New Zealand Gazette – 1995 – No. 91

Page 2742

✨ Financial Statements Supplement

2742 NEW ZEALAND GAZETTE No. 91

POWER NEW ZEALAND LIMITED

14 CAPITAL COMMITMENTS
At balance date a subsidiary of Power New Zealand Limited, Cardomon Limited had a put and call option agreement with Todd Electricity Securities Limited (Todd) in respect of 25,591,582 shares in EnergyDirect Corporation Limited. Cardomon had a call option and Todd a put option for the shares at a price of $1.65 per share plus holding costs less the after-tax amount of dividends received. The company exercised the option on 28 June 1995 at which time the price of the shares was $1.73 each or $44,273,437 in total (compared with the market price on 28 June 1995 of $1.95 each or $49,903,585 in total). The market price of the shares on 17 August 1995 was $2.20 each or $56,301,480 in total.

15 CONTINGENT LIABILITIES
Performance Bonds totalling $151,174 have been issued on behalf of Power New Zealand Limited to:
i) ensure completion of contract works, and,
ii) meet board obligations under the Stock Exchange listing requirements.

Contingent liabilities exist in relation to on-going disputes which are being defended.

16 EVENTS OCCURRING AFTER BALANCE DATE
The Directors are not aware of any significant event occurring subsequent to balance date which, if known at balance date, would have resulted in a different assessment of the amount attributable to an item in the financial statements.

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VUW Te Waharoa — NZ Gazette 1995, No 91

NZLII — NZ Gazette 1995, No 91

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💰 Notes to and Forming Part of the Financial Statements for the Year Ended 31 March 1995 (continued from previous page)

Domain💰 Finance & Revenue
KeywordsCapital Commitments, Contingent Liabilities, Financial Statements, Shares, Market Price

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