✨ TrustPower Financial Statements
NEW ZEALAND GAZETTE
No. 100
NOTE 20 : 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. Issues are made periodically 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 year:
| LINE BUSINESS | ENERGY BUSINESS | GENERATION BUSINESS | |
|---|---|---|---|
| Shares | Shares | Shares | |
| Not Yet Allocated Fully Paid Up Ordinary Shares | 452,147 | 24,353 | 380,443 |
| Percentage of Ordinary Shares | 0.35% | 0.02% | 0.29% |
All Shares held by the Plan carry full voting rights.
NOTE 21 : METHODOLOGIES FOR ALLOCATING COSTS, REVENUES, ASSETS AND LIABILITIES
BANK ADVANCES AND SHORT TERM INVESTMENTS:
Allocation based on Net Income After Taxation
CONVERTIBLE NOTES
Allocated based on Fixed Assets
EDP EXPENSES
Allocated on number of computers per Division
DEPRECIATION
Computers - allocated on number of computers
INTEREST EXPENSE
Allocated based on Fixed Assets
TERM LIABILITIES
More detailed analysis has been carried out on the allocation of borrowings based on specific assets financed. As a result, opening balances of term liabilities and retained earnings have been restated based on this new allocation. The reduction in term liabilities for the year has been allocated on the basis of Earnings before interest and taxation.
SHARES ISSUED FROM DIVIDEND REINVESTMENT PLAN
Allocated on profit after tax.
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VUW Te Waharoa —
NZ Gazette 1997, No 100
NZLII —
NZ Gazette 1997, No 100
✨ LLM interpretation of page content
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TrustPower Limited Financial Position Statements
(continued from previous page)
🏭 Trade, Customs & Industry1 August 1997
Financial Statements, Employee Share Ownership Trust, Share Allocation, Cost Allocation Methodologies
- A. L. Carpenter, Director and Trustee of Employee Share Ownership Trust
- J. K. Williams, Chief Executive and Trustee of Employee Share Ownership Trust
- T. M. Thorn, Elected Staff Representative and Trustee of Employee Share Ownership Trust