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New Zealand Gazette – 1991 – No. 194

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✨ Financial Statements Notes

20 DECEMBER NEW ZEALAND GAZETTE 4017

TELECOM CENTRAL LIMITED AND SUBSIDIARY

NOTES TO THE FINANCIAL STATEMENTS

(CONTINUED)

16 ACQUIRED SUBSIDIARY

As stated in Note 1 (a) 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 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 1991, No 194

NZLII — NZ Gazette 1991, No 194

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✨ LLM interpretation of page content

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

Domain🏭 Trade, Customs & Industry
KeywordsTelecommunications, Financial Statements, Acquired Subsidiary, Assets, Liabilities, Purchase Price

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