✨ Financial Statements
4022 NEW ZEALAND GAZETTE, No. 159 29 NOVEMBER 2010
TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS
22. Equity
Capital
Transpower has contributed paid in capital of $1,200,000,000 (2009: $1,200,000,000) issued and fully paid ordinary shares, which confer on the holders the right to vote at any annual general meeting of Transpower. This consists of 1,200,000,000 fully paid $1 shares. The shares have no par value. All ordinary shares rank equally.
Dividends
There were no dividends paid or declared during the period (2009: nil)
Management of Capital
It is not anticipated that dividends will be payable in the short term. This is due to dividends being paid when there is surplus funds. Surplus funds are determined by reference to a sustainable financial structure, having regard to Transpower’s credit rating, predictions of short and medium term economic conditions, the medium term capital expenditure programme and working capital requirements. The Transpower Lines Business is currently undertaking a large capital works programme which is being funded from debt and operating cash flows.
Available for Sale Reserve
This reserve comprises the cumulative net change in the fair value of available for sale financial assets until the investment is derecognised. This comprises the Fonterra shares that the Transpower Lines Business holds.
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NZ Gazette 2010, No 159
✨ LLM interpretation of page content
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Transpower New Zealand Limited Financial Statements
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🏭 Trade, Customs & IndustryEquity, Capital, Dividends, Management of Capital, Available for Sale Reserve, Financial liabilities, Deferred tax, Imputation credits, Dividends, Transpower