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Share Name Share Symbol Market Type Share ISIN Share Description
Bisichi Plc LSE:BISI London Ordinary Share GB0001012045 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 60.00 55.00 65.00 60.00 60.00 60.00 87 08:00:06
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 48.1 3.0 9.8 6.1 6

Bisichi Plc Half-year Report

01/09/2020 7:00am

UK Regulatory (RNS & others)


 
TIDMBISI 
 
31 August 2020 
 
                                  BISICHI PLC 
 
               Interim Results for the period ended 30 June 2020 
 
For the six months ending 30th June 2020: 
 
·    EBITDA [1]:                  GBP0.35million loss    (2019: GBP5.7million 
profit) 
 
·    Adjusted EBITDA [2]:   GBP0.1million   (2019: GBP5.6million) 
 
·    Loss before tax            GBP2.0million    (2019: GBP4.3million profit) 
 
·    EPS (basic):                12.66 p loss    (2019: 24.75p profit) 
 
·    Total production:         580,000 tonnes     (2019: 655,000 tonnes) 
 
·    The Group's results reflect the challenging period due to the impact of 
the Covid-19 pandemic and the related downturn in international coal markets. 
 
·    The Group's South African coal mining and processing operations have been 
designated by the South African government as 'essential business operations' 
and allowed to continue during lockdown periods. 
 
·    The Group's management continue to focus on keeping costs low at Black 
Wattle, as well as developing new opportunities at the Group's coal processing 
plant, Sisonke Coal Processing 
 
·    Invoiced income from the Group's directly owned UK retail property 
portfolio was GBP0.50million (2019: GBP0.65million) although, during the period, 
rental revenue collections have been temporarily impacted. 
 
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 2020 
 
The first half of 2020 has been a challenging period for your company due to 
the impact of the Covid-19 pandemic on all our operations. As a result, in the 
six months ended 30 June 2020, Bisichi PLC made a loss before interest, tax, 
depreciation and amortisation of GBP0.35million (2019: a profit of GBP5.7 million). 
 
In managing the impact of the Covid-19 pandemic, your management has 
prioritised the health and safety of all our employees and stakeholders, while 
ensuring the continuity of our business during this challenging time. In order 
to help safeguard our people from the spread of Covid-19, the Group has 
implemented various health and safety measures, which are aligned with measures 
announced by both the UK and South African governments, including guidelines 
and regulations from the South African National Department of Health and the 
Department of Minerals Resources. 
 
In terms of business continuity, the Group's South African coal mining and 
processing operations have been designated by the South African government as 
'essential business operations', which has allowed the Group's operations to 
continue during lockdown periods, although with a reduced or socially distanced 
workforce to help safeguard the health and safety of our employees. At Black 
Wattle, our South African mining operation, disruptions to mining production in 
the first half of the year have been mainly limited to temporary staff 
shortages during the initial lockdown period. Overall, the mine was able to 
achieve total production of 580,000 metric tonnes (2019: 655,000 tonnes) during 
the reporting period, with similar levels expected in the second half of the 
year. 
 
However, during the period, we have also seen reduced global economic activity 
as a result of the Covid-19 pandemic, which has had a significant impact on 
demand for coal in the international market. The overall decrease in Group 
revenue and earnings during the first half of the year can mainly be 
attributable to this downturn. In January, the average weekly price of Free on 
Board (FOB) Coal from Richard Bay Coal Terminal (API4 price) peaked at US$92. 
By mid-April, as global economic activity slowed, the weekly API4 price had 
fallen to US$44 before recovering to US$50 by the end of the first half of the 
year. The impact on our operations has been a build-up in our coal stocks and 
lower prices achievable for our coal in the international market. Although 
there is a surplus of coal in the domestic market and prices have been 
negatively impacted, demand for our particular coal has to date remained more 
stable. 
 
Looking forward, although the duration and extent of the impact of the Covid-19 
pandemic on our South African operations remains uncertain, forward markets and 
leading research indicates some improvement in international coal prices going 
into the last quarter of the year, in conjunction with an expected improvement 
in global economic activity. In the interim, your management will continue to 
focus on keeping costs low at Black Wattle as well as developing new coal 
processing and marketing opportunities at our coal processing plant at Sisonke 
Coal Processing. 
 
In the UK, the Covid-19 pandemic has had a significant impact on rental revenue 
collections from the group's UK retail property portfolio. Although the final 
impact of the pandemic on the portfolio remains uncertain, we expect much of 
the portfolio to recover as tenants fully resume operating. Overall, the Group 
billed revenue from our directly owned property portfolio of GBP0.50million 
(2019: GBP0.65million) during the period. 
 
The Group continues to hold its joint venture investment, with London & 
Associated Properties PLC and Metroprop Real Estate Ltd, in the freehold of a 
retail and residential redevelopment in West Ealing, London. Last year, the 
joint venture submitted a planning application for an expanded residential 
redevelopment of 55 flats on the site and we look forward to updating 
shareholders on the situation in due course. 
 
Finally, in line with what was reported in the 2019 Annual report and given our 
key priorities stated above and the need to conserve cash, the Board has 
decided that it will not be proposing an interim dividend, but will review the 
dividend position when there is greater visibility of the impact of Covid-19. 
 
We would like to thank all our employees and stakeholders for their support 
during this extremely difficult time. 
 
Sir Michael Heller                                         Andrew Heller 
Chairman                                                       Managing 
Director 
31 August 2020 
 
 
 
Bisichi PLC 
Consolidated income statement 
For the six months ended 30 June 2020 
 
                                                  Unaudited       Unaudited         Audited 
 
                                            6 months ended         6 months      Year ended 
                                                    30 June             end     31 December 
                                                                    30 June 
 
                                                       2020            2019            2019 
 
                                    Notes              GBP000            GBP000            GBP000 
 
Group revenue                         1              14,250          26,399          48,106 
 
Operating costs                                    (15,731)        (21,851)        (42,962) 
 
Operating profit on trading                         (1,481)           4,548           5,144 
activities 
 
Decrease in value of investment properties                -               -         (1,480) 
 
Gain/(Loss) on investments held at fair               (261)              59             (6) 
value 
 
Operating profit                      1             (1,742)           4,607           3,658 
 
Share of profit/(loss) in joint                          13              36              20 
ventures 
 
Profit before interest and                          (1,729)           4,643           3,678 
taxation 
 
Interest receivable                                      19              15              28 
 
Interest payable                                      (309)           (309)           (679) 
 
Profit before taxation                1             (2,019)           4,349           3,027 
 
Income tax                            2                 481         (1,289)         (1,432) 
 
Profit for the period                               (1,538)           3,060           1,595 
 
Attributable to: 
 
Equity holders of the company                       (1,352)           2,642           1,046 
 
Non-controlling interest                              (186)             418             549 
 
Profit for the period                               (1,538)           3,060           1,595 
 
Earnings per share - basic            3            (12.66p)          24.75p           9.80p 
 
Earnings per share - diluted          3            (12.66p)          24.34p           9.80p 
 
 
 
Bisichi PLC 
Consolidated statement of comprehensive income 
For the six months ended 30 June 2020 
 
                                                      Unaudited    Unaudited    Audited 
 
                                                      6 months      6 months Year ended 
                                                          ended        ended         31 
                                                        30 June      30 June   December 
 
                                                           2020         2019       2019 
 
                                                           GBP000         GBP000       GBP000 
 
Profit for the period                                   (1,538)        3,060      1,595 
 
Other comprehensive income: 
 
Exchange differences on translation of foreign            (467)           70       (49) 
operations 
 
Taxation                                                      -            -          - 
 
Other comprehensive income for the period, net of         (467)           70       (49) 
tax 
 
Total comprehensive income for the period               (2,005)        3,130      1,546 
 
Attributable to: 
 
Equity shareholders                                     (1,752)        2,694      1,004 
 
Non-controlling interest                                  (253)          436        542 
 
Total comprehensive income for the period               (2,005)        3,130      1,546 
 
 
 
Bisichi PLC 
Consolidated Balance Sheet 
as at 30 June 2020 
 
                                                    Unaudited   Unaudited        Audited 
 
                                                      30 June     30 June    31 December 
                                                         2020        2019           2019 
 
Assets                                                   GBP000        GBP000           GBP000 
 
Non-current-assets 
 
  Value of investment properties                       11,566      13,045         11,566 
 
  Fair value of head leases                               184         185            182 
 
  Investment property                                  11,750      13,230         11,748 
 
  Reserves, plant and equipment                         8,786       9,500          9,508 
 
  Investments in joint ventures                         1,355       1,359          1,342 
 
  Other investments at fair value through profit          449          35            287 
  and loss ("FVPL") 
 
  Total non-current assets                             22,340      24,124         22,885 
 
Current assets 
 
  Inventories                                           4,552       1,316          2,432 
 
  Trade and other receivables                           6,385       9,893          7,559 
 
  Corporation tax recoverable                               -           -             19 
 
  Investments in listed securities held at FVPL           926       1,090          1,119 
 
  Cash and cash equivalents                             4,977       9,876          7,720 
 
  Total current assets                                 16,840      22,175         18,849 
 
Total assets                                           39,180      46,299         41,734 
 
Liabilities 
 
Current liabilities 
 
  Borrowings                                          (4,835)    (11,009)        (5,103) 
 
  Trade and other payables                            (8,409)     (7,850)        (7,619) 
 
  Current tax liabilities                               (317)       (128)          (457) 
 
  Total current liabilities                          (13,561)    (18,987)       (13,179) 
 
Non-current liabilities 
 
  Borrowings                                          (4,180)       (743)        (4,141) 
 
  Provision for rehabilitation                        (1,359)     (1,615)        (1,554) 
 
  Finance lease liabilities                             (231)       (185)          (232) 
 
  Deferred tax liabilities                            (1,404)     (2,364)        (2,071) 
 
  Other non-current liabilities                             -        (45)              - 
 
  Total non-current liabilities                       (7,174)     (4,952)        (7,998) 
 
Total liabilities                                    (20,735)    (23,939)       (21,177) 
 
Net assets                                             18,445      22,360         20,557 
 
Equity 
 
  Share capital                                         1,068       1,068          1,068 
 
  Share premium                                           258         258            258 
 
  Translation reserve                                 (2,490)     (1,996)        (2,090) 
 
  Other reserves                                          707         707            707 
 
  Retained earnings                                    18,530      21,585         19,989 
 
  Total equity attributable to equity                  18,073      21,622         19,932 
  shareholders 
 
  Non-controlling interest                                372         738            625 
 
 Total equity                                          18,445      22,360         20,557 
 
 
Bisichi PLC 
Consolidated Cash Flow Statement 
For the six months ended 30 June 2020 
 
                                                      Unaudited Unaudited       Audited 
 
                                                        30 June   30 June   31 December 
 
                                                           2020      2019          2019 
 
                                                           GBP000      GBP000          GBP000 
 
Cash flows from operating activities 
 
Operating profit                                        (1,743)     4,607         3,658 
 
Depreciation                                              1,379     1,041         2,190 
 
Unrealised (gain)/loss on investments                       261      (59)             6 
 
Unrealised loss on investment properties                      -         -         1,480 
 
Exchange adjustments                                        206      (12)           123 
 
Movement in working capital                               (633)   (3,151)       (1,459) 
 
Net interest paid                                         (289)     (294)         (651) 
 
Income tax (paid)/received                                 (72)   (1,134)       (1,199) 
 
Cash flow from operating activities                       (891)       998         4,148 
 
Cash flows from investing activities                    (2,079)   (1,840)       (3,662) 
 
Cash flows from financing activities                      (125)       (7)       (3,322) 
 
Net increase/(decrease) in cash and cash                (3,095)     (849)       (2,836) 
equivalents 
 
 Cash and cash equivalents at 1 January                   2,878     5,686         5,686 
 
 Exchange adjustment                                        481         7            28 
 
 Cash and cash equivalents at end of period                 264     4,844         2,878 
 
Cash and cash equivalents 
 
For the purposes of the cash flow statement, cash 
and cash equivalents comprise the following balance 
sheet amounts: 
 
                                                          4,977     9,876         7,720 
Cash and cash equivalents 
 
Bank overdrafts                                         (4,713)   (5,032)       (4,842) 
 
Cash and cash equivalents at end of period                  264     4,844         2,878 
 
 
 
Bisichi PLC 
Consolidated statement of changes in shareholders' equity 
For the six months ended 30 June 2020 
 
                                                Available                                  Non- 
                      Share   Share Translation  for sale    Other Retained         controlling   Total 
 
                    capital premium     reserve  reserves reserves earnings   Total    Interest  Equity 
 
                      GBP'000   GBP'000       GBP'000     GBP'000    GBP'000    GBP'000   GBP'000       GBP'000   GBP'000 
 
Balance at 31         1,068     258     (2,048)         -      707   19,584  19,569         566  20,135 
December 2018 
 
Profit for the            -       -           -         -        -    2,642   2,642         418   3,060 
period 
 
Other comprehensive       -       -          52         -        -        -      52          18      70 
income and expense 
 
Total                     -       -          52         -        -    2,642   2,694         436   3,130 
comprehensive 
income  for the 
period 
 
Dividend                  -       -           -         -        -    (641)   (641)       (264)   (905) 
 
Balance at 30 June    1,068     258     (1,996)         -      707   21,585  21,662         738  22,360 
2019 
 
Balance at 31         1,068     258     (2,048)         -      707   19,584  19,569         566  20,135 
December 2018 
 
Profit for the year       -       -           -         -        -    1,046   1,046         549   1,595 
 
Other comprehensive       -       -        (42)         -        -        -    (42)         (7)    (49) 
income and expense 
 
Total                     -       -        (42)         -        -    1,046   1,004         542   1,546 
comprehensive 
income  for the 
year 
 
Dividend                  -       -           -         -        -    (641)   (641)       (483) (1,124) 
 
Balance at 31         1,068     258     (2,090)         -      707   19,989  19,932         625  20,557 
December 2019 
 
Profit for the year       -       -           -         -        -  (1,352) (1,352)       (186) (1,538) 
 
Other comprehensive       -       -       (400)         -        -        -   (400)        (67)   (467) 
income and expense 
 
Total                     -       -       (400)         -        -  (1,352) (1,752)       (253) (2,005) 
comprehensive 
income  for the 
period 
 
Dividend                  -       -           -         -        -    (107)   (107)           -   (107) 
 
Balance at 30 June    1,068     258     (2,490)         -      707   18,530  18,073         372  18,445 
2020 
 
 
 
ACCOUNTING POLICIES AND NOTES TO THE ACCOUNTS: 
 
 
The results for the six months ended 30 June 2020 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 2019, and which will form 
the basis of the 2020 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 
 
                                                           2020      2019          2019 
 
                                                           GBP000      GBP000          GBP000 
 
Revenue 
 
Mining                                                   13,716    25,713        46,704 
 
Property                                                    503       650         1,290 
 
Other                                                        31        36           112 
 
                                                         14,250    26,399        48,106 
 
Operating profit/(loss) 
 
Mining                                                  (1,920)     4,004         4,204 
 
Property                                                    409       510         (648) 
 
Other                                                     (231)        93           102 
 
                                                        (1,742)     4,607         3,658 
 
             Share of profit in joint ventures               13        36            20 
 
             Interest receivable                             19        15            28 
 
Interest payable                                          (309)     (309)         (679) 
 
Profit/(Loss) before taxation                           (2,019)     4,349         3,027 
 
2.   Taxation 
 
                                                      Unaudited Unaudited       Audited 
 
                                                        30 June   30 June   31 December 
 
                                                           2020      2019          2019 
 
                                                           GBP000      GBP000          GBP000 
 
Based on the results for the period: 
 
Corporation tax at 27.00% (2019: 27%)                         6     1,199         1,570 
 
Prior year adjustment - UK                                    -         -           (2) 
 
                                                              6     1,199         1,568 
 
Deferred taxation                                         (487)        90         (136) 
 
                                                          (481)     1,289         1,432 
 
3.   Earnings/ (loss) per share 
 
Both the basic and diluted earnings per share calculations are based on a loss 
of GBP1,352,000 (2019: profit of GBP2,642,000). The basic earnings per share has 
been calculated on a weighted average of 10,676,839 (2019: 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 
(2019: 10,676,839) plus the dilutive potential ordinary shares arising from 
share options of nil (2019: 179,324) totalling 10,676,839 (2019: 10,856,163). 
 
4.   Investment properties 
 
Investment properties are held a fair value at each reporting period. 
Management evaluate on an ongoing basis the impact of Covid-19 and the current 
economic performance of the UK Retail market on the future performance of the 
group's existing UK property portfolio. The Board considers the final impact of 
Covid-19 on the investment properties to remain uncertain. However the 
Directors have placed a valuation on the properties which is not materially 
different to the value as at 31 December 2019. 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 2020. Please refer to page 64 and 65 of the 
2019 Annual report and Accounts for details on the valuation of investment and 
development properties as at 31 December 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 2019. The 
Group paid management fees of GBP100,000 (30 June 2019: GBP100,000 December 2019: GBP 
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 2019 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 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 2020 as were used for the year ended 31 December 
2019. 
 
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: 
 
-    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 
 
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 2019 and no impairment was considered appropriate. During the first 
half of the year, the Covid-19 pandemic impacted on the Group's South African 
mining operations, in particular in relation to the operations coal markets and 
coal prices. In terms of business continuity, the Group's South African 
entities have remained in operation as the entities have been classified as 
essential businesses. Although the final impact of Covid-19 remains uncertain, 
the directors have assessed the expected range of impact of the Covid-19 
pandemic on its impairment model using similar key assumptions and estimates as 
outlined on page 64 of the 2019 Annual report and Accounts, and no impairment 
was considered appropriate as at 30 June 2020. However, it must be acknowledged 
that if circumstances change and the balance of factors shifts as the Covid-19 
pandemic runs its course, impairment values may in turn be impacted. 
 
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 2019. 
 
The interim financial statements have been prepared on the going concern basis. 
Although the final impact of Covid-19 on both our UK and South African 
operations remains uncertain and an estimate of the overall financial effect 
cannot be made, the Directors have assessed the range of expected impact of the 
pandemic on its cashflow forecasts. The 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 interim dividend in respect of 2019, totalling GBP107,000 was paid on the 7th 
of February 2020. No final dividend in respect of 2019 was proposed by the 
Board. No interim dividend for the year ended 31 December 2020 has been 
proposed by the Board. 
 
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 2019 Annual Report and 
Accounts. Risks and uncertainties identified by the Group are set out on page 
11 of the 2019 Annual Report & Accounts and are reviewed on an ongoing basis. 
There have been no significant changes in the first half of 2020 to the 
principle risks and uncertainties as set out in the 2019 Annual Report & 
Accounts. 
 
             Covid-19 risk: 
 
The Group is proactively assessing and managing the potential risks brought 
about by the uncertainty of the Covid-19 pandemic. Overall the Group is exposed 
to impacts on the health and safety of its employees and stakeholders and risks 
related to business continuity. In the UK, the Group expects there to be an 
impact on retail property revenue and potentially values. In South Africa, the 
Group is expected to be impacted by additional health and safety measures 
related to its workforce and coal price risk. 
 
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 2019 Annual report and Accounts. The final impact of the 
Covid-19 pandemic remains uncertain and the Group will adapt plans accordingly 
as more information becomes available or government advice changes. 
 
The other principal risks as stated in the 2019 Annual Report & 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 
 
-    Covid-19 
 
-    Brexit 
 
9.   Board approval 
 
These interim results were approved by the Board of Bisichi PLC on 31 August 
2020. 
 
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 11 of the 2019 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 
31 August 2020 
 
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:                    0371 664 0300 
                                 International Telephone: +44 (0) 371 664 0300 
 
                                 (Calls are charged at the standard geographic rate 
                                 and will vary by provider. Calls outside the United 
                                 Kingdom will be charged at the applicable 
                                 international rate.  We are open between 08:00 - 17: 
                                 30, Monday to Friday excluding public holidays in 
                                 England and Wales) 
 
                                 Website: www.linkassetservices.com 
                                 E-mail: shareholderenquiries@linkgroup.co.uk 
 
Company registration number      112155 (Incorporated in England and Wales) 
 
Web site                         www.bisichi.co.uk 
 
E-mail                           admin@bisichi.co.uk 
 
 
 
END 
 

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P: V:gb D:20210119 03:39:53