia) Limited The Austin Motor Company (South Africa) (Proprietary) Limited The Austin Motor Company (Rhodesia) Limited Continuing identity The Nuffield Organization and its members retained their individual identities until the formation of British Leyland. See also Nuffield Health Notes References Defunct motor vehicle manufacturers of the United Kingdom Organisations founded by Viscount Nuffield