New Zealand Gazette – 1999 – No. 124

Page 2966

✨ Shareholder Funds and Financial Statements

2966 NEW ZEALAND GAZETTE No. 124

Rebate Shares:

The Nominal Value of Rebate Shares is $1.00 each. These shares rank pari passu with the Ordinary Shares on issue. Return on shares is calculated on the basis of electricity consumption. The shares are not tradeable.

Rebate Shares will have 1 vote for each Rebate Share held, but a holder will not be able to exercise more than 10% of the total votes cast at a meeting of the Company.

Preference Shares:

The Nominal Value of Preference Shares is $1.00 each. Dividends are paid on 1 October and 1 April each year. The dividend rate is 7.35% fully imputed. Preference Shares rank ahead of Ordinary Shares and Rebate Shares on dividend distribution and winding up of the Company.

The Preference Shares have no voting rights except as to Dividend when a Dividend payment is not made, or when the Preference Shares are converted to Ordinary Shares which then take on the rights of Ordinary Shares.

The Directors have the right to redeem the Preference Shares in part or in whole or convert the Preference Shares to Ordinary Shares so that three Preference Shares become two Ordinary Shares. The shares are fully transferable.

The Preference Shares were redeemed on 30 April 1999.

31.3.99 31.3.98

Retained Earnings

	$	$
Opening Balance	4,449,511	3,320,959
Transfer from Statement of Financial Performance	1,895,059	664,639
Transfer from Share Premium Reserve	-	1,114
Transfer from Capital Redemption Reserve	-	462,799
Transfer to 'other' Business due to Allocation Method change	(701,058)	-

Closing Balance | 5,643,512 | 4,449,511 |

Capital Redemption Reserve

	$	$
Opening Balance	-	462,799
Transfer to Retained Earnings	-	462,799

Closing Balance | - | - |

Total Shareholders Funds |

14,599,744 17,851,960

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VUW Te Waharoa — NZ Gazette 1999, No 124

NZLII — NZ Gazette 1999, No 124

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

💰 Statement of Shareholder Funds for the year ended 31 March 1999 (continued from previous page)

Domain💰 Finance & Revenue
KeywordsShareholder Funds, Issued Capital, Ordinary Shares, Rebate Shares, Redeemable Preference Shares, Share Premium Reserve, Financial Statements

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