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New Zealand Gazette – 1998 – No. 110

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✨ Financial Statements

11 AUGUST NEW ZEALAND GAZETTE 2719

CENTRALPOWER GROUP

Line Business and Electricity Retailing

Notes to and forming part of the Financial Statements (cont.)

For the Year Ended 31 March 1998

10. Financial Instruments (continued)

The Group has provided the following financial guarantees:

A guarantee of Energy Connections Limited’s overdraft facility ($100,000), and short term advances facility ($300,000), with the National Bank of New Zealand Limited.

A guarantee of Energy Brokers New Zealand Limited’s credit facility ($40,000,000) with Westpac Banking Corporation, limited by CentralPower Group’s shareholding of 25.0%.

A guarantee of the energy purchase contract between Energy Brokers New Zealand Limited and Electricity Market Group Limited to the level of the expected share of energy purchases made on behalf of CentralPower Group.

A group banking deed guarantee with the National Bank of New Zealand Limited relating to additional bank accounts operated by the CentralPower Group.

The CentralPower Employee Share Purchase Trust rules release employees from the obligation to repay the balance of any outstanding interest-free loans in respect of shares purchased under the scheme, should CentralPower Group be placed into liquidation.

The company has agreed to indemnify Merrill International (NZ) Limited against all claims and damages relating to the purchase of wind farm equipment from Vestas Danish Wind Technology A/S.

The company has guaranteed the contract between Tararua Wind Power Limited and Vestas Danish Wind Technology A/S for the purchase and installation of wind turbines.

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VUW Te Waharoa — NZ Gazette 1998, No 110

NZLII — NZ Gazette 1998, No 110

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✨ LLM interpretation of page content

🏭 Financial Statements for CentralPower Group (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsElectricity, Financial Statements, Line Business, Retailing, CentralPower Group, Financial Instruments, Credit Risk, Interest Rate, Foreign Exchange, Fair Values, Bank Facilities

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