✨ Financial Statements
5340 NEW ZEALAND GAZETTE, No. 184 28 NOVEMBER 2011
TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS
19. Equity
Capital
Transpower has contributed paid in capital of $1,200,000,000 (2010: $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. Transpower does not have any externally imposed capital requirements.
Dividends
There were no dividends paid or declared during the period (2010: nil).
Management of capital
Transpower’s capital structure and dividend policy was reviewed during 2011. As a result of this review, Transpower anticipates resuming dividend payments during the 2011/12 financial year and funding a greater proportion of its capital programme with debt than had been planned prior to the review.
As a consequence of the capital structure review, Moody’s reduced Transpower’s credit rating one notch from Aa3 to A1. Standard and Poors did not change their AA rating.
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. The available for sale assets are the Fonterra shares that the Transpower Lines Business holds.
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NZ Gazette 2011, No 184
✨ LLM interpretation of page content
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Provisions for Transpower New Zealand Limited
(continued from previous page)
💰 Finance & RevenueFinancial statements, Equity, Capital, Dividends, Credit ratings, Available for sale reserve, Fonterra shares