New Zealand Gazette – 2008 – No. 29

Page 636

✨ Financial Statements



636 NEW ZEALAND GAZETTE, No. 29 19 FEBRUARY 2008

WEL NETWORKS LIMITED

| Line Business |
| 2007 | 2006 |
| ($000s) | ($000s) |

14 Imputation Credit Memorandum Account

Balance at the beginning of the year 22,256 20,739

Dividends allocated - -

Taxation paid 3,737 1,717

Taxation refunds received (25) (200)

Balance at the end of the year 25,968 22,256

15 Adjusted net working capital

                (23,749)        (20,260)

16 Interest tax shield

                888     1,087

17 Convertible Note

On 30 June 2004 WEL Networks Limited 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 — PDF NZ Gazette 2008, No 29


Gazette.govt.nz — PDF NZ Gazette 2008, No 29




✨ LLM interpretation of page content

🏭 Financial Performance and Equity Movements of WEL Networks Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial statements, Imputation Credit Memorandum Account, Dividends, Taxation, Convertible Note, Interest tax shield, Adjusted net working capital