Bisichi Plc Interim Results

 
TIDMBISI 
 
23 August 2023 
 
BISICHI PLC 
 
Interim Results for the period ended 30 June 2023 
 
For the six months ending 30th June 2023: 
 
  · EBITDA [1]:£1.42million               (2022: £22.25million) 
 
  · Adjusted EBITDA [2]:  £2.17million(2022: £22.24million) 
 
  · Profit before tax       £0.3million(2022: £21.17million) 
 
  · EPS (basic):   3.18p loss   (2022: 108.29p) 
 
  · The decrease in group earnings in the first half of the year can be 
attributed to lower coal prices achievable by Sisonke Coal Processing, the 
Group's South African coal processing operation, as well as difficult mining 
conditions at Black Wattle, the Group's South African mining operation. 
 
  · Continued constraints on the South African rail network, adversely impacted 
Group mining revenue achieved during the period of £25.1million (H1 2022: 
£44.7million). 
 
  · Total mining production from Black Wattle of 354,000 metric tonnes compared 
to 301,000 metric tonnes in the first half of 2022, and 523,000 in the second 
half of that year. 
 
  · Black Wattle will open a new lower cost mining area in third quarter of 
2023, with mining production expected to improve in the second half of 2023. 
 
  · An interim dividend of 3p (H1 2022: 10p) declared. 
 
For further information, please call: 
 
Andrew Heller/Garrett Casey      Bisichi PLC    020 7415 5030 
 
[1] Earnings before Interest, taxation, depreciation and amortisation. 
 
[2] Operating profit before depreciation, fair value adjustments and exchange 
movements. 
 
Bisichi PLC 
 
Half year review - 30 June 2023 
 
For the six month period ended 30 June 2023, your company made a profit before 
interest, tax, depreciation and amortisation (EBITDA) of £1.42million (H1 2022: 
£22.25 million) and an operating profit before depreciation, fair value 
adjustments and exchange movements (Adjusted EBITDA) of £2.17million (H1 2022: 
£22.24million). 
 
The lower earnings for the Group, compared to the first six months of 2022,  are 
mainly attributable to lower prices for our coal sold by Sisonke Coal 
Processing, the Group's South African coal processing operation, as well as 
difficult mining conditions at our coal mining asset, Black Wattle Colliery. 
 
During 2022, the Group benefited from significantly higher prices of Free on 
Board (FOB) coal from Richards Bay Coal Terminal (API4 price). However, during 
the first half of 2023, the weekly API4 price averaged US$128 compared to US$277 
in the first half of 2022, and US$270 in the second half of the year. In 
addition to the weaker international coal price, constraints in transporting 
coal for export on the South African rail network, constraints which were 
largely beyond our control, significantly impacted the Group's export sales 
during the period. Due to the lack of available rail capacity, the Group 
exported 59,000 metric tonnes in the first half of 2023, compared to 177,000 
metric tonnes in the first half of 2022. This in turn had a further impact on 
earnings during the period, as coal allocated for export was eventually sold 
into the domestic market at prices that were significantly lower than the export 
price achievable by rail through Richards Bay. Transnet, the South African state 
rail operator, and the wider South African coal industry, are working hard to 
implement collectively measures to increase rail capacity. At this point, we 
remain optimistic that these measures will, once implemented, have a significant 
positive impact on both the export and domestic prices achievable for our coal. 
 
At Black Wattle, difficult mining conditions impacted profitability during the 
period. During the first six months of the year the Group achieved production of 
354,000 metric tonnes, compared to 301,000 metric tonnes in the first half of 
2022 and 523,000 in the second half of the year. Temporary geological issues 
reduced the production from our opencast mining area as well as increasing 
related mining and blasting costs. In order to mitigate these issues, the mine 
will open a lower cost second mining area in the third quarter of 2023; we 
expect mining production and costs at Black Wattle to steadily improve going 
into the fourth quarter of 2023. 
 
Lower coal production from Black Wattle had a knock-on effect on overall levels 
of coal processed at Sisonke Coal Processing during the period, during which the 
Group sold 473,000 metric tonnes compared to 614,000 metric tonnes in the first 
half of 2022 and 1.29million metric tonnes overall in 2022. The decrease in the 
Group's mining revenue during the period to £25.1million (H1 2022: £44.7million) 
can mainly be attributable to the lower prices achievable for our coal, and the 
lower overall quantity of coal sold. 
 
Looking forward into the second half of 2023, we will see the benefits, both in 
terms of mining cost and production, from the new mining area at Black Wattle. 
In addition, we have seen a stabilisation in coal prices in both the export and 
domestic market. We remain confident in the Group's ability to achieve 
significant value from our South African operations. 
 
In the UK, we have seen rental revenue from our retail property portfolio remain 
stable in the first half of 2023. Overall, the Group billed revenue from our 
directly owned property portfolio of £0.54million (H1 2022: £0.56million) during 
the first half of the year. The Group continues to hold its joint venture 
development investment in West Ealing, with London Associated Properties PLC and 
Metroprop Real Estate Ltd. We continue to explore options to realise the value 
from the planning consent for 56 flats we obtained in 2021. We are weighing up 
the risks and rewards of both a land sale and building out the site, and are 
optimistic that a decision to realise the best value of this site can be taken 
shortly. 
 
During the period the Group's total non-current and current listed equity 
investments held at fair value through profit and loss remained at similar 
levels as at the end of 2022 at £13.5million (H1 2022: £7.6million). The Group's 
dividend income from investments during the period of £0.28million (H1 2022: 
£0.15million) helped offset a loss in value from investments of £0.6million (H1 
2022: Gain £0.1million). The Group's listed investments continue to comprise 
primarily listed equities involved in extractive and energy related business 
activities, including entities involved in the extraction of commodities needed 
for the clean energy transition. 
 
Finally, your directors intend to pay an interim dividend of 3p (2022: 10p) per 
share. The dividend will be payable on Friday 2 February 2024 to shareholders 
registered at the close of business on 5 January 2024. 
 
On behalf of the Board and shareholders, I would like to thank all of our staff 
for their hard work during this period. 
 
Andrew Heller 
 
Executive Chairman & Managing Director 
 
22 August 2023 
 
Bisichi PLC 
 
Consolidated income statement 
 
For the six months ended 30 June 2023 
 
                         Unaudited         Unaudited         Audited 
                         6 months ended        6 months      Year ended 
                                           ended 
                         30 June           30 June           31 December 
                         2023              2022              2022 
 
                  Notes  £000              £000              £000 
 
Group revenue     1      25,883            45,399 
                                                             95,111 
Operating                        (24,668)          (23,937) 
costs                                                        (57,111) 
Operating                1,215             21,462            38,000 
profit on 
trading 
activities 
Decrease in                                           - 
value of                 -                                   (60) 
investment 
properties 
Gain/(Loss) on           (553)             49                1,036 
investments 
held at fair 
value 
Operating         1                662               21,511 
profit                                                       38,976 
Share of loss            (10)              (1) 
in joint                                                     (89) 
ventures 
Profit before            652               21,510 
interest and                                                 38,887 
taxation 
Interest 
receivable               124               39                174 
Interest 
payable                  (477)             (383)             (1,047) 
Profit before     1      299               21,166 
taxation                                                     38,014 
Income tax        2 
                         (165)             (5,956)           (11,908) 
(Loss)/Profit                     134               15,210 
for the period                                               26,106 
 
Attributable 
to: 
Equity holders           (339)             11,562            17,612 
of the company 
Non                      473 
-controlling                               3,648             8,494 
interest 
(Loss)/Profit                    134               15,210 
for the period                                               26,106 
 
Loss/Earnings     3      (3.18p)           108.29p           164.96p 
per share - 
basic 
Loss/Earnings     3      (3.18p)           103.63p           164.96p 
per share - 
diluted 
 
Bisichi PLC 
 
Consolidated statement of comprehensive income 
 
For the six months ended 30 June 2023 
 
                            Unaudited    Unaudited    Audited 
                            6 months     6 months     Year 
 
                            ended        ended        ended 
                            30 June      30 June      31 December 
                            2023         2022         2022 
                            £000         £000         £000 
 
(Loss)/Profit for the       134          15,210       26,106 
period 

Other comprehensive 
income/(expenses): 
Exchange differences on           (874)        565            (43) 
translation of foreign 
operations 
Taxation                    -            -            - 
Other comprehensive            (874)        565               (43) 
(loss)/income for the 
period, net of tax 
Total comprehensive             (740)        15,775           26,063 
(loss)/income for the 
period 
 
Attributable to: 
Equity shareholders             (938)        12,052           17,593 
Non-controlling interest          198          3,723           8,470 
Total comprehensive             (740)        15,775           26,063 
(loss)/income for the 
period 
 
Bisichi PLC 
Consolidated 
Balance 
Sheet 
as at 30 
June 2023 
                                    Unaudited  Unaudited   Audited 
                                    30 June    30 June     31 
                                    2023       2022        December 
                                                           2022 
Assets                              £000       £000        £000 
Non-current 
-assets 
  Value of investment properties    10,465     10,525      10,465 
  Fair value of head leases               170        175 
                                                           175 
  Investment property               10,635     10,700      10,635 
  Mining reserves, plant and        14,195     14,342      16,377 
  equipment 
  Investments in joint ventures     1,031      1,130       1,041 
  Deferred tax assets               183 
  Other investments at fair value      12,740     6,418      12,590 
  through profit and loss ("FVPL") 
  Total non-current assets          38,784     32,590        40,634 
Current 
assets 
  Inventories                       4,502      4,188       5,199 
  Trade and other receivables       5,651      8,820       6,437 
  Investments in listed securities  779        1,209       886 
  held at FVPL 
  Cash and cash equivalents           6,468      5,176     10,590 
  Total current assets              17,400     19,393 
                                                           23,112 
Total assets                        56,184     51,983      63,755 
Liabilities 
Current 
liabilities 
  Borrowings                        (3,556)    (3,929)     (3,795) 
  Trade and other payables          (9,153)    (9,246)     (13,282) 
  Current tax liabilities                         (1,657) 
                                    (4,321)                (4,256) 
  Total current liabilities         (17,030)   (14,832)    (21,333) 
Non-current 
liabilities 
  Borrowings                        (3,924)    (3,903)     (3,930) 
  Provision for rehabilitation      (1,475)    (1,609)     (1,715) 
  Finance lease liabilities         (215)      (400)       (344) 
  Deferred tax liabilities 
                                          -        (57)    (872) 
  Total non-current liabilities     (5,614)      (5,969)   (6,861) 
Total                               (22,644)   (20,801)    (28,194) 
liabilities 
Net assets                             33,540      31,182 
                                                           35,561 
Equity 
  Share capital                     1,068      1,068       1,068 
  Share premium                     258        258         258 
  Translation reserve               (3,158)    (2,050)     (2,559) 
  Other reserves                    1,112      707         1,112 
  Retained earnings                 32,303     28,940      33,923 
  Total equity attributable to      31,583     28,923      33,802 
  equity shareholders 
  Non-controlling interest 
                                    1,957      2,259       1,759 
Total equity                          33,540      31,182     35,561 
 
Bisichi PLC 
 
Consolidated Cash Flow Statement 
 
For the six months ended 30 June 2023 
 
                                   Unaudited  Unaudited  Audited 
                                   30 June    30 June    31 December 
                                   2023       2022       2022 
                                   £000       £000       £000 
 
Cash flows from operating 
activities 
Operating profit                   662        21,511     38,976 
Depreciation                       764        744                     1,093 
Unrealised (gain)/loss on          553        (49)       (1,036) 
investments 
Unrealised loss on investment      -          -          60 
properties 
Share based payment expense        -          -          405 
Exchange adjustments               188        37         270 
Movement in working capital        (3,947)    (4,960)                  (588) 
Net interest paid                  (353)      (344)                    (553) 
Income tax (paid)/received         (327)      (5,554)                  (7,929) 
Cash flow from operating           (2,460)    11,385                   30,698 
activities 
Cash flows from investing          (1,649)    (8,680)                (16,584) 
activities 
Cash flows from financing          (513)      (1,889)                 (7,206) 
activities 
Net increase/(decrease) in cash    (4,622)    816                    6,908 
and cash equivalents 
 
Cash and cash equivalents at 1     7,365      482                    482 
January 
Exchange adjustment                177        (51)                        (25) 
Cash and cash equivalents at       2,920      1,247                   7,365 
end of period 
 
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          6,468      5,176                  10,590 
Bank overdrafts                    (3,548)    (3,929)               (3,225) 
Cash and cash equivalents at       2,920      1,247                   7,365 
end of period 
 
Bisichi PLC 
 
Consolidated statement of changes in shareholders' equity 
 
For the six months ended 30 June 2023 
 
                Share    Share    Translation  Available  Other     Retained 
Non-         Total 
                                               for sale 
 
controlling 
                capital  premium  reserve      reserves   reserves  earnings 
Total    Interest     Equity 
                £'000    £'000    £'000        £'000      £'000     £'000 
£'000    £'000        £'000 
Balance at 1    1,068    258      (2,540)      -          707       18,019 
17,512   323          17,835 
January 
2022 
Profit for the  -        -        -            -          -         11,562 
11,562   3,648        15,210 
period 
Other           -        -        490          -          -         - 
490      75           565 
comprehensive 
income and 
expense 
Total           -        -        490          -          -         11,562 
12,052   3,723        15,755 
comprehensive 
income  for 
the 
period 
Dividend        -        -        -            -          -         (641) 
(641)    (1,787)      (2,428) 
Balance at 30   1,068    258      (2,050)      -          707       28,940 
28,923   2,259        31,182 
June 
2022 
Balance at 1    1,068    258      (2,540)      -          707       18,019 
17,512   323          17,835 
January 
2022 
Profit for the  -        -        -            -          -         17,612 
17,612   8,494        26,106 
year 
Other           -        -        (19)         -          -         - 
(19)     (24)         (43) 
comprehensive 
income and 
expense 
Total           -        -        (19)         -          -         17,612 
17,593   8,470        26,063 
comprehensive 
income  for 
the year 
Dividend        -        -        -            -          -         (1,708) 
(1,708)  (7,034)      (8,742) 
Share options   -        -        -            -          (142)     - 
(142)    -            (142) 
cancelled 
Share options   -        -        -            -          547       - 
547      -            547 
issued 
Balance at 31   1,068    258      (2,559)      -          1,112     33,923 
33,802   1,759        35,561 
December 2022 
Profit for the  -        -        -            -          -         (339) 
(339)    473          134 
year 
Other           -        -        (599)        -          -         - 
(599)    (275)        (874) 
comprehensive 
income and 
expense 
Total           -        -        (599)        -          -         (339) 
(938)    198          (740) 
comprehensive 
income  for 
the 
period 
Dividend        -        -        -            -          -         (1,281) 
(1,281)  -            (1,281) 
Balance at 30   1,068    258      (3,158)      -          1,112     32,303 
31,583   1,957        33,540 
June 
2023 
 
ACCOUNTING POLICIES AND NOTES TO THE ACCOUNTS: 
 
 
 
The results for the six months ended 30 June 2023 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 2022, and which will form 
the basis of the 2023 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 
                           2023       2022       2022 
 
                           £000       £000       £000 
Revenue 
Mining                     25,060     44,692     93,413 
Property                   543        561                     1,108 
Other                      280        146        590 
                           25,883     45,399     95,111 
Operating profit/(loss) 
Mining                     715        21,055                   36,763 
Property                   221        264        592 
Other                      (274)      192        1,621 

                           662        21,511                   38,976 
 
             Share of      (10)       (1)        (89) 
profit in joint 
ventures 
             Interest      124        39         174 
receivable 
Interest payable           (477)      (383)      (1,047) 
Profit/(Loss) before       299        21,166     38,014 
taxation 
 
 2. Taxation 
 
                      Unaudited  Unaudited  Audited 
                      30 June    30 June    31 December 
                      2023       2022       2022 
                      £000       £000       £000 
Based on the 
results for the 
period: 
Corporation tax at    1,015      6,425      11,520 
27.00% (2022: 27%) 
Deferred taxation     (850)      (469)      388 
                      165        5,956      11,908 
 
 3. Earnings/ (loss) per share 
 
Both the basic and diluted earnings per share calculations are based on a loss 
of £339,000 (2022: profit of £11,562,000). The basic earnings per share has been 
calculated on a weighted average of 10,676,839 (2022: 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 
(2022: 10,676,839) plus the dilutive potential ordinary shares arising from 
share options of nil (2022: 479,878) totalling 10,676,839 (2022: 11,156,717). 
 
 4. Investment properties 
 
Investment properties are held a fair value at each reporting period. 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 
property portfolio. The Directors have placed a valuation on the properties 
which is not materially different to the value as at 31 December 2022. Therefore 
no change in fair value of investment properties has been made during the 
period. Investment properties are therefore included at a Director's valuation 
which is considered to be the fair value as at 30 June 2023. Please refer to 
page 87 to 89 of the 2022 Annual report and Accounts for details on the 
valuation of investment and development properties as at 31 December 2022. 
 
 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 2022. The 
Group paid management fees of £100,000 (30 June 2022: £100,000 December 2022: 
£200,000) 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 2022 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 
United Kingdom 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 PLC are prepared in accordance with 
UK-adopted international accounting standards in conformity with the 
requirements of the Companies Act 2006. The same accounting policies are used 
for the six months ended 30 June 2023 as were used for the year ended 31 
December 2022. 
 
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 largest areas of estimation and uncertainty in the interim financial 
statements are in respect of: 
 
    - Life of mine and reserves; 
 
    - Depreciation; 
 
    - Provision for rehabilitation (relating to environmental rehabilitation of 
mining areas); 
 
    - Impairment; and 
 
    - The valuation of investment and development properties 
 
Property, plant and equipment representing the group's mining assets in South 
Africa are reviewed for impairment where there is evidence of a material 
impairment. The impairment test indicated significant headroom as at 31 December 
2022 and no impairment was considered appropriate. The directors have used 
similar key assumptions and estimates as outlined on page 76 of the 2022 Annual 
report and Accounts, and no impairment was considered appropriate as at 30 June 
2023. 
 
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 2022. 
 
The Group's contingent liabilities and bank guarantees are referred to in the 
Group's 2022 annual financial statements. Black Wattle Colliery (Pty) Ltd 
continues to be involved in a tax dispute in South Africa related to Vat. The 
dispute arose during the year ended 31 December 2020 and is related to events 
which occurred prior to the years ended 31 December 2020. The interpretation of 
laws and regulations in South Africa where the Group operates can be complex and 
can lead to challenges from or disputes with regulatory authorities. Such 
situations often take significant time to resolve. Where there is a dispute and 
where a reliable estimate of the potential liability cannot be made, or where 
the Group, based on legal advice, considers that it is improbable that there 
will be an outflow of economic resources, no provision is recognised. Further 
details of the contingent tax liability can be found on page 107 of the 2022 
Annual report and Accounts. 
 
The interim financial statements have been prepared on the going concern basis. 
Cashflow forecasts demonstrate that the group has adequate resources to continue 
in operational existence for the foreseeable future and is well placed to manage 
its business risks. 
 
 7. Dividend 
 
The final dividends in respect of 2022, totalling £1,281,000 was approved  by 
the shareholders at the Annual General Meeting held on the 6th June 2023 and 
were paid on the 28th July 2023. The final dividends in respect of 2022 are 
included as a liability in these interim financial statements. A proposed 
interim dividend for the year ended 31 December 2023 totalling £320,305 (2022: 
1,067,684) was approved by the Board of Directors on 22 August 2023 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 2022 Annual Report and 
Accounts. Risks and uncertainties identified by the Group are set out on page 19 
to 23 of the 2022 Annual Report & Accounts and are reviewed on an ongoing basis. 
There have been no significant changes in the first half of 2023 to the 
principle risks and uncertainties as set out in the 2022 Annual Report & 
Accounts. 
 
Risks faced by the business are assessed by the Board on an ongoing basis. 
Strategies for mitigating the risks have  been defined and specific measures for 
achieving these are already underway. These include the measures outlined in the 
Chairman's Statement, Mining Review and Financial Review & Performance sections 
of the 2022 Annual report and Accounts. 
 
The principal risks as stated in the 2022 Annual Report & Accounts reflect the 
challenging environment in which the business operates and are considered under 
the following broad headings: 
 
Mining: 
 
- Coal price and volume risk 
 
    - Mining risk 
 
    - Currency risk 
 
    - New reserves and mining permissions 
 
    - Power supply risk 
 
    - Flooding risk 
 
    - Environmental risk 
 
    - Health & safety risk 
 
    - Climate change risk 
 
    - Labour risk 
 
     - Cashflow 
 
Property: 
 
-    Property valuation risk 
 
 9. Board approval 
 
These interim results were approved by the Board of Bisichi PLC on 22 August 
2023. 
 
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 19 to 23 of the 2022 
Annual Report & Accounts. We do not assume any obligation to update the forward 

-looking statements contained in this report. 
 
Andrew Heller 
 
Executive Chairman & Managing Director 
 
22 August 2023 
 
DIRECTORS AND ADVISERS 
 
Directors    Andrew R Heller MA, ACA (Executive Chairman & Managing Director) 
 
                                                        Robert Grobler PR Cert 
Eng (Mining Director) 
 
                                                        Garrett Casey CA (SA) 
(Finance Director) 
 
         Christopher A Joll MA (Non-executive) 
 
                                                   John A Sibbald BL (Non 
-executive) 
 
                                                        John Wong ACA, CFA (Non 
-executive) 
 
                                                        John Heller LLB MBA (Non 
-executive) (appointed 29th March 2023) 
 
 
 
Secretary & Registered officeGarrett Casey CA (SA) 
 
                                       12 Little Portland Street 
 
                                                                London W1W 8BJ 
 
 
 
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 Group 
 
 Shareholder Services 
 
 Central Square 
 
 29 Wellington Street 
 
 Leeds 
 
 LS14DL 
 
 UK Telephone: [phone] 
 
 International Telephone: [phone] 
 
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Calls outside the United Kingdom will be   charged at the applicable 
international rate. We are open between 09:00 - 17:30, Monday to Friday 
excluding public   holidays in England and Wales) 
 
Website:www.linkgroup.com (https://urldefense.proofpoint.com/v2/url?u=http 
-3A__www.linkgroup.com_&d=DwMFAg&c=bZnDpUh0cTwskH9nIvyseq2tJ5dkOfcF56epRyP8Xxo&r= 
jsj0NxsCpzBdTIUFSJzDaiztX_olqMjTklTr6qSY0K8&m=mt8GF9D2paJWV9XBxMnk2QHowdcX8BEazEj 
Yt8C7bxj2H6lPRTw6uN_nykNZEtH5&s=qHZ6jwYvvc60rRKPvJk_XK5JqpGazEptNYoA34SdaV8&e=) 
 
         E-mail:[e-mail] 
 
 
 
Company registration number  00112155 (Incorporated in England and Wales) 
 
 
 
Web site                              www.bisichi.co.uk 
 
E-mail                    [e-mail] 
 
 
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(END) Dow Jones Newswires

August 23, 2023 02:30 ET (06:30 GMT)