✨ Financial Statements Notes
20 SEPTEMBER NEW ZEALAND GAZETTE 3113
Notes to and Forming Part of the Financial Statements
For the Year Ended 31 March 1999
2 SHARE CAPITAL
| 1999 | 1998 | |
|---|---|---|
| $000 | $000 | |
| Opening issued and paid up capital as at 31 March 1998 | $80,778 | 80,778 |
| Closing issued and paid up capital as at 31 March 1999 | $80,778 | $80,778 |
Total number of ordinary shares issued as of 31 March 1999 amounted to 52,123,989.
3 RESERVES
| 1999 | 1998 | |
|---|---|---|
| $000 | $000 | |
| Balance as at 31 March 1998 | 23,173 | |
| Transfer to share capital | (23,173) | |
| Balance as at 31 March 1999 | $ |
4 ASSET REVALUATION RESERVE
| 1999 | 1998 | |
|---|---|---|
| $000 | $000 | |
| Balance as at 31 March 1998 | 75,492 | 49,629 |
| Network asset revaluation | 25,863 | |
| Prior year adjustment | (196) | |
| Balance as at 31 March 1999 | $75,296 | $75,492 |
5 WORKING CAPITAL ADVANCES FACILITY
The company has established a Wholesale Working Capital Advances Facility with the BNZ Bank
of up to $15 million dollars. At 31 March 1999 the amount drawn down from this facility
amounted to $8.3 million. Interest is charged to the company according to the daily wholesale
lending rate. The facility is based on a revolving credit and as such does not have set repayment
dates.
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VUW Te Waharoa —
NZ Gazette 1999, No 129
NZLII —
NZ Gazette 1999, No 129
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Notes to the Financial Statements for Powerco Limited
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Statements, Share Capital, Reserves, Asset Revaluation, Working Capital, Powerco Limited