BISICHI MINING PLC ANNUAL REPORT 2017

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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
Financial statements Notes to the financial statements 27. RELATED PARTY TRANSACTIONS Amounts owed to related party £’000 At 31 December Amounts owed by related party £’000 Costs recharged (to)/by related party £’000 During the year Cash paid (to)/by related party £’000 Related party: London & Associated Properties PLC (note (a)) 33 - 138 (140) Langney Shopping Centre Unit Trust (note (b)) - - - - Dragon Retail Properties Limited (note (c)) 147 (2,000) (180) 204 Ezimbokodweni Mining (Pty) Limited (note (d)) - - (46) - As at 31 December 2017 180 (2,000) (88) 64 London & Associated Properties PLC (note (a)) 35 - 138 (162) Langney Shopping Centre Unit Trust (note (b)) - - - 64 Dragon Retail Properties Limited (note (c)) 123 (2,000) (174) 150 Ezimbokodweni Mining (Pty) Limited (note (d)) - (1,350) (114) - As at 31 December 2016 158 (3,350) (150) 52 (a) London & Associated Properties PLC – London & Associated Properties PLC is a substantial shareholder and parent company of Bisichi Mining PLC. Property management, office premises, general management, accounting and administration services are provided for Bisichi Mining PLC and its UK subsidiaries. (b) Langney Shopping Centre Unit Trust – Langney Shopping Centre Unit Trust is an unlisted property unit trust incorporated in Jersey. On the 11 March 2016, the company disposed of its investment in Langney Shopping Centre Unit Trust. (c) Dragon Retail Properties Limited – (“Dragon”) is owned equally by the company and London & Associated Properties PLC. Dragon is accounted as a joint venture and is treated as a non-current asset investment. During 2012 the company lent £2million to Dragon at 6.875 per cent annual interest which has been classified as a trading balance and which is unsecured and payable on demand. (d) Ezimbokodweni Mining (Pty) Limited – Ezimbokodweni Mining is a prospective coal production company based in South Africa. Ezimbokodweni Mining (Pty) Limited is a joint venture and a loan to the joint venture is treated as part of the net investment in the joint venture. Further details on the net investment in Ezimbokodweni can be found in note 13. Details of key management personnel compensation and interest in share options are shown in the Directors’ Remuneration Report on pages 36 and 37 under the headings Directors’ remuneration, Pension schemes and incentives and Share option schemes which is within the audited part of this report. Refer also to note 25 for details of IFRS 2 charges. The total employers’ national insurance paid in relation to the remuneration of key management was £156,000 (2016: 143,000). In 2012 a loan was made to one of the directors, Mr A R Heller, for £116,000. Interest is payable on the Director’s Loan at a rate of 6.14 per cent. There is no fixed repayment date for the Director’s Loan. The loan amount outstanding at year end was £56,000 (2016: £71,000) and a repayment of £15,000 (2016: £15,000) was made during the year. The non-controlling interest to Vunani Limited is shown in note 26. In addition, the group holds an investment in Vunani Limited classified as noncurrent available for sale investments with a fair value of £51,000 (2016: £32,000). Bisichi Mining PLC 85
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Strategic report The directors
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We are committed to providing oppor
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STRATEGIC REPORT Principal activity
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STRATEGIC REPORT MINING REVIEW I
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STRATEGIC REPORT SUSTAINABLE DEV
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The infrastructure improvements com
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Black Wattle Colliery has exceeded
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STRATEGIC REPORT PRINCIPAL RISKS
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STRATEGIC REPORT PRINCIPAL RISKS
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Governance 27 Directors and advisor
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BISICHI MINING PLC ANNUAL REPORT 2017

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