✨ Financial Statements
NEW ZEALAND GAZETTE
No. 91
TRUSTPOWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 1995
NOTE 17 : RELATED PARTY TRANSACTIONS
NO RELATED PARTY DEBTS WERE FORGIVEN OR WRITTEN OFF DURING THE PERIOD.
DURING THE PERIOD TO 31 MARCH 1995 MATERIAL TRANSACTIONS TOOK PLACE WITH THE FOLLOWING RELATED PARTIES:
TAURANGA JOINT GENERATION COMMITTEE (KAIMAI HYDROPOWER)
TRUSTPOWER LIMITED (ENERGY BUSINESS) HAS A 50% INTEREST IN THE ASSETS OF THIS COMMITTEE WHICH TRADES AS KAIMAI HYDROPOWER. ANY GENERATION SURPLUS IS REBATED ON THE BASIS OF EACH PARTNER'S ANNUAL ENERGY PURCHASES AND IS RECOGNISED AS A DEDUCTION FROM THE COST OF ELECTRICITY PURCHASES FOR THE PERIOD ENDED 31 MARCH 1995 TRUSTPOWER LIMITED WAS ALLOCATED 78.4% OF THE GENERATION SURPLUS.
| TRANSACTIONS: | LINE BUSINESS $'000 | ENERGY BUSINESS $'000 |
|---|---|---|
| NET PURCHASE OF ELECTRICITY | - | 26,848 |
| PROVISION OF SERVICES | - | (117) |
| INTEREST RECEIVED | - | (958) |
| BALANCE OWING AT END OF PERIOD | - | 2,205 |
NOTE 18 : EMPLOYEE SHARE OWNERSHIP TRUST
AN EMPLOYEE SHARE OWNERSHIP TRUST WAS ESTABLISHED BY THE ENERGY COMPANIES (TRUSTPOWER LIMITED) VESTING ORDER 1993.
ALL EMPLOYEES WHO HAVE BEEN WITH THE COMPANY AT LEAST SIX MONTHS HAVE EQUAL ENTITLEMENT TO PARTICIPATE. DURING THE PERIOD AN ISSUE OF 47,600 SHARES WAS MADE EQUALLY TO ALL ELIGIBLE EMPLOYEES FREE OF CHARGE. FUTURE ISSUES WILL BE MADE AT A DISCOUNTED PRICE SET AT THE DISCRETION OF THE TRUSTEES BY REFERENCE TO THE MARKET. THE TRUSTEES ARE ONE DIRECTOR (A.L CARPENTER), THE CHIEF EXECUTIVE (J.K WILLIAMS) AND AN ELECTED STAFF REPRESENTATIVE (T.M THORN).
THE TRUSTEES HAVE NON-BENEFICIAL CONTROL OF THE SHARES NOT YET ALLOCATED. THE TRUSTEES ARE ENTITLED TO EXERCISE THE VOTING RIGHTS OF UNALLOCATED SHARES.
NO FINANCIAL SUPPORT IS PROVIDED TO THE TRUST BY THE COMPANY.
THE EMPLOYEE SHARE OWNERSHIP TRUST HELD THE FOLLOWING ORDINARY SHARES AT THE END OF THE PERIOD:
| MARCH 95 |
|---|
| NUMBER OF SHARES |
| NOT YET ALLOCATED FULLY PAID UP ORDINARY SHARES |
| 833,600 |
| PERCENTAGE OF ORDINARY SHARES |
| 0.8% |
ALL SHARES HELD BY THE PLAN CARRY FULL VOTING RIGHTS.
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VUW Te Waharoa —
NZ Gazette 1995, No 91
NZLII —
NZ Gazette 1995, No 91
✨ LLM interpretation of page content
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TrustPower Limited Financial Performance Statements
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Performance, Operating Leases, Capital Commitments, Contingent Liabilities, TrustPower
- A.L Carpenter (Director), Trustee of Employee Share Ownership Trust
- J.K Williams (Chief Executive), Trustee of Employee Share Ownership Trust
- T.M Thorn (Staff Representative), Trustee of Employee Share Ownership Trust