27 August 2019
BISICHI
MINING PLC
Interim Results
for the period ended 30 June 2019
For the six months ending
30th June 2019:
- EBITDA
[1]:
£5.7million (2018:
£5.2million)
- Adjusted EBITDA [2]:
£5.6million
(2018: £5.3million)
- Profit before tax
£4.3million
(2018: £4.0million)
- EPS
(basic):
24.75
p
(2018: 22.25p)
- Total production:
655,000 tonnes (2018: 670,000
tonnes)
- Results reflect the stable production and strong demand for
coal from the Group’s South African coal mining and processing
operations.
- Black Wattle’s acquisition of 1.9million metric tonnes coal
reserve remains subject to regulatory approval with no further news
to report at this stage.
- UK property portfolio performing well with planning application
on larger West Ealing development submitted.
END
For further information, please call:
Andrew Heller/Garrett
Casey Bisichi Mining
PLC
020 7415 5030
[1] Earnings before Interest, taxation, depreciation and
amortisation.
[2] Operating profit before depreciation, fair value adjustments
and exchange movements.
Bisichi Mining PLC
Half year review – 30 June 2019
We are very pleased to report that for the six month period
ending on 30 June 2019, Bisichi
Mining PLC achieved earnings before interest, tax, depreciation and
amortisation of £5.7 million (2018: £5.2 million) from revenue of
£26.4 million (2018: £24.8 million). These results arose
principally from the consistently strong performance of the Group’s
South African coal mining and coal processing operations.
During the first half of 2019, Black Wattle Colliery, our South
African mining operation, achieved total production of 655,000
metric tonnes, a similar level to the total production of 670,000
metric tonnes achieved in the first half of 2018. In addition,
strong demand for our coal continued to impact positively on the
prices achievable for our coal and overall Group revenue in the
first half of the year.
In terms of markets, we have continued to see global economic
factors impacting coal demand with, at the end of June 2019, the average weekly price of Free on
Board (FOB) Coal from Richard Bay Coal Terminal (API4 price)
touching levels below US$65 per
metric tonne, compared to US$95 at
the end of 2018. Although we expect demand for our coal to remain
stable, the weakening of prices in the international market may
impact overall Group revenue in the second half of the year.
However, in anticipation of any future negativity in our markets,
management continues to focus on enhancing production efficiencies
and developing new product opportunities. To that end, we have
recently installed additional equipment, including a high-pressure
filter plant and coal fines section in our coal processing plant at
Sisonke Coal Processing.
Meanwhile, and as previously announced, Black Wattle signed an
agreement in 2018 to acquire a new coal reserve contiguous to its
operations. The reserve has an expected run of mine tonnage of 1.9
million metric tonnes, can be mined by opencast and is of a similar
quality to Black Wattle’s existing reserves. At present the
acquisition remains subject to regulatory approval from the South
African Department of Mineral Resources and we have no further news
to report at this stage. Looking forward, working closely with our
BEE partner in South Africa, the
Group continues to seek further opportunities to extend the life of
mine of its existing mining operations or to develop new
independent mining operations in South
Africa.
The Group’s UK retail property portfolio, which is managed by
London & Associated
Properties, continues to perform well with the Group achieving
revenue from our directly owned property portfolio of £0.65million
(2018: £0.55million) during the period.
As reported to shareholders last year, in 2018 the Group has
formed a joint venture with London
& Associated Properties PLC and Metroprop Real Estate Ltd to
acquire the freehold of a retail and residential redevelopment in
West Ealing, London. The joint
venture has planning consent for 20 flats at first and second floor
levels which will be eligible for the UK Government Help to Buy
Scheme. More recently, the joint venture has submitted a planning
application for an expanded residential redevelopment of 55 flats
on the site and we look forward to updating shareholders in due
course.
Your directors intend to pay an interim dividend of 1p per share
which will be paid on the 14 February
2020, to shareholders on the register at the close of
business on 10 January 2020.
On behalf of the Board we would like to thank all our staff for
their hard work during the first six months of the year.
Sir Michael
Heller
Andrew Heller
Chairman
Managing Director
27 August
2019
Bisichi Mining PLC
Consolidated income statement
For the six months ended 30 June 2019
|
|
|
Unaudited |
Unaudited |
Audited |
|
|
|
6
months ended
|
6 months ended |
Year
ended |
|
|
|
30
June |
30
June |
31
December |
|
|
|
2019 |
2018 |
2018 |
|
|
|
|
Restated |
|
|
|
Notes |
£000 |
£000 |
£000 |
|
|
|
|
|
|
Group
revenue |
1 |
26,399 |
24,815 |
49,945 |
Operating
costs |
|
(21,851) |
(20,626) |
(43,033) |
Operating profit on trading activities |
|
4,548 |
4,189 |
6,912 |
Decrease
in value of investment properties |
- |
- |
(215) |
Gain/(Loss) on investments held at fair value |
59 |
(29) |
(171) |
Operating profit |
1 |
4,607 |
4,160 |
6,526 |
Share of
profit/(loss) in joint ventures |
|
36 |
8 |
(52) |
Profit
before interest and taxation |
|
4,643 |
4,168 |
6,474 |
Interest
receivable |
|
|
15 |
80 |
126 |
Interest
payable |
|
(309) |
(283) |
(641) |
Profit
before taxation |
1 |
4,349 |
3,965 |
5,959 |
Income
tax |
2 |
(1,289) |
(1,201) |
(1,916) |
Profit
for the period |
|
3,060 |
2,764 |
4,043 |
|
|
|
|
|
|
Attributable
to: |
|
|
|
|
|
Equity holders of the
company |
|
|
2,642 |
2,376 |
3,314 |
Non-controlling
interest |
|
|
418 |
388 |
729 |
Profit for the
period |
|
|
3,060 |
2,764 |
4,043 |
|
|
|
|
|
Earnings
per share - basic |
3 |
24.75p |
22.25p |
31.05p |
Earnings
per share - diluted |
3 |
24.34p |
21.73p |
30.85p |
A revenue recognition error was identified in the second half of
2018 in respect of the 2018 financial year end. The error was
subsequently disclosed in the 2018 Annual Report on page 62. In
respect of the comparative 6 month period ended 30 June 2018 the error amounted to £1,408,000
which had been incorrectly recorded as a deduction against revenue
rather than shown as an operating cost. There is no profit or net
asset impact as a result of the prior period restatement. The above
comparatives have been restated accordingly. Refer to note 6 –
Financial Information.
Bisichi Mining PLC
Consolidated statement of
comprehensive income
For the six months ended 30 June 2019
|
|
Unaudited |
Unaudited |
Audited |
|
|
6 months
ended
|
6 months
ended |
Year
ended |
|
|
30 June |
30 June |
31 December |
|
|
2019 |
2018 |
2018 |
|
|
£000 |
£000 |
£000 |
|
|
|
|
|
Profit for the
period |
3,060 |
2,764 |
4,043 |
Other comprehensive
income: |
|
|
|
Exchange differences on
translation of foreign operations |
70 |
(226) |
(430) |
Taxation |
- |
- |
- |
Other comprehensive
income for the period, net of tax |
70 |
(226) |
(430) |
Total comprehensive income for
the period |
|
3,130 |
2,538 |
3,613 |
|
|
|
|
|
Attributable to: |
|
|
|
|
Equity shareholders |
|
2,694 |
2,191 |
2,937 |
Non-controlling interest |
|
436 |
347 |
676 |
Total comprehensive income for
the period |
|
3,130 |
2,538 |
3,613 |
Bisichi
Mining PLC |
Consolidated Balance Sheet |
as at 30 June 2019 |
|
|
Unaudited |
Unaudited |
Audited |
|
|
30 June
2019 |
30 June
2018 |
31
December 2018 |
Assets |
£000 |
£000 |
£000 |
Non-current-assets |
|
|
|
|
Value of investment
properties |
13,045 |
13,260 |
13,045 |
|
Fair value of head
leases |
185 |
152 |
185 |
|
Investment
property |
13,230 |
13,412 |
13,230 |
|
Reserves, plant and
equipment |
9,500 |
7,972 |
8,531 |
|
Investments in joint
ventures |
1,359 |
883 |
1,322 |
|
Other investments at
fair value through profit and loss (“FVPL”) |
35 |
32 |
35 |
|
Total non-current
assets |
24,124 |
22,299 |
23,118 |
Current
assets |
|
|
|
|
Inventories |
1,316 |
985 |
1,511 |
|
Trade and other
receivables |
9,893 |
7,748 |
6,837 |
|
Corporation tax
recoverable |
- |
- |
19 |
|
Investments in listed
securities held at FVPL |
1,090 |
1,032 |
887 |
|
Cash and cash
equivalents |
9,876 |
6,600 |
9,221 |
|
Total current
assets |
22,175 |
16,365 |
18,475 |
Total
assets |
46,299 |
38,664 |
41,593 |
Liabilities |
|
|
|
Current
liabilities |
|
|
|
|
Borrowings |
(11,009) |
(1,783) |
(9,580) |
|
Trade and other
payables |
(7,850) |
(7,667) |
(7,257) |
|
Current tax
liabilities |
(128) |
(273) |
(92) |
|
Total current
liabilities |
(18,987) |
(9,723) |
(16,929) |
Non-current liabilities |
|
|
|
|
Borrowings |
(743) |
(5,928) |
(547) |
|
Provision for
rehabilitation |
(1,615) |
(1,276) |
(1,571) |
|
Finance lease
liabilities |
(185) |
(152) |
(185) |
|
Deferred tax
liabilities |
(2,364) |
(2,298) |
(2,226) |
|
Other non-current
liabilities |
(45) |
- |
- |
|
Total non-current
liabilities |
(4,952) |
(9,654) |
(4,529) |
Total
liabilities |
(23,939) |
(19,377) |
(21,458) |
Net
assets |
22,360 |
19,287 |
20,135 |
Equity |
|
|
|
|
Share capital |
1,068 |
1,068 |
1,068 |
|
Share premium |
258 |
258 |
258 |
|
Translation
reserve |
(1,996) |
(1,856) |
(2,048) |
|
Other reserves |
707 |
722 |
707 |
|
Retained earnings |
21,585 |
18,646 |
19,584 |
|
Total equity
attributable to equity shareholders |
21,622 |
18,838 |
19,569 |
|
Non-controlling
interest |
738 |
449 |
566 |
Total equity |
22,360 |
19,287 |
20,135 |
Bisichi Mining PLC
Consolidated Cash Flow Statement
For the six months ended 30 June 2019
|
|
Unaudited |
Unaudited |
Audited |
|
|
30
June |
30
June |
31
December |
|
|
2019 |
2018 |
2018 |
|
|
£000 |
£000 |
£000 |
|
|
|
|
|
Cash
flows from operating activities |
|
|
Operating
profit |
|
4,607 |
4,160 |
6,526 |
Depreciation |
|
1,041 |
1,077 |
2,113 |
Unrealised (gain)/loss
on investments |
|
(59) |
37 |
171 |
Unrealised loss on
investment properties |
|
- |
- |
215 |
Share based payment
expense |
|
- |
39 |
24 |
Exchange
adjustments |
|
(12) |
63 |
63 |
Movement in working
capital |
|
(3,151) |
(1,870) |
(1,591) |
Net interest paid |
|
(294) |
(203) |
(472) |
Income tax
(paid)/received |
|
(1,134) |
(1,328) |
(2,282) |
Cash flow from
operating activities |
|
998 |
1,975 |
4,767 |
Cash flows from
investing activities |
|
(1,840) |
(1,143) |
(3,373) |
Cash flows from
financing activities |
|
(7) |
(47) |
200 |
Net
increase/(decrease) in cash and cash equivalents |
|
(849) |
785 |
1,594 |
|
|
|
|
|
Cash and cash
equivalents at 1 January |
|
5,686 |
4,065 |
4,065 |
Exchange
adjustment |
|
7 |
(11) |
27 |
Cash and cash
equivalents at end of period |
|
4,844 |
4,839 |
5,686 |
|
|
|
|
|
Cash and cash
equivalents |
|
|
|
|
For the purposes of
the cash flow statement, cash and cash equivalents comprise the
following balance sheet amounts: |
|
|
|
|
Cash and cash equivalents |
|
9,876 |
6,600 |
9,221 |
Bank overdrafts |
|
(5,032) |
(1,761) |
(3,535) |
Cash and cash
equivalents at end of period |
|
4,844 |
4,839 |
5,686 |
|
|
|
|
|
Bisichi Mining PLC
Consolidated statement of changes in
shareholders' equity
For the six months ended 30 June 2019
|
Share |
Share |
Translation |
Available for sale |
Other |
Retained |
|
Non-
controlling |
Total |
|
capital |
premium |
reserve |
reserves |
reserves |
earnings |
Total |
Interest |
Equity |
|
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
Balance at 31
December 2017 |
1,068 |
258 |
(1,671) |
143 |
683 |
16,661 |
17,142 |
532 |
17,674 |
IFRS 9
Reclassification |
- |
- |
- |
(143) |
- |
143 |
- |
- |
- |
Balance at 31
December 2017 |
1,068 |
258 |
(1,671) |
143 |
683 |
16,661 |
17,142 |
532 |
17,674 |
Profit for the
period |
- |
- |
- |
- |
- |
2,376 |
2,376 |
388 |
2,764 |
Other comprehensive
income and expense |
- |
- |
(185) |
- |
- |
- |
(185) |
(41) |
(226) |
Total
comprehensive income for the period |
- |
- |
(185) |
- |
- |
2,376 |
2,191 |
347 |
2,538 |
Dividend |
- |
- |
- |
- |
- |
(534) |
(534) |
(430) |
(964) |
Equity share
options |
- |
- |
- |
- |
39 |
- |
39 |
- |
39 |
Balance at 30 June
2018 |
1,068 |
258 |
(1,856) |
- |
722 |
18,646 |
18,838 |
449 |
19,287 |
Balance at 31
December 2017 |
1,068 |
258 |
(1,671) |
143 |
683 |
16,661 |
17,142 |
532 |
17,674 |
IFRS 9
Reclassification |
- |
- |
- |
(143) |
- |
143 |
- |
- |
- |
Balance at 31
December 2017 |
1,068 |
258 |
(1,671) |
143 |
683 |
16,661 |
17,142 |
532 |
17,674 |
Revaluation of
investment properties and impairments |
- |
- |
- |
- |
- |
(383) |
(383) |
- |
(383) |
Other income statement
movements |
- |
- |
- |
- |
- |
3,697 |
3,697 |
729 |
4,426 |
Profit for the
year |
- |
- |
- |
- |
- |
3,314 |
3,314 |
729 |
4,043 |
Other comprehensive
income and expense |
- |
- |
(377) |
- |
- |
- |
(377) |
(53) |
(430) |
Total
comprehensive income for the year |
- |
- |
(377) |
- |
- |
3,314 |
2,937 |
676 |
3,613 |
Dividend |
- |
- |
- |
- |
- |
(534) |
(534) |
(642) |
(1,176) |
Equity share
options |
- |
- |
- |
- |
24 |
- |
24 |
- |
24 |
Balance at 31
December 2018 |
1,068 |
258 |
(2,048) |
- |
707 |
19,584 |
19,569 |
566 |
20,135 |
Profit for the
year |
- |
- |
- |
- |
- |
2,642 |
2,642 |
418 |
3,060 |
Other comprehensive
income and expense |
- |
- |
52 |
- |
- |
- |
52 |
18 |
70 |
Total
comprehensive income for the period |
- |
- |
52 |
- |
- |
2,642 |
2,694 |
436 |
3,130 |
Dividend |
- |
- |
- |
- |
- |
(641) |
(641) |
(264) |
(905) |
Balance at 30 June
2019 |
1,068 |
258 |
(1,996) |
- |
707 |
21,585 |
21,662 |
738 |
22,360 |
ACCOUNTING POLICIES AND NOTES TO THE
ACCOUNTS:
The results for the six months ended 30
June 2019 have been prepared in accordance with
International Financial Reporting Standards (IFRS). The
principal accounting policies applied are the same as those set out
in the Financial Statements for the year ended 31 December 2018, modified for the adoption of
IFRS 16 as detailed below, and which will form the basis of the
2019 Annual report.
1. Segmental analysis
For management purposes, the Group is organised into two
operating Divisions, Mining and Property. These Divisions are the
primary basis on which the Group reports its segment information.
This is consistent with the way the Group is managed and with the
format of the Group's internal financial reporting.
|
|
Unaudited |
Unaudited |
Audited |
|
|
30
June |
30
June |
31
December |
|
|
2019 |
2018 |
2018 |
|
|
|
Restated |
|
|
|
£000 |
£000 |
£000 |
Revenue |
|
|
|
|
Mining |
|
25,713 |
24,243 |
48,666 |
Property |
|
650 |
549 |
1,232 |
Other |
|
36 |
23 |
47 |
|
|
26,399 |
24,815 |
49,945 |
Operating
profit/(loss) |
|
|
|
|
Mining |
|
4,004 |
3,751 |
6,030 |
Property |
|
510 |
416 |
623 |
Other |
|
93 |
(7) |
(127) |
|
|
4,607 |
4,160 |
6,526 |
|
|
|
|
|
Share of profit in
joint ventures |
|
36 |
8 |
(52) |
Interest
receivable |
|
15 |
80 |
126 |
Interest payable |
|
(309) |
(283) |
(641) |
Profit/(Loss)
before taxation |
|
4,349 |
3,965 |
5,959 |
2.
Taxation
|
|
Unaudited |
Unaudited |
Audited |
|
|
30
June |
30
June |
31
December |
|
|
2019 |
2018 |
2018 |
|
|
£000 |
£000 |
£000 |
Based on the results
for the period: |
|
|
|
|
Corporation tax at
27.00% (2018: 27%) |
|
1,199 |
1,246 |
2,026 |
Prior year adjustment
- UK |
|
- |
- |
(19) |
|
|
1,199 |
1,246 |
2,007 |
Deferred taxation |
|
90 |
(45) |
(91) |
|
|
1,289 |
1,201 |
1,916 |
3. Earnings/ (loss) per share
Both the basic and diluted earnings per share calculations are
based on a profit of £2,642,000 (2018: £2,376,000). The basic
earnings per share has been calculated on a weighted average of
10,676,839 (2018: 10,676,839) ordinary shares being in issue during
the year. The diluted earnings per share has been calculated on the
weighted average number of shares in issue of 10,676,839 (2018:
10,676,839) plus the dilutive potential ordinary shares arising
from share options of 179,324 (2018: 165,400) totalling 10,856,163
(2018: 10,842,239).
4. Investment properties
Investment properties are included at valuation as at
31 December 2018 plus additions in
the period ended 30 June 2019.
5. Related Parties
The related parties and the nature of costs recharged are as
disclosed in the Group's annual financial statements for the year
ended 31 December 2018. The Group
paid management fees of £100,000 (30 June
2018: £68,750 31 December
2018: £153,000) to London
& Associated Properties PLC, an associated company.
6. Financial information
The above financial information does not constitute statutory
accounts within the meaning of section 434 of the Companies Act
2006. The figures for the year ended 31st December 2018 are based upon the latest
statutory accounts, which have been delivered to the Registrar of
Companies; the report of the auditors on those accounts was
unqualified and did not contain a statement under Section 498(2) or
(3) of the Companies Act 2006.
As required by the Disclosure and Transparency Rules of the UK's
Financial Conduct Authority, the interim financial statements have
been prepared in accordance with the International Financial
Reporting Standards (IFRS) and in accordance with both IAS 34
'Interim Financial Reporting' as adopted by the European Union and
the disclosure requirements of the Listing Rules.
The half year results have not been audited or subject to review
by the company's auditors.
The annual financial statements of Bisichi Mining PLC are
prepared in accordance with IFRS as adopted by European Union. The
same accounting policies are used for the six months ended
30 June 2019 as were used for the
year ended 31 December 2018, modified
for the adoption of IFRS 16 as detailed below.
During the 2018 year-end review of revenue recognition in
South Africa a revenue recognition
error was identified in respect of the treatment of transport and
loading costs to deliver export coal under certain export
agreements. The costs had been incorrectly recorded as a deduction
against revenue rather than shown as an operating cost. In the
Annual Financial Statements for the year ended 31 December 2018, such costs have been recorded
in operating costs and the comparatives restated accordingly.
The impact on the interim results for the six months ended
30 June 2019 is a restatement of the
prior period comparatives for the six months ended 30 June 2018. Both revenue and operating costs in
the comparatives have been increased by £1,408,000. There is no
profit or net assets impact as a result of the prior year
restatement.
The assessment of new standards, amendments and interpretations
issued but not effective, are not anticipated to have a material
impact on the financial statements.
The following new standards have become effective and have been
adopted by the Group during the year:
IFRS 16 - Leases
The Group has applied IFRS 16 using the modified retrospective
approach resulting in a nil impact on opening equity.
A right of use asset of £57,000 related to an operating lease
was recognised on transition at 1 January
2019 at a value equal to the lease liability using a
discount rate at the date of the initial application. This has been
applied using the exemption not to represent the prior reporting
period
The related lease liability of £57,000 is recognised as the
present value of the lease payments.
Interest is accrued on the lease liability based on the discount
rate and is accounted for in finance costs and subsequent payments
are deducted from the lease liability. Subsequently the right of
use asset is depreciated over the life of the contract on a
straight line basis. In the cashflow statement the principal and
interest portion of the lease payments are classified within
financing activities and as interest paid respectively.
The largest areas of estimation and uncertainty in the interim
financial statements are in respect of:
- The valuation of investment and development properties;
- Life of mine and reserves;
- Depreciation;
- Provision for rehabilitation (relating to environmental
rehabilitation of mining areas); and
- Impairment
Investment and development properties are not re-valued at the
half year end unless there is evidence of a material change in
valuation. Management evaluate on an ongoing basis the impact of
the current economic performance of the UK Retail market on the
future performance of the group’s existing UK portfolio and
consider there to be no material changes in fair value during the
period. Please refer to page 64 and 65 of the 2018 Annual report
and Accounts for details on the valuation of investment and
development properties as at 31 December
2018.
Other areas of estimation and uncertainly are referred to in the
Group's annual financial statements. There have been no significant
changes to the basis of accounting of key estimates and judgements
as disclosed in the annual report as at 31
December 2018.
There is no material seasonal impact on the Group's financial
performance. Taxes on income in the interim periods are accrued
using tax rates expected to be applicable to total annual
earnings.
The interim financial statements have been prepared on the going
concern basis as the Directors are satisfied the Group has adequate
resources to continue in operational existence for the foreseeable
future.
7. Dividend
The interim dividend in respect of 2018, totalling £107,000 was
paid on the 8th of February
2019. The final dividends in respect of 2018, totalling
£534,000 was approved by the shareholders at the Annual
General Meeting held on the 11th June
2019 and was paid on the 26th July
2019. The final dividend in respect of 2018 is included as a
liability in these interim financial statements. A proposed interim
dividend for the year ended 31 December
2019 totalling £107,000 was approved by the Board of
Directors on 27 August 2019 and has
not been included as a liability in these Interim Financial
Statements.
8. Principal risks and
uncertainties
The Group has an established risk management process which works
within the corporate governance framework as set out in the 2018
Annual Report and Accounts. Risks and uncertainties identified by
the Group are set out on page 14 of the 2018 Annual Report &
Accounts and are reviewed on an ongoing basis. There have been no
significant changes in the first half of 2019 to the principle
risks and uncertainties as set out in the 2018 Annual Report &
Accounts.
The principal risks as stated in the accounts reflect the
challenging environment in which the business operates and are
considered under the following broad headings:
Mining:
- Coal price risk
- Mining risk
- Currency risk
- New reserves and mining permissions
- Power supply risk
- Flooding risk
- Environmental risk
- Health & safety risk
- Labour risk
- Cashflow
Property:
- Property valuation
- Economic performance of United
Kingdom
- Brexit
9. Board approval
These interim results were approved by the Board of Bisichi
Mining on 27 August 2019.
DIRECTORS RESPONSIBILITY STATEMENT AND
REPORT ON PRINCIPAL RISKS
AND
UNCERTAINITIES
Responsibility Statement
We confirm to the best of our knowledge:
(a) the condensed set of financial statements have been
prepared in accordance with IAS 34 Interim Financial Reporting as
adopted by the EU;
(b) the interim management report includes a fair review
of the information required by:
(1) DTR 4.2.7R of the Disclosure and Transparency Rules, being
an indication of important events that have occurred during the
first six months of the financial year and their impact on the
condensed set of financial statements; and a description of the
principal risks and uncertainties for the remaining six months of
the year; and
(2) DTR 4.2.8R of the Disclosure and Transparency Rules, being
related party transactions that have taken place in the first six
months of the current financial year and that have materially
affected the financial position or performance of the entity during
the period; and any changes in the related party transactions
described in the last annual report that could do so.
This report contains forward-looking statements. These
statements are based on current estimates and projections of
management and currently available information. Future statements
are not guarantees of the future developments and results outlined
therein. Rather, future developments and results are dependent on a
number of factors; they involve various risks and uncertainties and
are based upon assumptions that may not prove to be accurate. Risks
and uncertainties identified by the Group are set out on page 14 of
the 2018 Annual Report & Accounts. We do not assume any
obligation to update the forward-looking statements contained in
this report.
Michael Heller
Andrew Heller
Chairman
Managing Director
27 August
2019
DIRECTORS AND
ADVISERS
Directors
Sir Michael A Heller MA, FCA (Chairman)
Andrew
R Heller MA, ACA (Managing
Director)
Robert
Grobler PR Cert Eng (Mining
Director)
Garrett Casey CA (SA) (Finance
Director)
Christopher
A Joll MA
(Non-executive)
John A Sibbald MA
(Non-executive)
Secretary & Registered
office
Garrett Casey CA
(SA)
24 Bruton Place
London W1J
6NE
Black Wattle Colliery - Directors
Andrew
Heller (Managing
Director)
Garrett Casey (Finance
Director)
Ethan Dube (Commercial Director)
Robert Grobler (Mining
Director)
Millicent
Zvarayi
Registrars and transfer
office
Link Asset
Services
Shareholder
Services
The Registry, 34
Beckenham Road
Beckenham,
Kent
BR3
4TU
UK Telephone: 0871
664 0300
(Calls cost 12p
per minute plus network access charges; lines are open Monday to
Friday between 9.00am and 5.30pm)
International
Telephone: +44 371 664 0300
(Calls outside the
United Kingdom will be charged at
applicable international rate)
Website:
www.linkassetservices.com
E-mail:
shareholderenquiries@linkgroup.co.uk
Company registration number
112155 (Incorporated in
England and Wales)
Website
www.bisichi.co.uk
E-mail
admin@bisichi.co.uk