New Zealand Gazette – 1995 – No. 91

Page 2721

✨ Financial Statements Continuation

NEW ZEALAND GAZETTE

1 SEPTEMBER

2721

POWERCO LIMITED - ENERGY BUSINESS

b Energy Brokers New Zealand Limited
Powerco as a shareholder in Energy Brokers has entered an agreement with the National Bank of NZ Limited to guarantee an arranged overdraft facility. Powerco’s potential liability is limited to a maximum of $40,000 based on its shareholding of 20%. Powerco also has an agreement with the Electricity Corporation of New Zealand Limited (ECNZ) for Energy Brokers Energy Supply Contract 1994/95. Powerco has guaranteed that all Energy Brokers purchase obligations will be met. The four shareholding customers of Energy Brokers have all entered into similar agreements, with Powerco’s liability being 22.7% of the total of any unfulfilled purchase obligation.

14 SIGNIFICANT EVENTS AFTER BALANCE DATE

a Taranaki Energy Proposal
An announcement was made on 26 April 1995 that the Directors of Powerco Limited and Taranaki Energy Limited were discussing forming a closer relationship, possibly involving an amalgamation. The Heads of Agreement for a possible amalgamation have been signed but the amalgamation proposal is subject to shareholder approval.

b Reregistration
Powerco Limited was reregistered under the 1993 Companies Act effective from 15 June 1995.

There were no other significant events after balance date.

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VUW Te Waharoa — NZ Gazette 1995, No 91

NZLII — NZ Gazette 1995, No 91

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✨ LLM interpretation of page content

🏭 Financial Statements for Powerco Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial statements, Energy brokers, Overdraft facility, Shareholding, Liability, Amalgamation, Reregistration

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