New Zealand Gazette – 1996 – No. 95

Page 2499

✨ Financial Statements

30 AUGUST NEW ZEALAND GAZETTE 2499

WAIPA POWER LIMITED - OTHER BUSINESS

4 SHARE CAPITAL

	1996	1995
	$	$

Authorised, Issued & Paid-up Share Capital
2,000,000 ordinary shares of $1 each 2,000,000 2,000,000

In accordance with the Company’s establishment plan approved by the Minister of Energy, 2,000,000 fully paid ordinary shares of $1 each were issued to the Waipa Power Trust.

5 CAPITALISATION OF ASSETS

The capitalisation of assets reserve was initially created to represent the difference between the net assets taken over by the Company on 1 May 1993 and the par value of fully paid up shares issued to Waipa Power Trust.

	1996	1995
	$	$

Net assets of Te Awamutu and Cambridge
Electric Power Boards taken over on 1 May 1993 4,802,477 5,352,477

Par value of shares issued as fully paid up 2,000,000 2,000,000

Capitalisation of Assets Reserve 2,802,477 3,352,477

6 CORPORATISATION OF WAIPA POWER LIMITED

In accordance with the Energy Companies Act 1992, all activities, assets and liabilities of Cambridge and Te Awamutu Electric Power Boards transferred to the public company, Waipa Power Limited on 1 May 1993.

The shares of Waipa Power Limited are held in trust by Trustees of the Waipa Power Trust.

7 FINANCIAL INSTRUMENTS

Fair Value

The estimated fair value of Waipa Power Limited’s financial instruments at 31 March 1996 are stated in the Statement of Financial Position.

Credit Risk

Waipa Power Limited places its cash and short term deposits with high credit quality financial institutions with a recognised credit rating of A- or better and limits the amount of credit exposure to any one institution, as set forth by the board of directors. While the company may be subject to credit losses up to the contract amounts in the event of non-performance by other parties, it does not expect such losses to occur.

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VUW Te Waharoa — NZ Gazette 1996, No 95

NZLII — NZ Gazette 1996, No 95

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✨ LLM interpretation of page content

🏭 Notes to and Forming Part of the Financial Statements for Waipa Power Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Share Capital, Capitalisation of Assets, Corporatisation, Financial Instruments, Waipa Power Limited

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