✨ Financial Statements and Corporate Actions
Vector Limited & Subsidiaries
Gas Distribution Activities
Notes to the Financial Statements
For the year ended 30 June 2005
22. EVENTS AFTER BALANCE DATE
Initial Public Offering (IPO)
On 11 July 2005, Vector Limited made a full takeover offer to purchase all of the NGC shares on issue not already held by Vector Limited. The takeover offer was partially funded by the launch of an IPO of 24.9% of the existing share capital of Vector Limited. Vector Limited issued its Prospectus on 27 June 2005.
On 10 August 2005, a sufficient number of acceptances of the takeover offer had been received in order for Vector Limited to obtain an aggregate shareholding in NGC Holdings Limited exceeding the 90 percent limit required to move to compulsory acquisition of the remaining shares not held. Hence the takeover offer was closed on that date. As the other offers pursuant to the IPO to Auckland Energy Consumer Trust (AECT) beneficiaries and capital bondholders were significantly oversubscribed, Vector Limited also elected to close those offers on 10 August 2005.
On 15 August, Vector Limited commenced trading on the NZSX and repaid the pre-IPO equity securities.
Provisional Authorisation
On 24 August 2005, the Commerce Commission issued a Provisional Authorisation to implement control over the gas pipeline services of Vector Limited. As a result of this, Vector Limited will decrease its Standard Gas Network Line Charges by an average of 9.5% broadly across all customer classes. The Provisional Authorisation does not apply to NGC Holdings Limited, a subsidiary of Vector Limited which undertakes gas distribution activities.
Debt refinancing
On 26 October 2005, Vector Limited issued three tranches of medium term notes including a NZ$250 million 10 year, a NZ$400 million 12 year and a NZ$350 million 15 year tranche as part of the refinancing of its acquisition facilities.
No adjustments are required to these financial statements in respect of these events.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2005, No 197
Gazette.govt.nz —
NZ Gazette 2005, No 197
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Vector Limited & Subsidiaries Gas Distribution Activities Financial Position
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🏭 Trade, Customs & IndustryFinancial Statements, Gas Distribution, Vector Limited, Credit Risk, Financial Instruments, Energy Retailers, Financial Institutions, Trade Debtors, Credit Policies, Credit Ratings, Credit Evaluations, Bonds, Security, Cash Deposits, Banking Institutions, Carrying Value, Financial Assets, Initial Public Offering, Takeover Offer, NGC Holdings Limited, Commerce Commission, Provisional Authorisation, Debt Refinancing, Medium Term Notes