New Zealand Gazette – 1998 – No. 167

Page 3995

✨ Financial Statements



5 OCTOBER NEW ZEALAND GAZETTE 3995

TRANSALTA NEW ZEALAND LIMITED

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

For the Year Ended 31 March 1998

Note: 11 Related Party Transactions

The immediate parent company of TransAlta New Zealand Limited is TransNewZealand Energy Limited and the ultimate controlling party is TransAlta Energy Corporation collectively referred to as the “TEC Company.”

The Company had the following transactions with related parties during the period:

Distribution 31-Mar-98 $'000 Retail 31-Mar-98 $'000
TEC Company
Interest paid and accrued on
capital notes 821 -
Management fees paid 37 31

No related party debts have been written off or forgiven during the year.

Note: 12 Non-Current Liabilities

Bonds

Bonds were issued under a Trust Deed between the parent 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 parent company may, at any time, purchase Bonds for its own account, which may be cancelled or reissued. The parent 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 preceding maturity date.

Note: 13 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 Gas (Information Disclosure) Regulations 1997.

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
28 August 1998
Financial Statements, Gas, Information Disclosure, TransAlta New Zealand Limited, Taxation, Share Capital, Capital Notes, Treasury Policy, Credit Risk, Interest Rate Risk, Related Party Transactions, Non-Current Liabilities, Bonds, Events After Balance Date