REG-London & Associated Properties Plc: Report on Payments to Governments

London & Associated PropertiesAnnouncement

13/06/2023 08:00

FOR IMMEDIATE RELEASE

13 June 2023

London & Associated Properties PLC (“LAP” or the Company”):
Report on Payments to Governments for the year 2022

 

LAP’s main market quoted subsidiary company (a subsidiary under IFRS 10),
Bisichi PLC (“Bisichi”), in which the Company owns 41.52% of Bisichi’s
issued ordinary share capital, together with its subsidiaries has issued the
following report on Payments to Governments for the year ended 31 December
2022.

INTRODUCTION

This Report provides an overview of the payments to governments made by
Bisichi PLC and its subsidiaries for the year ended 31 December 2022 as
required under the UK Reports on Payments to Governments Regulation 2014 and
its amendment in December 2015 (the UK Regulations). This Report is also
intended to satisfy the requirements of the Disclosure and Transparency Rules
of the Financial Conduct Authority in the United Kingdom.

BASIS OF PREPARATION

Reporting entities

This report includes payments to governments made by Bisichi PLC and its
subsidiary undertakings (Bisichi). Payments made by associates and entities
over which Bisichi has joint control are excluded from this report.

Activities

Payments made by Bisichi to governments arising from activities involving the
exploration, prospection, discovery, development and extraction of minerals
(extractive activities) are to be disclosed in this report.

Government

Government includes any national, regional or local authority of a country,
and includes a department, agency or entity that is a subsidiary of a
government.

Project

Payments that are reported at project level except that payments that are not
attributable to a specific project are reported at legal entity level. Project
is defined as being the operational activities which are governed by a single
contract, or licence agreement, and form the basis for payment liabilities
with a government.

If agreements of this kind are substantially interconnected (i.e. forming a
set of operationally and geographically integrated contracts, licenses, leases
or concessions) these are treated for the purposes of these Regulations as a
single project. Indicators of integration include geographic proximity and
common operational management.

Payments

The information is reported under the following payment types:

Taxes

These are any taxes paid by Bisichi on its income and profits in accordance
with legislation enacted in the applicable jurisdiction. Payments are reported
net of refunds. Value added tax, personal income taxes, social taxes, property
taxes are excluded.

Royalties

Royalties is any mining royalty payable in the Republic of South Africa.

Fees

These are any fees and other sums paid as consideration for acquiring a
licence for gaining access to an area where extractive activities are
performed. Administrative government fees that are not specifically related to
the extractive sector are excluded.

Infrastructure improvements.

Payments in kind in the form of infrastructure expenditure other than in
circumstances where the infrastructure is expected to be primarily dedicated
to operational activities throughout its useful life. UK Regulations do not
require reporting social or community payments, such as payments to build a
hospital or a school.

Other types of payments

Other types of payments that are required to be disclosed in accordance with
the UK Regulations but are not relevant to Bisichi operations are the
following:

-  Production entitlements

-  Dividends

Including dividends paid to a government in lieu of production entitlements or
royalties. Dividends paid to a government as an ordinary shareholder on the
same terms as to other ordinary shareholders and not paid in lieu of
production entitlements or royalties are excluded.

-      Signature, discovery and production bonuses

Payments are reported on a cash basis. No in-kind payments were made during
year ended 31 December 2022.

Materiality Level

In line with the UK Regulations, where a payment or a series of related
payments have not exceeded £86,000 they have not been disclosed.

Exchange Rate

Relevant payments are made by Bisichi in South African Rand and for the
purpose of this report are translated to UK Sterling using the annual average
exchange rate for the period.

 
 PAYMENTS PER GOVERNMENT                                                                                                                                                                                         
 Government                                                                Taxes                    Royalties            Fees             Infrastructure  improvements      Total                                
                                                                                                                                                                                                                 
 Republic of South Africa                                                  £8,592,565               £606,304             -                -                                 £9,198,869                           
 Total                                                                     £8,592,565               £606,304             -                -                                 £9.198,869                           
                                                                                                                                                                                                                 
 PAYMENTS PER PROJECT                                                                                                                                                                                            
                                                                                                                                                                                                                 
 Entity                             Project                                       Country/ Government        Taxes             Royalties  Fees             Infrastructure improvements      Total                
                                                                                                                                                                                                                 
 Black Wattle Colliery (Pty) Ltd    Black Wattle                                  South Africa               £962,839          £606,304   -                -                                £1,569,143           
 Sisonke Coal Processing (Pty) Ltd  Sisonke Coal Processing                       South Africa               £7,629,726        -          -                -                                £7,629,726           
 Total                                                                                                       £8,592,565        £606,304   -                -                                £9,198,869           
                                                                                                                                                                                                                 

 

A copy of the report referred to above has been sent to the National Storage
Mechanism and will shortly be available for viewing at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism

 

For further information, please contact:

Jonathan Mintz

Company Secretary

London & Associated Properties PLC

Tel: 020 7415 5000

 




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