ABN 11 087 650 315 UNITY BANK LIMITED 2022 Financial Report UNITY BANK LIMITED 2022 Financial Report
UNITY BANK LIMITED 2022 Financial Report
ABN 11 087 650 315 ABN 11 087 650 315
Management have used the unobservable inputs to assess the fair value of the shares. The financial reports of CUSCAL record net tangible asset backing of these shares exceeding their cost value. Based on the net assets of Cuscal, any fair value determination on these shares is likely to be greater than their cost value, but due to the absence of a ready market, a market value is not able to be determined readily. In December 2021 Unity bank participated in Cuscal’s Share Buyback and 210,739 shares were sold. Management has determined that the December 2021 share buyback price of $1.95 per share is a reasonable approximation of fair value based on the likely value available on a sale. The Bank is not intending to dispose further shares. (b) Transaction Solutions Pty Ltd (TAS) TAS provide a data processing support service to the Bank and manages the Bank ’s core banking system and network operations on its system – refer to Notes 13 and 39. The shares are able to be traded but within a market limited to other mutual ADI’s. The volume of shares traded is low. Management have used the unobservable inputs to assess the fair value of the shares. The financial reports of TAS record net tangible asset backing of these shares exceeding their cost value. Based on the net assets of TAS, any fair value determination on these shares is likely to be greater than their cost value, but due to the absence of a ready market, a market value is not able to be determined readily. Management has determined that the last sale price of $8.31 per share is a reasonable approximation of Based on the net assets of TAS, any fair value determination on these shares is likely to be greater than their cost value, but due to the absence of a ready market, a market value is not able to be determined readily. Management has determined that the last sale price of $8.31 per share is a reasonable approximation of (b) Transaction Solutions Pty Ltd (TAS) TAS provide a data processing support service to the Bank and manages the Bank ’s core banking system and network operations on its system – refer to Notes 13 and 39. The shares are able to be traded but within a market limited to other mutual ADI’s. The volume of shares traded is low. Management have used the unobservable inputs to assess the fair value of the shares. The financial reports of TAS record net tangible asset backing of these shares exceeding their cost value. Management have used the unobservable inputs to assess the fair value of the shares. The financial reports of CUSCAL record net tangible asset backing of these shares exceeding their cost value. Based on the net assets of Cuscal, any fair value determination on these shares is likely to be greater than their cost value, but due to the absence of a ready market, a market value is not able to be determined readily. In December 2021 Unity bank participated in Cuscal’s Share Buyback and 210,739 shares were sold. Management has determined that the December 2021 share buyback price of $1.95 per share is a reasonable approximation of fair value based on the likely value available on a sale. The Bank is not intending to dispose further shares.
fair value based on the likely value available on a sale. The Bank is not intending to dispose of these shares. fair value based on the likely value available on a sale. The Bank is not intending to dispose of these shares. (c) MoneyMe Limited (SocietyOne Holdings Pty Ltd) (c) MoneyMe Limited (SocietyOne Holdings Pty Ltd)
On the 15th of March 2022, SocietyOne completed the sale of its business to MoneyMe Limited. A total of 1,712,618 Society One shares were converted to 2,297,820 MoneyMe Limited shares for Unity Bank. MoneyMe Limited shares are actively traded securities on the ASX and as such management has used the last share price as at 30 June 2022. These shares are publicly traded. The ASX close of business share price for MoneyMe Limited was $0.77. (d) Shared Service Partners Pty Ltd Shared Service Partners is an aggregator of services to the mutual sector. The shares are able to be traded but within a market limited to other mutual ADI’s. Management have used the unobservable inputs to assess the fair value of the shares as a ready market is not available and a market value is not able to be determined readily. Management has determined that an average of cost, last priced sale and net tangible asset value of $0.08 per share is a reasonable approximation of fair value based on the likely value available from a sale or other exit. Management has determined that an average of cost, last priced sale and net tangible asset value of $0.08 per share is a reasonable approximation of fair value based on the likely value available from a sale or other exit. On the 15th of March 2022, SocietyOne completed the sale of its business to MoneyMe Limited. A total of 1,712,618 Society One shares were converted to 2,297,820 MoneyMe Limited shares for Unity Bank. MoneyMe Limited shares are actively traded securities on the ASX and as such management has used the last share price as at 30 June 2022. These shares are publicly traded. The ASX close of business share price for MoneyMe Limited was $0.77. (d) Shared Service Partners Pty Ltd Shared Service Partners is an aggregator of services to the mutual sector. The shares are able to be traded but within a market limited to other mutual ADI’s. Management have used the unobservable inputs to assess the fair value of the shares as a ready market is not available and a market value is not able to be determined readily.
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