Note 30
Contributed equity (continued)
(c) Ordinary shares
During the financial year the Group has issued
409,300,000 shares at $1 to its shareholder as
part of the Nation Building Rail Investment as
an equity injection announced in the 2010/11
Commonwealth Budget and received in July 2011.
On a show of hands every holder of ordinary
shares present at a meeting in person or by proxy,
is entitled to one vote, and upon a poll each share
is entitled to one vote.
Ordinary shares entitle the holder to participate
in dividends and the proceeds on winding up of
the company in proportion to the number of and
amounts paid on the shares held.
(d) Capital risk management
Management’s objectives when managing
capital are to safeguard their ability to continue
as a going concern, so that they can continue to
provide returns for shareholders and benefits for
other stakeholders and to maintain an optimal
capital structure to reduce the cost of capital.
In managing its capital structure and in accordance
with agreements relating to the take up of the
NSW lease, it has been agreed that the Group
will reinvest any profits in the period to June 2012
rather than making any dividend payments to
its shareholders. The Group is not subject to any
externally imposed capital requirements.
On 18 January 2010 ARTC executed a 3 year
Syndicated Debt Facility agreement with a
consortium of major Australian banks totalling
$550m. As at 30 June 2012, $20m of the funds
had been utilised.
On 20 December 2010 ARTC executed a
7 year bond issue for $200m as a part of the
$750m domestic note program to mature on
20 December 2017.
On 9 and 14 of December 2011 ARTC
executed a 3 year bond issue for $200m
and $100m in AUD as a part of the $750m
domestic note programme to mature on
9 December 2014.
(e) Financial
During July 2011, the Group received an equity
injection of $409.3m as a part of the Nation
Building Rail Investment initiative announced in
the 2010 Commonwealth Budget. In the prior
year in July 2010, the Group received an equity
injection of $558.2m as a part of the Nation
Building Rail investment initiative.
In December 2010, ARTC established A$750m
Australian Dollar Domestic Note programme
under which short and medium term notes
may be issued from time to time up to the
programme limit.
On 20 December 2010 ARTC executed the initial
bond issuance of $200m with a maturity date of
20 December 2017.
On 9 and 14 of December 2011 ARTC executed
the second bond issuance in 2 tranches of $200m
and $100m respectively with a maturity date of
9 December 2014.
ARTC’s dividend holiday has been confirmed to
2013/14 subject to monitoring of ARTC’s financial
position over this period.
102
