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2023 ReportPeers and competitors of BlackWall Property Trust:
RAIT Financial TrustA N N U A L
R E P O R T
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2
BlackWall Limited June 2023
and Other Comprehensive Income
Contents
3 Directors’ Report
6 Statement of Profit or Loss
6 Balance Sheet
7 Statement of Cash Flows
8 Statement of Changes in Equity
9 Notes to the Financial Statements
20 Directors’ Report – Continued
24 Directors’ Declaration
25 Auditor’s Independence
Declaration and Audit Report
Directors’ Report
Chairman’s Update and Review
BlackWall (BWF) will pay a final dividend of 2.5 cents
per share (cps) to bring the full year dividend to
5.0 cps fully franked.
BlackWall net earnings from activities were $3.1 million
(4.7cps) but after adjusting for the mark-to-market value
of its investment in WOTSO Property (WOT) the group is
reporting a statutory loss of $1.0 million.
At balance date BlackWall held 16.9 million WOT
securities which were marked down to a value of
$1.14 per security (ps). The directors are confident in the
future of WOT and are focused on the underlying value
of its assets and the potential of the WOTSO business.
We believe that WOT has an underlying NAV of $1.51 ps
and are exploring options that might assist this value to
be reflected in the market.
We have also been reviewing the operations and
structure of BlackWall and have resolved to make an
offer to acquire Pelorus Private Equity Ltd (Pelorus).
This was announced to the market on 24 August and
will involve BlackWall offering 1 BWF share for every
3 Pelorus shares.
Pelorus was previously listed on the ASX but de-listed in
2010 before splitting into a number of separate entities
with BlackWall emerging from that process. Subsequent
reductions in capital saw Pelorus left as an unlisted public
company with net assets of $16 million and a value of
7cps. Through acquisitions and the growth in the value
of assets Pelorus now has net assets of $60 million
(excluding deferred taxes) and a value of 20cps.
Pelorus has interests in several commercial properties
and holds just under 20% of WOT in addition to
investments in a number of start-up ventures.
A pro forma balance sheet of the combined group is
summarised on the next page. Should the takeover
proceed total assets for the combined group grow
to over $100 million assuming a WOT share price of
$1.14ps. The current share price is $1.25ps which puts
gross assets at $114 million and at $1.51ps this rises to
$126 million.
The acquisition of Pelorus is subject to acceptance by
Pelorus shareholders and approvals at meetings to be
held by BlackWall and WOTSO Property which we hope
to achieve by the end of November.
Assuming success with the Pelorus takeover, BlackWall
will
funds
its
management activities.
focus on growing
investment and
J R (Seph) Glew
Chairman
BlackWall Limited June 2023
3
Transaction Balance Sheet Summaries
The balance sheets below show BlackWall and Pelorus’ net assets at 30 June 2023 and the combined position
should the transaction proceed. Some adjustments have been made to reflect our assessment of value of
the businesses. The main adjustment being the inclusion of a valuation for the BlackWall fund and property
management business that is not reflected in the financial statements under accounting standards. The
adjustments are detailed below the table.
Cash and receivables
Fund and property management business valuation
Investment in WOTSO Property
Commercial property investments (BWF managed)
Investment in IndigoBlack
Other investments
Employee loans
Other assets
Total Assets
Trade and other payables
Borrowings
Provisions
Total Liabilities
Adjusted Net Assets
Adjusted Net Assets per Share
Reconciliation to Statutory Reports:
Adjusted net assets
Statutory Adjustments:
Fund and property management business valuation
Deferred tax liabilities
Other assets
Other liabilities
Other investments - Indigoblack Construction
Other investments - Teletrack
Trade and other payables
1
4
5
3
5
1
2
3
3
4
5
5
June 23
BlackWall
$’000
Notes
Post
Transaction
Consolidated
Pro-Forma
$’000
6,477
20,000
55,420
21,643
1,000
1,633
2,227
83
108,483
718
5,000
1,034
6,752
June 23
Pelorus
$’000
150
-
36,154
21,643
500
1,633
1,200
68
61,348
21
-
62
83
6,327
20,000
19,266
-
500
-
1,027
15
47,135
697
5,000
972
6,669
40,466
61,265
101,731
@ $0.60 ea
@ $0.20 ea
40,466
61,265
(20,000)
(1,710)
308
(329)
(479)
-
-
-
(10,207)
-
-
(478)
750
(750)
Statutory Net Assets
18,256
50,580
Notes
1. A valuation of BlackWall’s fund and property management business has been added.
2. Total net assets have been adjusted to exclude the effects of deferred taxes. The deferred tax liability for
Pelorus has yet to be finalised.
3. Effects of the leasing accounting standard have all been removed.
4. BlackWall’s and Pelorus’ investments in Indigoblack Construction are measured using the equity method.
This has been adjusted to reflect an estimate of fair value.
5. Reflection of an option arrangement over one of Pelorus’ investment to show the net position.
4
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BlackWall Limited June 2023
ers St, Adelaide S A
d
3 Flin
2
7 & 2
1
2
BlackWall FY 23 Performance Review
Profit or Loss
Management fee income
Transaction income
Other (loss) / profit
Revenue
Total operating expenses
Operating Profit
Government COVID assistance
Investment distributions received
Funds From Activities
WOT – unrealised loss
Depreciation and finance costs
(Loss) / Profit Before Tax
Income tax benefit / (expense)
(Loss) / Profit After Tax
Commentary
2023
$’000
6,597
352
(39)
6,910
(4,855)
2,055
37
1,012
3,104
(4,221)
(232)
(1,349)
343
(1,006)
2022
$’000
5,739
634
(18)
6,355
(4,435)
1,920
223
968
3,111
(1,205)
(50)
1,856
(210)
1,646
• Revenue increased by 9% largely due to growth in the number of properties managed by the group
and the turnover of the WOTSO Flexspace business.
• Investment distributions increased by 5%. WOT distributions are received as returns of capital due to tax
losses contained in WOT and are not included in revenue but are shown in Funds From Activities above.
• Statutory loss after tax driven by unrealised revaluations of holdings in WOT to the ASX price of $1.14
at 30 June 23. WOT’s net asset value is $1.51 per security. The investment segment as a result shows
a loss of $4 million.
• The Pyrmont Bridge Road Mortgage Fund was renewed during the year. It is secured over the asset
that we manage at 55 Pyrmont Bridge Road in Pyrmont, NSW. We also manage the equity syndicate
that owns the property.
The Directors’ Report continues on page 20.
BlackWall Limited June 2023
5
Financial Statements
Statement of Profit or Loss and Other Comprehensive
Income for the year ended 30 June 2023
Balance Sheet at 30 June 2023
Management fees
Transaction income
Associate (loss) / income
Total Revenue
Operating expenses
Operating Profit
Revaluation loss
Government COVID stimulus
Depreciation – property, plant and equipment
Finance costs – interest expense
(Loss) / Profit Before Income Tax
Income tax benefit / (expense)
(Loss) / Profit for the Year
Other comprehensive income
Note
2
2
2
4
3
11
5
Total (Loss) / Profit and Other Comprehensive (Loss) / Income
Earnings Per Share
2023
$’000
6,597
352
(39)
6,910
(4,855)
2,055
(3,209)
37
(177)
(55)
(1,349)
343
(1,006)
-
(1,006)
2022
$’000
5,739
544
72
6,355
(4,435)
1,920
(237)
223
(44)
(6)
1,856
(210)
1,646
-
1,646
(Loss) / Profit Attributable to the Ordinary Equity Holders:
Basic (loss) / earnings per share
Diluted (loss) / earnings per share
19
19
(1.5) cents
(1.5) cents
2.5 cents
2.5 cents
Assets
Current Assets
Cash and cash equivalents
Trade and other receivables
Total Current Assets
Non-current Assets
Investments
Employee loans
Investment using equity method
Right of use lease asset
Property, plant and equipment
Total Non-current Assets
Total Assets
Liabilities
Current Liabilities
Trade and other payables
Right of use lease liability
Provision for employee benefits
Provision for tax payable
Borrowings
Total Current Liabilities
Non-current Liabilities
Deferred tax liabilities
Right of use lease liability
Provision for employee benefits
Total Non-current Liabilities
Total Liabilities
Net Assets
Equity
Share capital
Reserves
Retained earnings
Total Equity
Statutory net assets per share
Note
2023
$’000
2022
$’000
6
7
8
10
9
12
11
13
16
14
17
6
15
16
14
5,788
539
6,327
19,266
1,027
21
308
15
20,637
26,964
697
140
806
60
5,000
6,703
1,710
189
106
2,005
8,708
1,166
1,293
2,459
23,412
1,056
40
444
122
25,074
27,533
916
137
701
273
-
2,027
2,592
329
25
2,946
4,973
18,256
22,560
16,455
73
1,728
18,256
$0.27
16,447
73
6,040
22,560
$0.33
6
BlackWall Limited June 2023 Reconciliation of Operating Cash Flows
(Loss) / Profit for the Year
Non-Cash Flows in (Loss) / Profit:
Unrealised loss
Depreciation on right of use lease asset
Depreciation on property, plant and equipment
Interest expense on lease liability
Equity accounted loss / (profit)
Operating Cash Flows Before Movement in Working Capital
Decrease / (increase) in trade and other receivables
Decrease in deferred tax liabilities
(Decrease) / increase in trade and other payables
Decrease in income taxes payable
Increase in provisions
Net Cash Flows from Operating Activities
2023
$’000
(1,006)
3,209
136
177
16
39
2,571
754
(882)
(219)
(213)
186
2,197
2022
$’000
1,646
237
138
44
20
(253)
1,832
(961)
(278)
434
(123)
222
1,126
Statement of Cash Flows
for the year ended 30 June 2023
Cash Flows from Operating Activities
Management fee receipts and recoveries
Net interest received / (paid)
Government COVID stimulus
Payments to suppliers and employees
Income tax paid
Net Cash Flows from Operating Activities
Cash Flows from / (used in) Investing Activities
Returns of capital from WOT investment
Proceeds on disposal of Gymea Bay investment
Dividend received from IndigoBlack investment
Investment in WOT securities
Payment for property, plant and equipment
Net Cash Flows from / (used in) Investing Activities
Cash Flows from Financing Activities
Loans received
Proceeds from issue of shares
Dividends paid to shareholders
Rental payments
Net Cash Flows from / (used in) Financing Activities
Net Increase / (Decrease) in Cash Held
Reconciliation of Cash Balances:
Cash and cash equivalents at the beginning of the year
Net increase / (decrease) in cash held
Cash and Cash Equivalents at End of the Year
All items inclusive of GST where applicable.
Note
8
11
18
16
2023
$’000
8,292
42
37
(5,422)
(752)
2,197
1,012
-
-
(75)
(70)
867
5,009
8
(3,306)
(153)
1,558
4,622
1,166
4,622
5,788
2022
$’000
5,690
(4)
223
(4,172)
(611)
1,126
968
181
90
(2,015)
(25)
(801)
-
1,311
(3,450)
(153)
(2,292)
(1,967)
3,133
(1,967)
1,166
7
BlackWall Limited June 2023 Statement of Changes in Equity for the year ended 30 June 2023
No. of Shares on Issue
Issued Capital
$’000
Retained Earnings
$’000
Balance at 1 July 2022
Loss for the year
Other comprehensive income
Total Comprehensive Loss for the Year
Transactions with Owners in Their Capacity as Owners:
Dividend paid
Issue of shares
Total Transactions with Owners
Balance at 30 June 2023
Balance at 1 July 2021
Profit for the year
Other comprehensive income
Total Comprehensive Income for the Year
Transactions with Owners in Their Capacity as Owners:
Dividend paid
Issue of shares
Total Transactions with Owners
Balance at 30 June 2022
Share Capital and Reserves
(a) Summary Table
67,480,237 ordinary shares (June 2022: 67,466,445)
Total
(b) Movement in Shares on Issue
Number of Shares
At the beginning of reporting period
Issue of shares under employee share scheme
Issue of shares under options scheme
At Reporting Date
8
67,466,445
16,447
-
-
-
-
13,792
13,792
67,480,237
63,141,445
-
-
-
-
4,325,000
4,325,000
67,466,445
-
-
-
-
8
8
16,455
14,080
-
-
-
-
2,367
2,367
16,447
6,040
(1,006)
-
(1,006)
(3,306)
-
(3,306)
1,728
7,844
1,646
-
1,646
(3,450)
-
(3,450)
6,040
Reserves
$’000
73
-
-
-
-
-
-
73
73
-
-
-
-
-
-
73
Total
$’000
22,560
(1,006)
-
(1,006)
(3,306)
8
(3,298)
18,256
21,997
1,646
-
1,646
(3,450)
2,367
(1,083)
22,560
No further shares have been issued since 30 June 2023. No amounts are unpaid on any of the shares. Ordinary
shares participate in dividends. All ordinary shares carry one vote per share without restriction. All shares are
2023
$’000
16,455
16,455
2022
$’000
16,447
16,447
fully paid.
(c) Reserves
Share options reserve
2022
No.
Total
2023
$’000
73
73
2022
$’000
73
73
The following options are on issue at the date of this report:
2023
No.
67,466,445
13,792
-
63,141,445
-
4,325,000
Options
67,480,237
67,466,445
Employee and Directors options
Expiry Date
Exercise Price
5 October 2023
$0.55
Number
475,000
BlackWall Limited June 2023 Notes to the Financial Statements
1. Segment Information
The segment information for the group is as follows. For information on segment reporting, refer to the Statement of Significant Accounting Policies note for more details.
Revenue
$’000
Distribution
Received
$’000
COVID
Stimulus
$’000
Operating
Expense
$’000
Funds From
Activities
$’000
Revaluation
(Loss)
$’000
Interest
and Depn
$’000
Profit or Loss 2023
BlackWall
Investments
Corporate
Total Operations
Profit or Loss 2022
BlackWall
Investments
Corporate
Total Operations
Balance Sheet 2023
BlackWall
Investments
Corporate
Consolidated
Balance Sheet 2022
BlackWall
Investments
Corporate
Consolidated
6,949
(39)
-
6,910
6,102
253
-
6,355
-
1,012*
-
1,012
-
968
-
968
37
-
-
37
223
-
-
223
(3,464)
(719)
(672)
(4,855)
(3,071)
(607)
(757)
(4,435)
3,522
254
(672)
3,104
3,254
614
(757)
3,111
-
(4,221)
-
(4,221)
-
(1,205)
-
(1,205)
Assets
$’000
2,976
23,988
-
26,964
Assets
$’000
4,013
23,520
-
27,533
* Refer to Note 3 for further information on the revaluation loss and distributions received as returns of capital during the year.
Pre-tax
Profit
$’000
3,345
(4,022)
(672)
(1,349)
3,210
(597)
(757)
1,856
(177)
(55)
-
(232)
(44)
(6)
-
(50)
Liabilities
$’000
(1,955)
(6,711)
(42)
(8,708)
Liabilities
$’000
(2,103)
(2,597)
(273)
(4,973)
Net Assets
$’000
1,021
17,277
(42)
18,256
Net Assets
$’000
1,910
20,923
(273)
22,560
9
BlackWall Limited June 2023 2. Revenue
Revenue is earned through management and transaction fees from real estate investment structures.
Fund management fees
Property management fees
Project management fees
Leasing fees
Expense recovery and other fees
Management Fees Total
Transaction fee - Asset acquisitions
Transaction fee - Debt establishment fee
Transaction fee - Restructure fee
Transaction fee - Asset disposal
Transaction income - Gymea Bay
Transaction Income Total
Associate - share of comprehensive (loss) / income
Total Revenue
Timing of revenue recognition:
- Management fees incurred over time
- Transaction income at a point in time
2023
$’000
3,840
741
611
475
930
6,597
214
118
20
-
-
352
(39)
6,910
6,597
313
6,910
2022
$’000
3,161
693
762
214
909
5,739
328
-
-
35
181
544
72
6,355
5,739
616
6,355
4. Operating Expenses
Employee and consultant expenses
Other operating expenses
Depreciation - right of use assets
Lease interest costs
Total
5. Income Tax (Benefit) / Expense
Current tax
Deferred tax
Total
Prima facie tax (receivable) / payable on (loss) / profit from
ordinary activities before income tax at 25.0% (2022: 25.0%)
Add / (less) tax effect of:
Non-deductible items
Over provision in prior years
Total
2023
$’000
3,567
1,137
136
15
4,855
2023
$’000
539
(882)
(343)
(337)
(6)
-
(343)
2022
$’000
3,330
947
138
20
4,435
2022
$’000
488
(278)
210
464
(226)
(28)
210
The Associate income is the share of losses from BWF’s investment in the construction business of IndigoBlack.
See Note 9 for further information.
3. Unrealised Loss on Investments
WOT distribution received as return of capital
WOT mark to market loss from share price
Total
2023
$’000
1,012
(4,221)
(3,209)
2022
$’000
968
(1,205)
(237)
During FY 2023 the group received $1.012 million in WOT distributions as returns of capital, which have been
applied as a reduction to the cost of the investment. The unrealised loss of $4.2 million re-values the group’s
investment based on the Australian Securities Exchange (ASX) price of WOT securities at 30 June of $1.14
6. Cash, Cash Equivalents and Borrowings
The group is holding $5 million in cash on deposit that was received through a related party borrowing for the same
amount (2022: $nil). The related party loan has a margin of 2.5% over the cash rate. The deposit is currently earning
interest at a rate of 4.85%.
7. Trade and Other Receivables
Trade receivables:
Related parties
Total Trade Receivables
Other receivables
Total
2023
$’000
534
534
5
539
2022
$’000
1,289
1,289
4
1,293
per security and therefore includes $1.012 million received in cash. For additional information refer to Note 8.
Further information relating to trade receivables from related parties is set out in Note 24. None of the receivables
were impaired as at 30 June 2023 (2022: $nil).
10
BlackWall Limited June 2023 8. Investments
11. Property, Plant and Equipment
WOTSO Property is listed on the ASX under the code “WOT”. At 30 June 2023, WOT was quoted at
$1.14 per security on the ASX (2022: $1.39 per security).
A reconciliation of investments is set out below:
June 2023
Balance at the beginning of the year
Return of capital
Purchase of additional units
Mark to market valuation
Balance at the End of the Year
June 2022
Balance at the beginning of the year
Return of capital
Purchase of additional units
Mark to market valuation
Balance at the End of the Year
9. Equity Accounted Investments
Investee
IndigoBlack Construction & OCD
2023
Ownership
%
25
2022
Ownership
%
25
Carrying amount at beginning of year
Share of comprehensive (loss) / income
Dividend repaid / (received)
Disposal of investments
Carrying Amount at End of Year
10. Employee Loans
At cost
Less accumulated depreciation
Total Written Down Value
Carrying amount at the beginning of year
Additions
Depreciation expense
Carrying Amount at the End of Year
12. Right of Use Lease Asset
Right of use lease asset
Less: Accumulated depreciation
Written Down Value of Right of Use Lease Assets
WOT
$’000
23,412
(1,012)
75
(3,209)
19,266
22,602
(968)
2,015
(237)
23,412
2023
$’000
994
(979)
15
2023
$’000
122
70
(177)
15
2023
$’000
773
(465)
308
2022
$’000
924
(802)
122
2022
$’000
141
25
(44)
122
2022
$’000
773
(329)
444
2023
$’000
21
21
2022
$’000
40
40
Total 2023
$’000
40
(39)
20
-
Total 2022
$’000
58
253
(90)
(181)
21
40
BWF leases its head office located in Neutral Bay, NSW. BWF has entered into an option agreement with its
Neutral Bay landlord that if exercised is expected to see its lease terminated. An option fee of $10,000 was
received in 2021, and a further $490,000 is receivable if the option is exercised. In September 2022 the option
period was extended by 12 months. If the option is exercised in September 2023, the remaining fee is payable
6 months later, and the group will relocate to the Cremorne property that is owned by the WOT Property Group.
13. Trade and Other Payables
Trade payables:
Other parties
Related parties
Total Trade Payables
Sundry payables and accrued expenses
Total
Further information relating to trade payables to related parties is set out in Note 24.
2023
$’000
2022
$’000
530
29
559
138
697
680
102
782
134
916
11
Loans have been made to Directors and employees for them to acquire shares under the employee share
scheme. The loans attract interest at a rate equivalent to the deemed ATO loan interest rate and are secured
against the shares. All dividends received in relation to the secured shares are used to repay the loans.
At 30 June 2023, $1.0 million in loans have been issued to employees of the group (2022: $1.1 million).
BlackWall Limited June 2023 14. Provisions
Current – employee benefits
Non-current – employee benefits
Total Provisions
Balance at the beginning of year
Net additional provision increase
Balance at the End of Year
The number of BWF employees as at 30 June 2023 was 21 (2022: 21).
15. Deferred Tax Liabilities
Deferred Tax Liabilities / (Assets) Balance Comprises:
Financial assets
Provision for employee benefits
Accrued expenses
Lease assets
Total
Movements:
Balance at the beginning of year
Charged to profit and loss
Balance at the End of Year
16. Lease Liabilities
Opening balance
Interest charged
Repayments
Modifications
Total Lease Liabilities
Current
Non-current
Total
12
2023
$’000
806
106
912
726
186
912
2023
$’000
1,970
(228)
(27)
(5)
1,710
2,592
(882)
1,710
2023
$’000
466
16
(153)
-
329
140
189
329
2022
$’000
701
25
726
504
222
726
2022
$’000
2,801
(182)
(21)
(6)
2,592
2,870
(278)
2,592
2022
$’000
596
20
(153)
3
466
137
329
466
17. Provision for Tax Payable
Payable at the beginning of year
Current year tax liability
Payments made
Over provision in prior years
Payable at the End of Year
18. Dividends
2023
$’000
273
539
(752)
-
60
Fully franked dividends paid to shareholders during the financial year were as follows:
2022 final dividend of 2.4 cents paid on 8 September 2022
(2021 final: 2.6 cents)
2023 interim dividend of 2.5 cents paid on 21 March 2023
(2022 interim: 2.6 cents)
Total
2023
$’000
1,619
1,687
3,306
2022
$’000
396
516
(611)
(28)
273
2022
$’000
1,696
1,754
3,450
In addition, the Board has declared a final fully franked dividend of 2.5 cents per share to be paid on
30 November 2023.
Franking credits available for subsequent periods based on a tax rate
of 25.0% (2022: 25.0%)
2023
$’000
1,170
2022
$’000
1,437
The above amounts represent the balance of the franking account as at the end of the reporting period,
adjusted for:
(a) franking credits that will arise from the payment of the amount of the provision for income tax;
(b) franking debits that will arise from the payment of dividends recognised as a liability at the reporting
date; and
(c) franking credits that will arise from the receipt of dividends recognised as receivables at the reporting
date.
19. Earnings Per Share
Basic (loss) / earnings per share
Diluted (loss) / earnings per share
Calculated as follows:
(Loss) / Profit attributable to the owners of the group
Weighted average number of shares for basic EPS
Weighted average number of shares for diluted EPS
2023
(1.5) cents
(1.5) cents
2022
2.5 cents
2.5 cents
($1,006,000)
67,469,770
67,523,399
$1,646,000
65,629,785
65,704,671
BlackWall Limited June 2023 20. Auditor’s Remuneration
Remuneration of ESV for:
Audit and assurance services
Taxation services
Other audit of AFSL and compliance plans
Total
21. Contingencies
2023
$
42,950
9,150
24,270
76,370
2022
$
43,000
11,050
24,200
78,250
Associates
Interests held in associates by the group are set out in Note 9.
Managed Funds
The group holds investments in a number of property funds for which it acts as either manager or responsible entity.
Fees and Transactions
Management fees are charged to these entities predominantly for property and fund management services.
The management fees are paid under a management agreement and the fees charged are determined with
reference to arm’s length commercial rates.
The group had no contingent assets or liabilities at 30 June 2023 (2022: $nil).
These services principally relate to:
22. Subsequent Events
The Board has declared a final fully franked dividend of 2.5 cps to be paid on 30 November 2023.
• funds management: provision of strategic investment advice, asset management and investment
portfolio services; and
• property management: property portfolio advisory services, maintenance and insurances, strategic
advice and management supervision services, administration, leasing, project management,
On 24 August 2023 BlackWall announced an intention to make a takeover bid for Pelorus Private Equity Limited.
marketing and risk management services.
Further details are contained in the announcement and in the Directors’ report.
The group recharges its related parties, associates and managed funds for administration services which
To the best of the Directors’ knowledge, since the end of the financial year there have been no other matters or
include accounting and bookkeeping fees, corporate secretarial services and those expenses that are incurred
circumstances that have materially affected the group’s operations or may materially affect its operations, state
by members of the group on behalf of the related parties, associates and managed funds. In addition, the group
of affairs or the results of operations in future financial years.
pays the following fees to related entities:
23. Controlled Entities
Name
Parent Entity:
BlackWall Limited
Subsidiaries of Parent Entity:
BlackWall Management Services Pty Ltd
BlackWall Fund Services Limited
Bakehouse Management Pty Ltd
Bakehouse Quarter Trust
BlackWall Management (NZ) Ltd
Country of
Incorporation
Australia
Australia
Australia
Australia
Australia
New Zealand
Percentage Owned
2023
(%)
2022
(%)
n/a
100
100
100
100
-
n/a
100
100
100
100
100
24. Related Party Transactions
(a) Related Parties, Associates, Managed Funds
In these financial statements, related parties are parties as defined by AASB 124 Related Party Disclosures
rather than the definition of related parties under the Corporations Act 2001 and ASX Listing Rules.
• rent for BWF head office. The rent paid is determined with reference to arm’s length commercial
rates; and
• director fees.
Other transactions and outstanding balances with related parties, associates and managed funds relate to
loans payable and receivable and distributions from managed funds. All transactions with related parties were
made on arm’s length commercial terms and conditions, at market rates, and were approved by the Board
where applicable.
The following table discloses the revenue and expenses between related parties as well as the balances
outstanding at year end between BWF and its related parties.
Revenue:
Management fees
Transaction and performance fees
Distribution / returns of capital from funds
Expenses:
Rent and outgoings paid
Outstanding Balances:
Trade and other receivables – current
Employee loans
Trade and other payables – current
Loan payable
2023
$
2022
$
5,909,612
340,057
992,299
4,999,788
387,650
968,307
192,952
180,744
533,745
1,026,643
28,887
5,000,000
1,288,708
1,055,530
101,751
-
13
BlackWall Limited June 2023 (b) Interests in Related Parties
As at year end the group owned units in the following related entities:
26. Financial Risk Management
Entity
WOT
Holdings
2023
No.
2022
No.
16,900,000
16,843,284
Distribution /
Returns of Capital
2023
$
1,012,000
1,012,000
2022
$
968,307
968,307
(a) Financial Risk Management
The main risks the group is exposed to through its financial instruments are market risks (including foreign
exchange risk, interest rate risk and price risk), credit risk and liquidity risk. The group’s principal financial
instruments are cash, financial assets and borrowings. Additionally, the group has various other financial
instruments such as trade debtors and trade creditors, which arise directly from its operations.
This note presents information about the group’s exposure to each of the above risks, its objectives, policies
and processes for measuring and managing risk and the management of capital. The Board has overall
responsibility for the establishment and oversight of the risk management framework. It monitors the group’s
(c) Key Management Personnel Compensation
Total remuneration paid
2023
$
2022
$
1,020,000
970,000
risk exposure by regularly reviewing finance and property markets.
The group holds the following major financial instruments:
Detailed remuneration disclosures and relevant interests are provided in the Directors’ Report.
25. Parent Entity Information
Results:
Profit after tax
Total Comprehensive Income After Tax
Financial Position:
Current assets
Non-current assets
Total Assets
Current liabilities
Non-current liabilities
Total Liabilities
Net Assets
Share capital
Accumulated losses
Reserves
Total Equity
2023
$’000
2022
$’000
Financial Assets
Cash and cash equivalents
Investment in WOT
Employee loans
Financial Liabilities
Trade and other payables
Lease liabilities
Borrowings
2023
$’000
5,788
19,266
1,027
697
329
5,000
2022
$’000
1,166
23,412
1,056
916
466
-
(b) Sensitivity Analysis
The group is exposed to interest rate risk. In relation to interest rate risk, if interest rates on borrowings were to
increase or decrease by 1%, profit after tax would increase or decrease by $35,000.
368
368
298
1,096
1,394
(873)
(3,179)
(4,052)
The investment in WOT securities is subject to price risk. A 10% decrease in the ASX trading price (from the
(2,658)
16,447
(19,164)
59
(2,658)
price at 30 June 2023, being $1.14 per security) would result in an unrealised loss after tax of $1,144,950.
(c) Capital Management
The group’s objectives when managing capital are to:
• safeguard its ability to continue as a going concern, so that it can continue to provide returns for
831
831
22
1,316
1,338
(391)
(6,073)
(6,464)
(5,126)
16,455
(21,640)
59
(5,126)
The parent entity had no contingencies or capital commitments at 30 June 2023 (2022: $nil). The accounting
policies of the parent entity are consistent with those of the consolidated entity, as disclosed in Note 28.
shareholders and benefits for other stakeholders, and
• maintain an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the group may adjust the amount of dividends paid to
shareholders, issue new shares, buy-back shares, purchase or sell assets.
14
BlackWall Limited June 2023 (d) Liquidity Risk
At 30 June 2023
Financial Liabilities
Trade and other payables
Lease liabilities
Borrowings
At 30 June 2022
Financial Liabilities
Trade and other payables
Lease liabilities
Maturing
within
1 Year
$’000
Maturing
within
2-5 Years
$’000
Maturing in
5 or more
Years
$’000
697
140
5,000
5,837
916
137
1,053
-
189
-
189
-
329
329
-
-
-
-
-
-
-
Total
$’000
697
329
5,000
6,026
916
466
1,382
(e) Fair Value Measurements
(i) Fair Value Hierarchy
The group classifies fair value measurements using a fair value hierarchy that reflects the subjectivity of the
inputs used in making measurements. The fair value hierarchy has the following levels:
(ii) Valuation Techniques Used To Derive Level 3 Fair Values
There are currently no Level 3 financial assets. The fair value of the financial assets are usually determined by
reference to the net assets of the underlying entities.
(iii) Fair Value Measurements Using Significant Observable Inputs (Level 3)
There were no balances classified as Level 3 financial assets during the year. There were no transfers between
Level 1, 2 and 3 during the year.
27. Critical Accounting Estimates and Judgements
The Directors evaluate estimates and judgements incorporated into the financial statements based on historical
knowledge and best available current information. Estimates assume a reasonable expectation of future events
and are based on current trends in economic data, obtained both externally and within the group.
Key Estimates – Impairment
The group assesses impairment at each reporting date by evaluating conditions specific to the group that may
lead to impairment of assets.
Key Estimates – Financial Assets
Investments in listed securities have been classified as financial assets and movements in fair value are
recognised through the profit or loss statement. The fair value of the listed securities is based on the closing
• Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities;
price from the ASX as at the reporting date.
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly (as prices) or indirectly (derived from prices); and
28. Statement of Significant Accounting Policies
• Level 3 – Inputs for the asset or liability that are not based on observable market data (unobservable
inputs).
BlackWall Limited is a publicly listed company, incorporated and domiciled in Australia. The financial statements for
the group were authorised for issue in accordance with a resolution of the Directors on the date they were issued.
The fair value of financial assets traded in active markets is subsequently based on their quoted market prices
at the end of the reporting period without any deduction for estimated future selling costs. The quoted market
price used for financial assets held by the group is the current bid price.
The following table presents the group’s financial assets measured at fair value as at 30 June. Refer to Note 27
for further details of assumptions used and how fair values are measured.
These financial statements are general purpose financial statements that have been prepared in accordance
with Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting
Standards Board and the Corporations Act 2001. The financial statements of the Company also comply with
IFRS as issued by the International Accounting Standards Board.
The financial statements have been prepared on an accruals basis and are based on historical costs modified
by the revaluation of selected non-current assets, financial assets and financial liabilities for which the fair value
At 30 June 2023
Investment in WOT
At 30 June 2022
Investment in WOT
Level 1
$’000
Level 2
$’000
Level 3
$’000
Total
$’000
basis of accounting has been applied.
19,266
23,412
-
-
-
-
19,266
23,412
BWF is a group of the kind referred to in ASIC Instrument 2016/191 and, in accordance with that Instrument,
amounts in the Directors’ Report and the financial statements are rounded off to the nearest thousand dollars,
unless otherwise indicated.
The following is a summary of the material accounting policies adopted by the group in the preparation of the
financial statements. The accounting policies have been consistently applied, unless otherwise stated.
15
BlackWall Limited June 2023 Going Concern
The financial statements have been prepared on a going concern basis, which contemplates continuity of normal
Intercompany Balances
All intercompany balances and transactions between entities in the group, including any unrealised profits or
business activities and the realisation of assets and settlement of liabilities in the ordinary course of business.
losses, have been eliminated on consolidation. Accounting policies of subsidiaries have been changed where
BWF is in a net current liability position of $376,000 at 30 June 2023. The borrowings of $5 million are classified
as current due to the demand nature of the loan and cash is held on hand that offsets these borrowings. Further,
the group has $19.3 million of listed WOT securities that can be readily converted to cash.
Segment Reporting
AASB 8 Operating Segments requires operating segments to be identified on the basis of internal reports about
components of the group that are regularly reviewed by the chief operating decision maker in order to allocate
necessary to ensure consistencies with those policies applied by the parent entity.
Associates
Interests in associates are accounted for using the equity method. Under the equity method of accounting, the
investments are initially recognised at cost and adjusted thereafter to recognise the group’s share of the post
acquisition profits or losses of the investee in profit or loss. Dividends received or receivable from associates are
recognised as a reduction in the carrying amount of the investment.
resources to the segment and to assess its performance. The group’s primary format for segment reporting
When the group’s share of losses in an equity accounted investment equals or exceeds its interest in the entity,
is based on business segments. The business segments are determined based on the group management
including any other unsecured long-term receivables, the group does not recognise further losses, unless it has
and internal reporting structure. Segment results, assets and liabilities include items directly attributable to a
incurred obligations or made payments on behalf of the other entity. The carrying amount of equity accounted
segment as well as those that can be allocated on a reasonable basis. The operating businesses are organised
investments is tested for impairment in accordance with these policies.
and managed separately according to the nature of the products and services provided, with each segment
representing a strategic business unit that offers different products and serves different markets
The group has adopted three reporting segments: BlackWall, Investments, and Corporate.
Property, Plant and Equipment
Each class of property, plant and equipment is carried at cost or fair value less, where applicable, any
The BlackWall segment engages in funds and asset management as well as property services that include
accumulated depreciation and impairment losses.
property management, leasing and general property consultancy. Income earned by the segment includes
Plant and equipment are measured on the cost basis less accumulated depreciation and impairment losses.
recurring income from fund and asset management mandates and transaction-based income typically related
The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of
to those mandates. Management treats these operations as one fee earning operating segment. The assets
an item if it is probable that the future economic benefits embodied within the part will flow to the group and its
assigned to the segment are those it is required to hold to comply with its AFSL capital adequacy requirements.
cost can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day-
The Investments segment includes interests in property related investments such as units in related party listed
and unlisted unit trusts, loans and cash. It generates income from dividends, distributions and interest.
The Corporate segment relates to company taxation and selected corporate overheads.
to-day servicing of property, plant and equipment are recognised in profit and loss as incurred.
Depreciation
The depreciable amount of all fixed assets is depreciated on a diminishing value basis over their useful lives to
Presentation of Financial Statements
Both the functional and presentation currency of BWF and its Australian subsidiaries is Australian dollars.
the group commencing from the time the asset is held ready for use.
The estimated useful lives used for each class of depreciable assets are:
Principles of Consolidation
The consolidated financial statements comprise the financial statements of BWF and its subsidiaries. A list
Furniture, fixtures and fittings
Office equipment
2 to 10 years
4 to 10 years
of controlled entities is contained in Note 23. All controlled entities have a June financial year end and use
Right of use assets are depreciated on a straight-line basis, with reference to the remaining lease term, including
consistent accounting policies. Investments in subsidiaries held by the group are accounted for at cost, less
options to extend if reasonably certain to extend the lease term.
any impairment charges (refer to Note 25).
Subsidiaries are all those entities over which the consolidated entity has control. The consolidated entity controls
an entity when the consolidated entity is exposed to, or has rights to, variable returns from its involvement
with the entity and has the ability to affect those returns through its power to direct the activities of the entity.
Subsidiaries are fully consolidated from the date on which control is transferred to the consolidated entity. They
are de-consolidated from the date that control ceases.
16
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.
BlackWall Limited June 2023 Disposal
An item of property, plant and equipment is derecognised upon disposal or when no further economic benefits
Financial Assets
All financial assets at FVTPL have been classified as financial assets, with gains and losses recognised in profit
are expected from its use or disposal.
Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal
proceeds and the carrying amount of the asset) is included in the profit or loss in the year the asset is
or loss. The group classifies its financial assets in the following measurement categories: those to be measured
subsequently at fair value and those to be measured at amortised cost. The classification depends on the
group’s business model for managing the financial assets and the contractual terms of the cash flows.
derecognised.
(i) Equity Investments
All equity investments are measured at fair value. Equity investments that are held for trading are measured at
Impairment of Assets
At each reporting date, the group reviews the carrying values of its tangible and intangible assets to determine
whether there is any indication that those assets have been impaired.
fair value through profit or loss.
(ii) Loans and Receivables
If such an indication exists, the recoverable amount of the asset, being the higher of the asset’s fair value less
costs to sell and value in use, is compared to the asset’s carrying value. In assessing value in use, either the
estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific to the asset, or the income of the
asset is capitalised at its relevant capitalisation rate.
An impairment loss is recognised if the carrying value of an asset exceeds its recoverable amount. Impairment
losses are expensed to the profit and loss.
Impairment losses recognised in prior periods are assessed at each reporting date for any indication that
the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the
estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that
the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of
depreciation or amortisation, if no impairment loss has been recognised.
Financial Instruments
Non-derivative Financial Instruments
Non-derivative financial instruments comprise investments in equity and debt securities, trade and other
Loans and receivables including loans to related parties are non-derivative financial assets with fixed or
determinable payments that are not quoted in an active market and are stated at amortised cost using the
effective interest rate method. Gains and losses are recognised in profit and loss when the loans and receivables
are derecognised or impaired, as well as through the amortisation process.
Fair Value
The fair values of investments that are actively traded in organised financial markets are determined by reference
to quoted market bid prices at the close of business on the balance date. For investments in related party
unlisted unit trusts, fair values are determined by reference to published unit prices of these investments which
are based on the net tangible assets of each of the investments.
Impairment
At each reporting date, the group assesses whether there is objective evidence that a financial instrument has
been impaired. A financial instrument is considered to be impaired if objective evidence indicates that one or
more events have had a negative effect on the estimated future cash flows of that asset. In the case of available-
for-sale financial instruments, a prolonged decline in the value of the instrument is considered to determine
whether an impairment has arisen.
An impairment loss in respect of a financial instrument measured at amortised cost is calculated as the difference
receivables, cash and cash equivalents, loans and borrowings, and trade and other payables.
between its carrying amount, and the present value of the estimated future cash flows discounted at the original
Non-derivative financial instruments are recognised at fair value plus, for instruments not at fair value through
profit or loss, any directly attributable transaction costs. Subsequent to initial recognition non- derivative financial
instruments are measured as described below.
Recognition
A financial instrument is recognised if the group becomes a party to the contractual provisions of the instrument.
Financial assets are derecognised if the group’s contractual rights to the cash flow from the financial assets
expire or if the group transfers the financial assets to another party without retaining control or substantially all
risks and rewards of the asset. Purchases and sales of financial assets are accounted for at trade date, i.e.
the date that the group commits itself to purchase or sell the asset. Financial liabilities are derecognised if the
group’s obligations specified in the contract expire or are discharged or cancelled.
effective interest rate. An impairment loss in respect of an available-for-sale financial asset is calculated by
reference to its fair value.
Individually significant financial instruments are tested for impairment on an individual basis. The remaining
financial assets are assessed collectively in groups that share similar credit risk characteristics.
Impairment losses are recognised in the profit or loss. An impairment loss is reversed if the reversal can be
related objectively to an event occurring after the impairment loss was recognised. For financial instruments
measured at amortised cost, the reversal is recognised in profit and loss.
17
BlackWall Limited June 2023 Financial Liabilities
Non-derivative financial liabilities are recognised at amortised cost, comprising original debt less principal
Short Term Benefits
Liabilities for employee benefits for wages, salaries and annual leave represent present obligations resulting
payments and amortisation.
from employees’ services provided to the reporting date and are calculated at undiscounted amounts based
on remuneration wage and salary rates that the group expects to pay as at reporting date including related
Investments in Associates
Investments in associate companies are recognised in the financial statements by applying the equity method
on-costs.
of accounting where significant influence is exercised over an investee. Significant influence exists where the
investor has the power to participate in the financial and operating policy decisions of the investee but does not
Revenue
BWF Property Fees include management fees and transaction fees. They are recognised when it becomes
have control or joint control over those policies.
legally due and payable to the group.
Under the equity method of accounting, investments in the associates are carried in the consolidated balance
sheet at cost plus post-acquisition changes in the group’s share of net assets of the associates. The group’s
share of its associates’ post-acquisition profits or losses is recognised in the income statement, and its share of
post-acquisition movements in reserves is recognised in reserves. The cumulative post acquisition movements
are adjusted against the carrying amount of the investment. When the group’s share of losses exceeds its
interest in an equity accounted investee, the carrying amount of the interest is reduced to nil and the recognition
of further losses is discontinued except to the extent that the group has an obligation or has made payments
on behalf of the investee.
Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid
investments with original maturities of three months or less, and bank overdrafts.
Trade and Other Receivables
Trade receivables are recognised and carried at original invoice amount less a provision for any uncollectable
debts. An estimate for credit loss impairment is made when there is objective evidence that the group will not be
able to collect the receivable. Financial difficulties of the debtor and default payments are considered objective
evidence of impairment. Bad debts are written off when identified as uncollectable.
Investment Income
Finance income comprises interest on funds invested and gains on the disposal of financial assets. Interest
income is recognised as interest accrues using the effective interest method. Dividend and distribution revenue
is recognised when the right to receive income has been established.
In-specie distributions and returns of capital are brought on to the balance sheet by an adjustment in the
carrying value of the relevant investment and then reflected in the profit and loss as an unrealised gain.
All revenue is stated net of the amount of GST.
Leases
AASB 16 was adopted by the group on 1 July 2019, applying the modified retrospective approach. Right of
use assets and liabilities are recognised for all leases with a lease term of more than 12 months; unless the
underlying asset is of a low value. Initial recognition of both the right of use asset and corresponding lease
liability is calculated using the present value of remaining lease payments; discounted using the rate implicit in
the lease or, if not easily determinable, the lessee’s incremental borrowing rate. The right of use asset is adjusted
for any prepaid or accrued lease payments or onerous lease contracts.
Trade and Other Payables
Liabilities for trade creditors are carried at cost which is the fair value of the consideration to be paid in the future
for goods or services received, whether or not billed to the group at balance date. The amounts are unsecured
and are usually paid within 30 days of recognition.
Income Tax
Current Income Tax Expense
The charge for current income tax expense is based on the profit year adjusted for any non-assessable or
disallowed items. It is calculated using the tax rates that have been enacted or are substantially enacted by the
Employee Benefits
Other Long Term Employee Benefits
The group’s net obligation in respect of long term employee benefits is the amount of future benefit that
employees have earned in return for their service in the current and prior periods plus related on-costs. These
employee benefits have not been discounted to the present value of the estimated future cash outflows to be
made for those benefits.
balance sheet date.
Accounting for Deferred Tax
Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences
arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. No
deferred income tax will be recognised from the initial recognition of an asset or liability, excluding a business
combination, where there is no effect on accounting or taxable profit or loss.
18
BlackWall Limited June 2023 Deferred Tax Calculation
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or
GST
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST
liability is settled. Deferred tax is credited in the income statement except where it relates to items that may be
incurred is not recoverable from the Australian Taxation Office. In these circumstances the GST is recognised
credited directly to equity, in which case the deferred tax is adjusted directly against equity.
as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities
the balance sheet are shown inclusive of GST.
and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on
Cash flows are presented in the cash flow statement on a gross basis, except for the GST component of
different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets
investing and financing activities, which are disclosed as operating cash flows.
and liabilities will be realised simultaneously.
Deferred Income Tax Assets
Deferred income tax assets are recognised to the extent that it is probable that future tax profits will be available
against which deductible temporary differences can be utilised. The carrying amount of deferred income tax
assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that
sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised.
Benefit Brought to Account
The amount of benefits brought to account or which may be realised in the future is based on the assumption
that no adverse change will occur in income taxation legislation and the anticipation that the economic entity will
derive sufficient future assessable income to enable the benefit to be realised and comply with the conditions
of deductibility imposed by the law.
Tax Consolidation
BWF has elected to form a tax consolidated group with its wholly-owned entities for income tax purposes
under the tax consolidation regime with effect from 1 January 2011. As a consequence, all members of the
tax consolidated group are taxed as a single entity from that date. The head entity within the tax consolidated
group is BWF.
In addition to its own current and deferred tax amounts, BWF also recognises the current tax liabilities (or assets)
Equity
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or
options are shown in equity as a deduction, net of tax, from the proceeds.
Dividends
The final dividend for June period is declared and authorised after the end of the reporting period, therefore
provision for dividend is not booked in the current year accounts.
EPS
The group presents basic and diluted EPS data for its ordinary shares. Basic EPS is calculated by dividing the
profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary
shares outstanding during the year. Diluted EPS is determined by adjusting the profit or loss attributable to
ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects of all
dilutive potential ordinary shares.
Comparative Figures
When required by Accounting Standards, comparative figures have been adjusted to conform to changes in
presentation for the current financial year. Any change of presentation has been made in order to make the
and the deferred tax assets arising from unused tax losses and unused tax credits assumed from controlled
financial statements more relevant and useful to the user.
entities in the tax consolidated group in conjunction with any tax funding arrangement amounts.
The group recognises deferred tax assets arising from unused tax losses of the tax consolidated group to the
extent that it is probable that future taxable profits of the tax consolidated group will be available against which
the asset can be utilised.
Any subsequent period adjustments to deferred tax assets arising from unused tax losses as a result of revised
assessments of the probability of recoverability is recognised by the head entity only.
Assets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as
New Accounting Standards and Interpretations
BWF has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian
Accounting Standards Board (AASB) that are mandatory for the current reporting period. The accounting policies
adopted in the preparation of the consolidated financial statements are consistent with those of the previous
financial year. Several amendments apply for the first time in the current year. However, they do not impact
the annual consolidated financial statements of the group. Any new or amended Accounting Standards or
Interpretations that are not yet mandatory have not been early adopted. Based on our preliminary assessment,
amounts receivable from or payable to other entities in the group.
we do not expect them to have a material impact on the group.
19
BlackWall Limited June 2023
Directors’ Report
Continued
ASX Additional Information
Additional information required by the ASX and not shown elsewhere in this report is as follows. The shareholder
information set out below was current as at 27 July 2023.
2. Distribution of Shareholders
The distribution of shareholders by size of holding was:
Category
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 and over
Total Number of Shareholders
No. of Shareholders
290
460
212
301
62
1,325
1. Shareholders
The group’s top 20 largest shareholdings were:
Investor
1 Seno Management Pty Ltd
2 Vintage Capital Pty Limited
3 Lymkeesh Pty Ltd
4 Frogstorm Pty Ltd
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