✨ Financial Statements
Notes and Forming Part of the Financial Statements
For the Seven Months Ending 31 March 2001
For the Seven Months Ending 31 March 2001
2 SHARE CAPITAL Line
2001
$000
Opening share capital as at 1 September 2000 254,378
Closing share capital as at 31 March 2001 254,378
Total number of ordinary shares issued as at 31 March 2001 amounted to 134,625,320, calculated on the number of shares issued by the company of 222,436,775.
3 WORKING CAPITAL ADVANCES FACILITY
As Powerco is an integrated business, this disclosure relates to the business as a whole.
The company adopted the established Wholesale Capital Advances Facility with the Bank of New Zealand of up to $15 million that the former Powerco had operated before the amalgamation. As at 31 March 2001, no funds were drawn down on the Facility and $2.65 million was invested in Call Funds. The facility is based on a revolving credit arrangement and as such does not have set repayment dates. The facility expires on 31 July 2001 but it is subject to automatic renewal for a further period. The facility also has the benefit of the Negative Pledge Deed and the Group Cross-Guarantee referred to in (4) below.
4 COMMERCIAL PAPER FACILITY
As Powerco is an integrated business, this disclosure relates to the business as a whole.
The former Powerco Limited had 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 $160 million with the Bank of New Zealand and the ANZ Investment Bank, which continues 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 all subsidiaries as Guarantorering Subsidiaries. At year-end a sum of $135,000,000, which has an accrued interest portion of $2,159,057, 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 2001, No 107
Gazette.govt.nz —
NZ Gazette 2001, No 107
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Powerco Limited Financial Statements
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