✨ Financial Statements
16 SEPTEMBER NEW ZEALAND GAZETTE 3527
TRUSTPOWER LIMITED AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 1998
NOTE 6 : SHARE CAPITAL
| LINE BUSINESS $'000 | ENERGY BUSINESS $'000 | GENERATION BUSINESS $'000 | |
|---|---|---|---|
| Issued and paid up share capital | |||
| Ordinary shares | |||
| Balance at beginning of year | |||
| 129,392,627 issued shares | 49,857 | 3,179 | 40,863 |
| Issue of fully paid up shares | 2,591 | 165 | 2,124 |
| Convertible note redemption premium | (2,333) | (122) | (661) |
| Balance at end of year | |||
| 131,666,167 issued shares | 50,115 | 3,222 | 42,326 |
| Redeemable preference shares | | | |
| Balance at beginning of year | | | |
| 360,040 issued shares | 2 | - | 1 |
| Redemption | - | - | - |
| Balance at end of year | | | |
| 336,096 issued shares | 2 | - | 1 |
| Total issued and paid up capital | 50,117 | 3,222 | 42,327 |
Each redeemable preference share has 100 convertible notes attached to it. The redeemable preference shares have no rights to distribution of revenue or capital. They are redeemable at $0.01 per note upon conversion or redemption of the attached convertible note and carry voting rights equivalent to 100 ordinary shares.
Share capital movements
Pursuant to the constitution 270,300 shares were issued to employees at a price of $2.22 (1997: 247,459 shares issued at a price of $1.97).
Pursuant to a subscription agreement dated 8 March 1994 (as varied) 2,000,000 ordinary shares were issued for cash to Infratil Investments Limited (1997: 664,085).
Convertible notes at a $1.10 face value and a mandatory one for one conversion right matured on 31 December 1997 and accordingly 3,240 ordinary shares were issued.
On 13 June 1997 the company redeemed 2,400,000 $1.10 convertible notes at a premium of $1.30 each. This event occurred before the registration of the company under the Companies Act 1993 and was therefore charged to the share premium reserve. For disclosure purposes the share premium reserve was treated as transferred to share capital as at 31 March 1997.
As a consequence of the introduction of a Dividend Reinvestment Plan (DRP), shares were issued during the 1997 year. The DRP was suspended during the 1998 year.
The convertible notes referred to above were attached to 24,000 redeemable preference shares. These shares were redeemed by a cash payment of $0.01 each.
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VUW Te Waharoa —
NZ Gazette 1998, No 146
NZLII —
NZ Gazette 1998, No 146
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Notes to the Financial Statements for TrustPower Limited
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