✨ Financial Statements
18 AUGUST NEW ZEALAND GAZETTE 2355
Notes to and Forming Part of the Financial Statements
For the Year Ended 31 March 2000
2 SHARE CAPITAL
| 2000 | 1999 | |
|---|---|---|
| $000 | $000 |
Opening issued and paid up capital as at 31 March 1999 $80,778 80,778
Shares repurchased during the year $15,463
Closing issued and paid up capital as at 31 March 2000 $65,315 $80,778
Total number of ordinary shares issued as of 31 March 2000 amounted to 32,182,762.
3 ASSET REVALUATION RESERVE
| 2000 | 1999 | |
|---|---|---|
| $000 | $000 |
Balance as at 31 March 1999 75,296
Network asset revaluation 6,481
Prior year adjustment (196)
Balance as at 31 March 2000 81,777 75,296
4 WORKING CAPITAL ADVANCES FACILITY
As Powerco is an integrated business, this disclosure relates to the business as a whole.
The company has established a Wholesale Capital Advances Facility with the Bank of New Zealand of up to $15 million. As at 31 March 2000 $5.75 million was invested in Call Funds on the Working Capital Facility (1999: draw down of $8.3 million). Interest is calculated to the company according to the daily wholesale rate. The facility is based on a revolving credit and as such does not have set repayment dates. This facility also has the benefit of the Negative Pledge Deed and Group Cross Guarantees referred to in Note 5.
5 COMMERCIAL PAPER FACILITY
As Powerco is an integrated business, this disclosure relates to the business as a whole.
The company established a commercial paper facility in December 1997 to enable the company to borrow money from the capital market. The programme is supported by a Cash Advances Facility of $120 million with the Bank of New Zealand and ANZ Investment Bank which continues in force until December 2002. The facility has the benefit of a Negative Pledge Deed declared by Deed Poll on August 1997, which has been joined by Taranaki Energy Limited as a Guaranteeing Subsidiary. At year end a sum of $108,389,485 (1999: $98,859,560) of 90 day bills, with varying maturity dates, had been drawn down under the Commercial Paper Programme.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2000, No 94
Gazette.govt.nz —
NZ Gazette 2000, No 94
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Notes to the Financial Statements for Powerco Limited
(continued from previous page)
🏭 Trade, Customs & IndustryShare Capital, Asset Revaluation Reserve, Working Capital Advances, Commercial Paper Facility, Powerco Limited, Financial Instruments, Bank of New Zealand, ANZ Investment Bank, Taranaki Energy Limited