New Zealand Gazette – 1998 – No. 146

Page 3529

✨ Financial Statements Notes



16 SEPTEMBER NEW ZEALAND GAZETTE 3529

TRUSTPOWER LIMITED AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 1998

NOTE 8 : CONVERTIBLE NOTES

LINE BUSINESS $'000 ENERGY BUSINESS $'000 GENERATION BUSINESS $'000
$1.10 (face value) Convertible notes
Balance at beginning of year 36,012,852 notes 22,113 454 17,047
(a) Notes redeemed (1,604) (16) (1,020)
(b) Notes converted (2) - (2)
Balance at end of year 33,609,612 convertible notes 20,507 438 16,025

| $2.00 (face value) Convertible notes |
| Balance at beginning of year | - | - | - |
| Issued pursuant to acquisition | 21,562 | 218 | 13,711 |
| Balance at end of year 14,975,000 convertible notes | 21,562 | 218 | 13,711 |

| Total convertible notes | 42,069 | 656 | 29,736 |

$1.10 (face value) Notes

(a) 2,400,000 notes were redeemed for cash (refer note 6)

(b) 3,240 notes were converted to ordinary shares (refer note 6)

The convertible notes mature on 31 March 2000 (interest is payable quarterly in advance), have a face value of $1.10 per note and can be converted to ordinary shares on a one for one basis or may be redeemed for cash of up to $1.50 per note under certain circumstances.

For every 100 convertible notes issued there is attached one redeemable preference share. The redeemable preference share carries voting rights equal to the conversion rights on the attached 100 convertible notes. Interest payable on 32,859,612 notes has been fixed at 9.25% until 1 April 1999 and is set at 9.45% until 1 April 1999 on the remaining notes.

$2.00 (face value) Notes

As part of the consideration for the acquisition of Tauranga Electricity Limited and Kaimai Hydropower Limited 14,975,000 convertible notes were issued at a value of $2.37 per note.

The convertible notes mature on 31 October 2007 (interest is payable quarterly in arrears), have a face value of $2.00 per note and can be converted to ordinary shares on a one for one basis or may be redeemed for cash at face value prior to 31 October 2000.

For every 1,000 convertible notes issued there is attached one voting debenture with a face value of $0.01 per debenture. The voting debenture carries voting rights equal to the conversion rights on the attached 1,000 convertible notes. The voting debentures have no rights to income or capital. Interest payable on the 14,975,000 convertible notes has been fixed at 11.0% until 31 October 2002.



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🏭 Notes to the Financial Statements for TrustPower Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Convertible Notes, Line Business, Energy Business, Generation Business, TrustPower Limited