NZ Windfarms forfeits tax losses on Vector departure

Fri, 24 Aug 2018

By Gavin Evans Aug. 24 (BusinessDesk) - NZ Windfarms has reported a $14.7 million net loss after the departure of Vector as a major shareholder caused the company to forfeit more than $58 million of historic tax losses. Vector, which previously owned 22 percent of the firm, sold out in February. The significant loss of shareholder continuity required the reversal of previous losses and incurred a $15.5 million tax expense in the June year, NZ Windfarms chair Stuart Bauld said. While the change has no cash flow effect, it also caused th...

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