✨ Financial Statements
15 SEPTEMBER NEW ZEALAND GAZETTE 2975
BAY OF PLENTY ELECTRICITY LIMITED
Financial Statements for the purposes of
Electricity (Information Disclosure) Regulations 1994
Notes to the Financial Statements
for the 12 months ended 31 March 1997
26 Employee Share Purchase Plan
The Company has established an Employee Share Purchase Plan (The Plan) for the benefit of employees of the Company.
The shares are held by Trustees who, pursuant to the Trust Deed, administer the shares. The Trustee is BOPE Trustee Limited. The price at which shares are issued will be set by the Company from time to time.
On 1 September 1994, 225,000 shares were vested to The Plan in accordance with the Energy Companies Act (Bay of Plenty Electricity Limited) Vesting Order 1994. Voting rights attached to the shares held by the Trustees are to be exercised by the Trustees in the case of a vote poll, on any particular resolution as the Trustees in their discretion think fit. No preference shares are held by The Plan.
All funds received by the Trustees have been deposited with Bay of Plenty Electricity Limited as an advance. Bay of Plenty Electricity Limited has provided no specific security to The Plan for this advance.
| Transactions | Group 1997 | Group 1996 |
|---|---|---|
| $000 | $000 | |
| Opening Balance | 213 | 219 |
| Additional Shares Purchased | - | - |
| or Vested | ||
| 213 | 219 | |
| Sold During the year | (8) | (6) |
| Balance as at 31 March | 205 | 213 |
Funds deposited with Bay of Plenty Electricity Limited | 159 | 67 |
The number of shares allocated to employees at 31 March 1997 is 62,500 (71,500 in 1996) leaving 143,500 unallocated. The 62,500 shares allocated to employees have been paid up to $0.84 and $0.16 remains to be paid. The shares are not subject to put and/or call options.
Control
The Company has the power to appoint Trustees. The Trustees have the power to control the exercise of any right to vote attached to the shares held by the scheme.
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VUW Te Waharoa —
NZ Gazette 1997, No 126
NZLII —
NZ Gazette 1997, No 126
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Financial Statements for Bay of Plenty Electricity Limited
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