✨ Gas Industry Financial Report
30 NOVEMBER 2005
NEW ZEALAND GAZETTE, No. 199
5021
Gas purchases from NGC New Zealand Limited were $122.7 million (30 June 2004: $115.1 million), transmission purchases from NGC New Zealand Limited were $26.6 million (30 June 2004: $26.4 million), processing services from NGC New Zealand Limited were $0.6 million (30 June 2004: $4.2 million) and distribution purchases from NGC New Zealand Limited were $3.6 million (30 June 2004: $3.9 million), NGC Metering Limited $0.3 million (30 June 2004: nil) and Vector Limited $3.8 million (30 June 2004: nil).
Transactions with related parties are settled in the ordinary course of business. No amounts have been written off or forgiven during the year ended 30 June 2005 (30 June 2004: nil).
10. Contingencies
There are no contingencies which would have a material adverse effect on these financial statements.
11. Events Subsequent to Balance Date
Subsequent to 30 June 2005:
On 27 June 2005, Vector launched its initial public offering (IPO) of 24.9% of its shares. As part of the IPO, Vector made a full takeover offer to purchase all of the NGC shares on issue not already held by Vector.
As a consequence of acquiring more than 90% of all NGC shares as part of the takeover offer, Vector has compulsorily acquired the remaining shares, on the same terms and conditions as the takeover offer. Subsequently NGC delisted its shares from trading on the New Zealand Exchange on 7 September 2005.
No other events have occurred subsequent to 30 June 2005 which would have a material adverse effect on these financial statements.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2005, No 199
Gazette.govt.nz —
NZ Gazette 2005, No 199
✨ LLM interpretation of page content
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Gas Information Disclosure by NGC New Zealand Limited
(continued from previous page)
🏭 Trade, Customs & IndustryGas, Financial Performance, Revenue, Expenses, Surplus, Taxation, NGC New Zealand Limited, Vector Limited, IPO, Takeover