New Zealand Gazette – 1990 – No. 224

Page 5157

✨ Financial Statements Notes

24 DECEMBER NEW ZEALAND GAZETTE 5157

TELECOM CENTRAL LIMITED AND SUBSIDIARY

NOTES TO THE FINANCIAL STATEMENTS—continued

20 ACQUIRED SUBSIDIARY

As stated in Note 1 (i) Telecom Central Limited acquired with effect from 1 April 1990 the shares and net assets of Telecom Midland Limited. The effect of the acquisition on the assets and liabilities of the Company as at 1 April 1990 was:

Increase in Assets $ Million
Cash, accounts receivable and prepayments ... 95.1
Prepaid taxation ... 4.5
Inventories ... 14.5
Fixed Asset ... 429.1
543.2

Increase in Liabilities and Shareholders’ Funds

Accounts payable and accruals ... 45.9
Proposed dividends ... 24.4
Deferred tax provision ... 1.7
Pre-acquisition retained earnings ... 12.2
84.2
459.0

The purchase price was $373.8 million for those net assets purchased and $85.2 million for the ordinary and preference shares acquired, with settlement to be in cash, funded by debt and shares.

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VUW Te Waharoa — NZ Gazette 1990, No 224

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✨ LLM interpretation of page content

🏭 Telecom Central Limited Financial Statements Notes (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated24 December 1990
KeywordsFinancial Statements, Acquired Subsidiary, Assets, Liabilities, Purchase Price

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