✨ Financial Statements Notes




NEW ZEALAND GAZETTE

No. 119

TOP ENERGY LIMITED

SPECIAL PURPOSE FINANCIAL STATEMENTS

NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 MARCH 1997

19. CONTINGENT LIABILITIES

The Company has contingent liabilities, not exceeding $2.75 million at 31 March 1997
(1996: $2.75m), for refundable capital contributions (Line Business).

The Company has entered into an underwriting agreement as from 1 April 1996 with the related company, PowerBuy Group Ltd, to the maximum of $2,519,174 for 5 years, (31 March 1996 $ Nil).

20. ROMALPA CLAUSE

Some inventories are subject to restriction of title (ie Romalpa clauses).

21. EVENTS OCCURRING AFTER BALANCE DATE

On 15 April 1997 Top Energy Ltd gave a guarantee to BNZ of $897,506 on behalf of PowerBuy Ltd, the consortium which purchases bulk energy for Top Energy.

On 30 April 1997 Top Energy Ltd provided guarantees for contracts to a value of NZ$14m. On 28 April 1997, Top Energy Ltd arranged forward exchange contracts to cover payments required to settle these contracts.



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✨ LLM interpretation of page content

🏭 Notes to the Special Purpose Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Contingent Liabilities, Romalpa Clause, Post-Balance Date Events, Guarantees, Forward Exchange Contracts