✨ Financial Statements Notes
2688 NEW ZEALAND GAZETTE No. 104
Notes to and Forming Part of the Financial Statements
For the Year Ended 31 March 1996
16 COMPANY AMALGAMATION
On 1 October 1995 Taranaki Energy Limited was amalgamated into Powerco Limited.
The value of assets and liabilities transferred from Taranaki Energy Limited at amalgamation date were:
| Fixed Assets and Investments | $000 |
|---|---|
| Current Assets | 89,743 |
| Inventory | 1,886 |
| Accounts Receivable | 14,853 |
| Current Liabilities | |
| Short Term Debt | (14,382) |
| Accounts Payable | (7,903) |
| Tax Payable | (1,881) |
| Net Assets Transferred | $82,316 |
These net assets with a book value of $82.316 million were transferred on amalgamation using the pooling of assets method. The business valuation of Taranaki Energy Limited for amalgamation purposes amounted to $118 million for which 30,557,315 ordinary shares of Powerco were issued as consideration.
17 AUDITORS REMUNERATION
Amounts paid or payable to the auditors for:
| 1996 $000 | 1995 $000 | |
|---|---|---|
| Auditing financial statements | 124 | 27 |
| Other services | 52 | - |
| $176 | $27 |
18 DIRECTORS REMUNERATION
| Remuneration paid to directors | 1996 $000 | 1995 $000 |
|---|---|---|
| Retirement allowances | 232 | 132 |
| 22 | - | |
| $254 | $132 |
17
Next Page →
PDF embedding disabled (Crown copyright)
View this page online at:
VUW Te Waharoa —
NZ Gazette 1996, No 104
NZLII —
NZ Gazette 1996, No 104
✨ LLM interpretation of page content
💰
Notes to and Forming Part of the Financial Statements for the Year Ended 31 March 1996
(continued from previous page)
💰 Finance & RevenueCompany Amalgamation, Audit Remuneration, Directors Remuneration, Financial Statements