BISICHI MINING PLC ANNUAL REPORT 2017

Financial statements Notes to the financial statements
26. NON-CONTROLLING INTEREST
As at 1 January 349 321
Share of profit/(loss) for the year 172 (72)
Exchange adjustment 11 100
As at 31 December 532 349
The non-controlling interest comprises of a 37.5% shareholding in Black Wattle Colliery (Pty) Ltd. A coal mining company incorporated in South Africa.
Summarised financial information reflecting 100% of the underlying subsidiary’s relevant figures, is set out below.
Revenue 36,300 21,703
Expenses (35,150) (22,185)
Profit/(loss) for the year 1,150 (482)
Other comprehensive Income - -
Total comprehensive income for the year 1,150 (482)
Balance sheet
Non-current assets 8,613 8,516
Current assets 6,747 8,600
Current liabilities (8,652) (12,151)
Non-current liabilities (3,155) (2,635)
Net assets at 31 December 3,553 2,330
The non-controlling interest relates to the disposal of a 37.5% shareholding in Black Wattle Colliery (Pty) Ltd in 2010 when the total issued share
capital in Black Wattle Colliery (Pty) Ltd was increased from 136 shares to 1,000 shares at par of R1 (South African Rand) through the following
shares issue:
- a subscription for 489 ordinary shares at par by Bisichi Mining (Exploration) Limited increasing the number of shares held from 136 ordinary shares
to a total of 625 ordinary shares;
- a subscription for 110 ordinary shares at par by Vunani Mining (Pty) Ltd;
- a subscription for 265 “A” shares at par by Vunani Mining (Pty) Ltd
Bisichi Mining (Exploration) Limited is a wholly owned subsidiary of Bisichi Mining PLC incorporated in England and Wales.
Vunani Mining (Pty) Ltd is a South African Black Economic Empowerment company and minority shareholder in Black Wattle Colliery (Pty) Ltd.
The “A” shares rank pari passu with the ordinary shares save that they will have no dividend rights until such time as the dividends paid by Black
Wattle Colliery (Pty) Ltd on the ordinary shares subsequent to 30 October 2008 will equate to R832,075,000.
A non-controlling interest of 15% in Black Wattle Colliery (Pty) Ltd is recognised for all profits distributable to the 110 ordinary shares held by Vunani
Mining (Pty) Ltd from the date of issue of the shares (18 October 2010). An additional non-controlling interest will be recognised for all profits
distributable to the 265 “A” shares held by Vunani Mining (Pty) Ltd after such time as the profits available for distribution, in Black Wattle Colliery (Pty)
Ltd, before any payment of dividends after 30 October 2008, exceeds R832,075,000.
2017
£’000
2017
£’000
2016
£’000
2016
£’000
84 Bisichi Mining PLC