✨ Financial Statements
WEL NETWORKS LIMITED
| Line Business | 2005 ($000s) | 2004 ($000s) |
|---|---|---|
14 Imputation Credit Memorandum Account
Balance at the beginning of the year | 31,747 | 30,201 |
Dividends allocated | (15,988) | (2,302) |
Taxation paid | 4,980 | 3,848 |
Balance at the end of the year | 20,739 | 31,747 |
15 Adjusted net working capital
| (17,607) | (13,285) |16 Interest tax shield
| 873 | (211) |17 Convertible Note
On 30 June 2004 the Company paid a dividend of $37.4m to its 100% shareholder, WEL Energy Trust. On the same day the Company issued $37.4m of convertible notes to the WEL Energy Trust.
The Notes are subordinated to all other forms of debt. They are unsecured and bear interest of 8.3% p.a., accrued monthly. The Notes are convertible into an amount of ordinary shares equal to the face value of the Notes, divided by the assessed fair value of WEL shares at the date of conversion. Conversion is at the discretion of the Directors provided 30 business days notice is given.
The Line Business share of the above transaction was $36,546,000.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2005, No 114
Gazette.govt.nz —
NZ Gazette 2005, No 114
✨ LLM interpretation of page content
🏭
Statement of Accounting Policies for WEL Networks Limited
(continued from previous page)
🏭 Trade, Customs & Industry3 August 2005
Financial Statements, Imputation Credit Memorandum Account, Adjusted Net Working Capital, Interest Tax Shield, Convertible Note, Dividends, Taxation, WEL Energy Trust