Financial Statements




NEW ZEALAND GAZETTE

No. 165

TRANSALTA NEW ZEALAND LIMITED

Notes to and forming part of the Financial Statements (Continued)

For the Year Ended 31 March 1998


Note 15 Non-Current Liabilities

Bonds

Bonds were issued under a Trust Deed between the company and The New Zealand Guardian Trust Company Limited as trustee. The Bonds constitute unsecured, unsubordinated, fixed interest securities of the parent company at a face value of $1.00 each. The Bonds were issued on 1 October 1996 in two tranches of $110,843,725 each, maturing on 1 October 2003 and 1 October 2006. The interest rates on the Bonds are 8.81% and 8.86% respectively, payable semi-annually in arrears on 1 April and 1 October each year, beginning 1 April 1997. The company may, at any time, purchase Bonds for its own account, which may be cancelled or reissued. The company did not repurchase or cancel Bonds in the period to 31 March 1998, (31 March 1997 $6,474,000).

Bondholders have an option to elect early redemption of the Principal Value and accrued and unpaid interest on their Bonds six months before their maturity date. If Bondholders do not elect early redemption the Parent Company has the option, on maturity date, to redeem the Bonds for cash, or to convert the Bonds into ordinary shares. The conversion price will be 95% of the weighted average price of the Parent Company’s ordinary share traded during the 10 business days proceeding maturity date.


Note 16 Events After balance Date

There were no significant events after balance date.


The information disclosed in the 1998 Information Disclosure package issued by TransAlta New Zealand Limited has been prepared solely for the purposes of the Electricity (Information Disclosure) Regulations 1994.

The information should not be used for any other purpose than that intended under the regulations.



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✨ LLM interpretation of page content

🏭 Financial Statements of TransAlta New Zealand Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Bonds, Non-Current Liabilities, Events After Balance Date, Electricity (Information Disclosure) Regulations 1994