New Zealand Gazette – 2000 – No. 57

Page 1237

✨ Financial Statements



29 MAY NEW ZEALAND GAZETTE 1237

TRANSALTA NEW ZEALAND LIMITED

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

For the Year Ended 31 March 1999

Note: 6 Share Capital and Capital Notes

Distribution Retail
31-Mar-99 31-Mar-98 31-Mar-99 31-Mar-98
$000 $000 $000 $000
Share capital - - 17,199 631
631
Capital notes - - 13,301 -

Capital Notes

The Capital Notes were issued under a Trust Deed between the parent company and The New Zealand Guardian Trust Company Limited as trustee. The Capital Notes are unsecured, subordinated, fixed interest securities of the parent company issued at a face value of $1.00 (the “Principal Value”). The Notes are subject to early redemption or conversion at the option of the parent company on 1 October each year prior to 1 October 2001 (the “Maturity Date”). Noteholders may be required to convert their Capital Notes into ordinary shares of the parent company on the “Maturity Date” at a value equal to the Principal Value plus accrued and unpaid interest on the Capital Notes. For this purpose, ordinary shares will be valued at 98% of the average sell price quoted on the New Zealand Stock Exchange at the close of trading for the 10 business days prior to conversion.

Alternatively, the parent company may elect to purchase, redeem, or extend the terms of the Capital Notes on the Maturity Date. Noteholders can trade their Capital Notes on the New Zealand Stock Exchange. The interest rate on the Capital Notes is 9.84% per annum, payable semi-annually in arrears on 1 April and 1 October each year, beginning 1 April 1997.

Note: 7 Asset Revaluation Reserve

Distribution Retail
31-Mar-99 31-Mar-98 31-Mar-99 31-Mar-98
$000 $000 $000 $000
Balance at beginning of period - - - -
Revaluation of metering assets - - 317 -
Total Current Assets - - 317 -

Note: 8 Current Assets

Distribution Retail
31-Mar-99 31-Mar-98 31-Mar-99 31-Mar-98
$000 $000 $000 $000
Cash and short term investments - 3,373 - (92)
Accounts receivable - 1,346 1,230 1,494
Inventories - 192 75 6
Assets intended for sale - - - 10
Total Current Assets - 4,911 1,305 1,418

1 This amount reflects the estimated net realisable value of assets of the Company which have been identified as being surplus to its requirements.

The information disclosed in the 1999 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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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2000, No 57


Gazette.govt.nz — PDF NZ Gazette 2000, No 57




✨ LLM interpretation of page content

🏭 Notes to Financial Statements for TransAlta New Zealand Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Accounting Policies, Gas (Information Disclosure) Regulations, TransAlta New Zealand Limited