LONDON & ASSOCIATED PROPERTIES PLC
FOR IMMEDIATE RELEASE
27 June 2017
London & Associated Properties PLC ("LAP" or the Company"):
Report on Payments to Governments for the year 2016
LAP's main market quoted subsidiary company (a subsidiary under IFRS 10),
Bisichi Mining 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 2016.
NTRODUCTION
This Report provides an overview of the payments to governments made by Bisichi
Mining plc and its subsidiaries for the year ended 31 December 2016 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 Mining plc and its
subsidiary undertakings (Bisichi Mining). Payments made by associates and
entities over which Bisichi Mining has joint control are excluded from this
report.
Activities
Payments made by Bisichi Mining 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 Mining 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 Mining 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 2016.
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.
During the year ended 31 December 2016 no payments made by Bisichi Mining
exceeded this amount.
Exchange Rate
Relevant payments are made by Bisichi Mining 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 1
Government Taxes Royalties Fees Infrastructure Total
improvements
Republic of South - - - - -
Africa
Total - - - - -
PAYMENTS PER PROJECT 1
Entity Project Country/ Taxes Royalties Fees Infrastructure Total
Government improvements
- - - - -
Black Wattle Colliery Black South - - - - -
(Pty) Ltd Wattle Africa
Total - - - - -
1. No payment during the period exceeded the £86,000 threshold.
A copy of the report referred to above has been sent to the National Storage
Mechanism and will shortly be available for viewing at www.morningstar.co.uk/uk
/NSM
Ends
For further information, please contact:
Anil Thapar
Company Secretary
London & Associated Properties PLC
Tel: 020 7415 5000
LONDON AND ASSOCIATED PROPERTIES PLC : - Report on Payments to Governments
June 27, 2017 at 06:24 am EDT
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