BGI releases Interim Accounts as at 30 September 2018

1


Blackwell Global Holdings Limited

Interim Financial Result
For the 6 months ended 30 September 2018








CONTENTS

Page

Chairman’s Report 2
Interim Statement of Comprehensive Income 4
Interim Statement of Changes in Equity 5
Interim Statement of Financial Position 6
Interim Statement of Cash Flows 7
Reconciliation of Net Operating Cash Flows to Net Loss After Tax 8
Condensed Notes to the Interim Financial Statements 9
Company Directory 17

CHAIRMAN’S REPORT
BLACKWELL GLOBAL HOLDINGS LIMITED
For the six months ended 30 September 2018



2

Dear Shareholders
During the first six months of this financial year the Group’s focus has been on:
• deployment of funds towards good quality, moderate margin loan receivables. To this end, the Group has
to date:
- funded ten separate loan facilities;
- deployed total funds to date of $7,375,770 with loans structured across a mix of capitalised interest
arrangements and interest only loans. The loans have all been secured by first ranking mortgage
securities over quality real estate assets. There have been no defaults of any description in terms of
the loans deployed;
• development of a bespoke investment / funding structure whereby the Group can facilitate investment by
third party investors into loan facilities procured and managed by the Group;
• the continued development of internal operational infrastructure to provide a platform for growth of its
finance company operations; and
• continued investment in the progression of the development of a derivatives trading operation. The Group
has been able to offset much of the costs associated with the development of the derivatives trading
operation via the contribution towards those costs by the Group’s major shareholder.
The Group’s revenue comprises interest and fee income from mortgage lending activities.
During the last 6 months a new funding mechanism has been established by creating a Special Purpose
Vehicle (SPV). In April 2018 Blackwell Global Funds Limited was incorporated as a wholly owned subsidiary to
act as a custodian for an SPV loan origination and lending service. The subsidiary has raised $2.9 million of
borrowings through the SPV arrangement and holds the Group’s interest in $2.9 million of loan receivables.
Blackwell Global Finance Limited manages all aspects of the loan. The Group derives interest and fee income
from this arrangement with a corresponding interest expense. The SPV is a risk sharing mechanism which
mitigates almost all of the Group’s credit risk on the related loan receivables that were funded through the SPV
arrangement.
The group is seeking additional SPV/Investor relationships as this method of funding has significant
advantages for BGI and will allow expansion of lending activities into the non-bank sector, which is seen as a
growth area given the main trading bank restrictive lending policies.
In addition to the SPV funding arrangement noted above, and to assist the Group with funding its ongoing
working capital requirements and loan receivables, the Group has drawn down a further $500,000 of secured
bonds issued to the Group’s major shareholder.
The ongoing challenge for the Group in respect of growing its finance company operation is the ability to
continue to raise debt finance from third party investors which can then be deployed towards funding loan
receivables, and generating a profit margin for the Group. The Group is continuing to explore innovative new
initiatives to secure more funding with a view to aggressively growing the finance company operation in the
future.
The loan book as at 30 September 2018 was $5.7 million. All loans were secured by first mortgages over
residential properties. The average lending to value ratio (LVR) was very low at an average of 58%. All loans
are current with no past-due assets.

CHAIRMAN’S REPORT
BLACKWELL GLOBAL HOLDINGS LIMITED
For the six months ended 30 September 2018



3
Discontinuation of investment in derivative trading operation
The Board of Blackwell has resolved to discontinue its ongoing investment in developing a derivatives trading
operation through its wholly owned subsidiary, Blackwell Global Investments (NZ) Limited (BGINZ).
BGINZ has been in the process of preparing an application to the Financial Markets Authority for a derivatives
trading licence. Following the Board’s decision, this application will no longer proceed, and all employees
associated with this operation will cease working for the business.
The Board expects that the discontinuation of the operations of BGINZ will be completed within two months.
The Board notes that:
• The regulatory landscape for derivative trading operations in New Zealand has become increasing
complex and expensive to comply with;
• The sector appears to also be highly competitive and under some strain having regard to at least one high
profile failure of a trans-Tasman derivatives operation recently;
• The quantum of investment required to launch the derivatives operation has increased significantly beyond
that original forecast during the course of the last financial year;
• The timeframe for the derivatives operation to become cashflow positive were also anticipated to take
longer than originally forecast.
The Board considers that the most appropriate direction for the Company to take is to concentrate on the
ongoing development of its finance company operation.

The group has adequate cash reserves to meet ongoing needs for the foreseeable future, but lending growth is
required to increase revenue, and this requires additional funding from the major shareholder and attracting
new investors in the new SPV model.
With its renewed financial strength and operational capabilities, BGI is striving towards establishing its new
commercial operations during the course of the current financial year.
The Board of BGI look forward to the further uptake of the new SPV model, enabling the Group to grow its loan
book and achieve profitability.



Sean Joyce
Chairman

14 December 2018

Interim Consolidated Statement of Comprehensive Income
Blackwell Global Holdings Limited
For the six months ended 30 September 2018


4















These interim financial statements have not been audited, nor reviewed by the auditor. The accompanying notes form part
of these interim financial statements and should be read in conjunction with them.
6 mths ended6 mths ended12 mths ended
30 Sep 201830 Sep 201731 Mar 2018
(unaudited)(unaudited)(audited)
Notes$$$
Revenue
Interest and fee income4424,1699,05576,462
Other income4177,915-82,352
Total Income602,0849,055158,814
Expenses
Directors' fees12(146,625)(129,044)(284,481)
Employee expenses(299,516)(30,000)(135,000)
Interest expense(222,153)(11,781)(99,200)
Other operating expenses5(242,594)(113,536)(392,293)
Total expenses(910,888)(284,361)(910,974)
Loss before income tax(308,804)(275,306)(752,160)
Income tax benefit/(expense)---
Total comprehensive loss for the period(308,804)(275,306)(752,160)
Attributable to:
Owners of the parent company(308,804)(275,306)(752,160)
Earnings/(loss) per share6
Basic (loss) per share (cents per share):(0.07)(0.10)(0.21)
Diluted (loss) per share (cents per share):(0.07)(0.10)(0.21)

Interim Statement of Changes in Equity
Blackwell Global Holdings Limited
For the six months ended 30 September 2018


5











These interim financial statements have not been audited, nor reviewed by the auditor. The accompanying notes form part
of these interim financial statements and should be read in conjunction with them.
NotesShare ConvertibleContributedAccumulatedTotal
CapitalNoteCapitalLossesEquity
Reserve
$$$$$
Balance at 1 April 2017 (audited)9,650,250--(10,041,222)(390,972)
Loss for the period---(275,306)(275,306)
Other comprehensive income-----
Total comprehensive loss for the year---(275,306)(275,306)
Issue of ordinary shares, net of transaction costs2,460,496---2,460,496
Equity component recognised in convertible note
reserve9-----
Contributed capital on the bond9-----
Balance at 30 September 2017 (unaudited)12,110,746--(10,316,528)1,794,218
Balance at 1 April 2017 (audited)9,650,250--(10,041,222)(390,972)
Loss for the period---(752,160)(752,160)
Other comprehensive income-----
Total comprehensive loss for the year---(752,160)(752,160)
Issue of ordinary shares, net of transaction costs2,460,496---2,460,496
Equity component recognised in convertible note
reserve9-114,716--114,716
Contributed capital on the bond9--102,013-102,013
Balance at 31 March 2018 (audited)12,110,746114,716102,013(10,793,382)1,534,093
Balance at 1 April 2018 (audited)12,110,746114,716102,013(10,793,382)1,534,093
Loss for the period---(308,804)(308,804)
Other comprehensive income-----
Total comprehensive loss for the year---(308,804)(308,804)
Contributed capital on the bond9--25,503-25,503
Balance at 30 September 2018 (unaudited)12,110,746114,716127,516(11,102,186)1,250,792

Interim Consolidated Statement of Financial Position
Blackwell Global Holdings Limited
As at 30 September 2018


6

For and on behalf of the Board:


Director Director
Dated: 14 December 2018


These interim financial statements have not been audited, nor reviewed by the auditor. The accompanying notes form part
of these interim financial statements and should be read in conjunction with them.
30 Sep 201830 Sep 201731 Mar 2018
(unaudited)(unaudited)(audited)
Notes$$$
Current assets
Cash and cash equivalents1,535,8972,364,057801,387
Prepayments and other receivables5,693-9,648
Loan receivables85,640,753105,0203,258,960
Total current assets7,182,3432,469,0774,069,995
Non-current assets
Prepayments and other receivables75,000-75,000
Property and equipment 1,251-1,668
Total non-current assets76,251-76,668
Total assets7,258,5942,469,0774,146,663
Current liabilities
Trade payables and other liabilities234,017174,859270,892
Borrowings92,900,000--
Total current liabilities3,134,017174,859270,892
Non-current liabilities
Borrowings92,873,785500,0002,341,678
Total non-current liabilities2,873,785500,0002,341,678
Total liabilities6,007,802674,8592,612,570
Net assets
1,250,7921,794,2181,534,093
Equity
Share capital12,110,74612,110,74612,110,746
Convertible note reserve114,716-114,716
Contributed capital127,516-102,013
Accumulated losses(11,102,186)(10,316,528)(10,793,382)
Total equity
1,250,7921,794,2181,534,093

Interim Consolidated Statement of Cash Flows
Blackwell Global Holdings Limited
For the six months ended 30 September 2018


7













These interim financial statements have not been audited, nor reviewed by the auditor. The accompanying notes form part
of these interim financial statements and should be read in conjunction with them.
6 mths ended6 mths ended12 mths ended
30 Sep 201830 Sep 201731 Mar 2018
(unaudited)(unaudited)(audited)
Notes$$$
Cash flows from operating activities
Interest received
233,829 9,055 23,613
Lending, credit fees and other income received
115,435 - 74,310
Operating inflows349,264 9,055 97,923
Net advances in loan receivables
(2,306,889) - (3,280,421)
Payments to suppliers and employees
(534,370) (524,232) (774,150)
Interest paid
(145,208) - (25,015)
Repayment of GST liability
(28,287) - (93,516)
Operating outflows
(3,014,754) (524,232) (4,173,102)
Net cash (used in)/generated by operating activities(2,665,490) (515,177) (4,075,179)
Cash flows used in investing activities
Purchase of property, plant and equipment- - (2,669)
Net cash used in investing activities- - (2,669)
Cash flows from financing activities
Increase in funding from bonds9500,000 - 2,000,000
Proceeds from borrowings92,900,000 - -
Proceeds from convertible notes- 500,000 500,000
Proceeds from issue of share capital- 2,220,496 2,220,496
Net cash flow from financing activities3,400,000 2,720,496 4,720,496
Net increase/(decrease) in cash and cash 734,510 2,205,319 642,648
Cash and cash equivalents at the beginning of the period801,387 158,739 158,739
Cash and cash equivalents at the end of the year
1,535,897 2,364,057 801,387

Reconciliation of Net Operating Cash Flows to Net Loss After Tax
Blackwell Global Holdings Limited
For the six months ended 30 September 2018


8
























These interim financial statements have not been audited, nor reviewed by the auditor. The accompanying notes form part
of these interim financial statements and should be read in conjunction with them.
6 mths ended 6 mths ended 12 mths ended
30 Sep 2018 30 Sep 2017 31 Mar 2018
(unaudited) (unaudited) (audited)
$ $ $
Net loss for the period(308,804) (275,306) (752,160)
Adjustments for:
Depreciation417 - 1,001
Capitalised interest expense57,610 11,781 74,185
Capitalised interest income- - (34,956)
(250,777) (263,525) (711,930)
Changes in net assets and liabilities:
(Increase) / decrease in loan receivables(2,406,563) - (3,280,421)
(Increase) / decrease in prepayments & other receivables3,955 (23,019) (2,250)
Increase / (decrease) in trade payables & other liabilities(36,876) (228,633) (136,995)
Increase / (decrease) in deferred revenue24,771 - 56,417
Net cash (used in)/generated by operating activities(2,665,490) (515,177) (4,075,179)

Condensed Notes to the Interim Financial Statements
Blackwell Global Holdings Limited
For the six months ended 30 September 2018


9
1. General Information
These unaudited interim financial statements are for Blackwell Global Holdings Limited (the “Company”) and
its subsidiaries (together the “Group”).
The Company and its subsidiaries are limited liability companies, domiciled and incorporated in New Zealand.
The Company is listed by NZX Limited on the NZX Market (“NZX”).
The Company is profit oriented and is a Financial Markets Conduct reporting entity under Part 7 of the
Financial Markets Conduct Act 2013.
The Group operates a diversified financial services business focusing on mortgage lending and a start-up
derivatives trading operation.
There are no seasonal or cyclical influences on these interim results.

2. Basis of Preparation
The unaudited interim financial statements for the six months ended 30 September 2018 have been prepared
in accordance with NZ IAS 34: Interim Financial Reporting and with the requirements of the Financial Markets
Conduct Act 2013 and the NZX Main Board Listing Rules. They also comply with the International Accounting
Standard 34: Interim Financial Reporting. These unaudited interim financial statements do not include all the
notes of the type normally included in an annual financial report, and should be read in conjunction with the
financial statements published in the Annual Report for the year ended 31 March 2018 which have been
prepared in accordance with New Zealand equivalents to International Financial Reporting Standards (“NZ
IFRS”) and International Financial Reporting Standards (IFRS).
The financial statements are presented in New Zealand dollars.
The interim financial statements are unaudited.

3. Accounting Standards
Apart from the changes noted below, the unaudited interim financial statements have been prepared using the
same accounting policies and methods of computation detailed in the company’s Annual Report for the year
ended 31 March 2018.
Application of new and revised standards, amendments and interpretations
The Group has applied NZ IFRS 9: Financial Instruments and NZ IFRS 15: Revenue from Contracts with
Customers for the first time in the current financial year. Details of the impact of the application of these new
NZ IFRSs are described below.
Application of NZ IFRS 9
Under NZ IFRS 9 it is no longer necessary for a credit event to have occurred before credit losses are
recognised. Instead, the Group accounts for expected credit losses and changes in those expected credit
losses. In assessing whether the credit risk of the loan receivables has increased significantly since initial
recognition, the Group considers both quantitative and qualitative information that is reasonable and
supportable, including historical experience and forward-looking information that is available without undue
cost or effort. Forward looking information considered includes the future prospects of the domestic housing
market and similar overseas markets, as well as economic expert reports, financial analysis and government
data. The Group recognises any impairment gain or loss in profit or loss for all financial instruments with a
corresponding adjustment to their carrying amount through a loss allowance account.
No impairment losses have been recognised in these interim results, as there has been no significant change
in the risk profile of the loan receivables.
Application of NZ IFRS 15
The financial statements provide disclosure about disaggregated revenue in accordance with the
requirements of the new NZ IFRS (refer note 4).

Condensed Notes to the Interim Financial Statements
Blackwell Global Holdings Limited
For the six months ended 30 September 2018


10
4. Revenue
The Group recognises revenue from the following major sources:
• Interest from loan receivables
• Loan fee income
• Interest income from deposits and bank accounts



Interest income is accrued on a time basis by reference to the principal outstanding and at the effective
interest rate applicable, which is the rate that exactly discounts the estimated future cash receipts through the
expected life of the financial asset, or a shorter period where appropriate, to the net carrying amount of the
financial asset.
Loan fee revenue is recognised as each performance obligation is satisfied. Loan acceptance fees charged at
the initiation of a loan are recognised as deferred income and amortised over the expected life of the loan.
Fees for other services are recognised as the service is performed.
Sundry income represents the benefit received from Blackwell Global Investments Limited paying costs on
behalf of the Group. It has been agreed that these costs will not be recovered from the Group. Refer to
Note 12: Related Parties.


5. Other Operating Expenses



6 mths ended6 mths ended12 mths ended
30 Sep 201830 Sep 201731 Mar 2018
(unaudited)(unaudited)(audited)
$$$
Interest income from loan receivables294,325-34,956
Loan fee income129,332-17,893
Interest income from term deposits and bank accounts5129,05523,613
424,1699,05576,462
Sundry Income177,915-82,352
602,0849,055158,814
6 mths ended6 mths ended12 mths ended
30 Sep 201830 Sep 201731 Mar 2018
(unaudited)(unaudited)(audited)
$$$
Audit fees70,25022,61861,643
Accounting, consulting and legal69,01633,503204,526
Other operating expenses103,32857,415126,124
242,594113,536392,293

Condensed Notes to the Interim Financial Statements
Blackwell Global Holdings Limited
For the six months ended 30 September 2018


11
6. Earnings Per Share

At 30 September 2018, there were no financial instruments that carried any shareholder dilution rights that
were considered to be dilutive (30 September 2017: none; 31 March 2018: none). Accordingly, basic and
diluted earnings per share are identical for the accounting periods being reported on.


7. Net tangible asset backing



8. Loan receivables

$2,900,000 of loan receivables have been lent through a special purpose funding arrangement that was
established to facilitate the funding and borrowing of funds between a funder and two borrowers. The funder
and borrowers are not related parties to the Group. Under this arrangement the Group provides loan
6 mths ended6 mths ended12 mths ended
30 Sep 201830 Sep 201731 Mar 2018
(unaudited)(unaudited)(audited)
Basic earnings/(loss) per share (cents):(0.07)(0.10)(0.21)
Diluted earnings/(loss) per share (cents):(0.07)(0.10)(0.21)
6 mths ended6 mths ended12 mths ended
30 Sep 201830 Sep 201731 Mar 2018
Loss for the period attributable to owners of the parent
company ($)(308,804)(275,306)(752,160)
Weighted average number of ordinary shares used in
the calculation of basic and diluted earnings per share439,830,488271,745,565355,557,773
The losses and weighted average number of ordinary shares used in the calculation of loss per share are as
follows:
The weighted average number of shares has been calculated for the period to the date of approval of the
consolidated financial statements.
30 Sep 201830 Sep 201731 Mar 2018
(unaudited)(unaudited)(audited)
Net tangible assets ($)1,250,792 1,794,218 1,534,093
Issued shares at balance date439,830,488 439,830,488 439,830,488
Net tangible asses per share (cents)0.28 0.41 0.35
30 Sep 201830 Sep 201731 Mar 2018
(unaudited)(unaudited)(audited)
$$$
Short term loan receivables5,721,940 105,020 3,315,377
Deferred revenue(81,187) - (56,417)
Credit provisioning for loan losses- - -
Total loan receivables5,640,753105,0203,258,960

Condensed Notes to the Interim Financial Statements
Blackwell Global Holdings Limited
For the six months ended 30 September 2018


12
management and trustee services. The Group facilitates the payments of moneys and effects the security
arrangements between the parties. Blackwell Global Funds Limited, as custodian of the loan agreements,
holds mortgage securities over the loans. The funder has a general security agreement with Blackwell Global
Funds Limited which provides them with the ability to enforce the mortgage securities on default by the
borrowers. The funder carries the significant majority of the credit risk on this special purpose funding
arrangement. The Group's exposure to credit risk is in relation to any unpaid fees or interest margin due to the
Group. The Group has recognised a corresponding current borrowing liability of $2,900,000 in relation to this
funding arrangement.


9. Loans and Borrowings


Bonds
The Group issued a further $500,000 bonds to Blackwell Global Group Limited on 27 April 2018 at a fixed
interest rate of 6%. The interest is payable six monthly. The bonds mature three years from the issue date at
their nominal value of $500,000. The contributed capital component represents the difference in fair value
between the current fixed interest rate and the estimated interest rate of a similar bond issued to a third party.
The value of the Bonds are recognised in the Interim Consolidated Statement of Financial Position is
calculated as follows:



30 Sep 201830 Sep 201731 Mar 2018
(unaudited)(unaudited)(audited)
$$$
Current borrowings
Short term loan (refer note 8)2,900,000 - -
Non current borrowings
Bonds2,449,380 - 1,942,536
Convertible notes424,405 500,000 399,142
2,873,785 500,000 2,341,678
6 mths ended6 mths ended12 mths ended
30 Sep 201830 Sep 201731 Mar 2018
(unaudited)(unaudited)(audited)
$$$
Balance at beginning of period1,942,536--
Value of bonds issued on 18 December 2017--2,000,000
Value of bonds issued on 27 April 2018500,000--
Contributed capital on the bonds(25,503)-(102,013)
Interest accrual12,986-33,863
Amortisation of the premium on the bonds19,361-10,686
Bond liability in non-current borrowings2,449,380-1,942,536

Condensed Notes to the Interim Financial Statements
Blackwell Global Holdings Limited
For the six months ended 30 September 2018


13
Convertible Notes
No new convertible notes have been issued in the period. The value of the Convertible Notes are recognised
in the Consolidated Statement of Financial Position is calculated as follows:




10. Subsidiaries
Details of the Group’s subsidiaries at the end of the reporting period are as follows:



The place of incorporation and operation for all subsidiaries is New Zealand. The balance date of all
companies in the Group is 31 March.
Blackwell Global Funds Limited was incorporated on 4 April 2018. The company was established to act as a
custodian of a new special purpose funding arrangement by the Group (refer note 8).


11. Fair Values
The Group measures fair values using the following fair value hierarchy, which reflects the significance of the
inputs used in making the measurements.
• Level 1: Quoted prices (unadjusted) in active markets for identical assets of liabilities.
• Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly (that is, as prices), or indirectly (derived from prices).
• Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable
inputs).
As at 30 September 2018, 31 March 2018 and 30 September 2017, no assets or liabilities were recognised at
fair value.
6 mths ended6 mths ended12 mths ended
30 Sep 201830 Sep 201731 Mar 2018
(unaudited)(unaudited)(audited)
$$$
Balance at beginning of period399,142--
Value of convertible notes issued on 22 June 2017-500,000500,000
Equity component recognised in Convertible Notes
reserve--(114,716)
Interest accrual4,960-4,355
Amortisation of premium20,303-9,503
Total convertible notes liability recognised as non-
current borrowings
424,405500,000399,142
Name of subsidiary30 Sept 201831 March 2018
Blackwell Global Finance Limited100%100%
Blackwell Global Investments (NZ) Limited100%100%
NZF Money Limited (in receivership)In receivership100%100%
Blackwell Global Funds Limited100%0%
Principal activity
Diversified financial services
Diversified financial services
Special purpose vehicle established
Proportion of interest and voting
power held by the Group

Condensed Notes to the Interim Financial Statements
Blackwell Global Holdings Limited
For the six months ended 30 September 2018


14
As at 30 September 2018, 31 March 2018 and 30 September 2017, cash and cash equivalents, trade and
other receivables (excluding prepayments), trade and other payables and accruals approximated their fair
value due to being short term.
The fair values of non-current borrowings are based on discounted cash flows using a current borrowing rate.
They are classified as level 3 fair values in the fair value hierarchy due to the use of un-observable inputs.
The fair values of loan receivables are based on discounted cash flows using a current interest rates per the
loan agreements. They are classified as level 3 fair values in the fair value hierarchy due to the use of un-
observable inputs.
The fair value hierarchy of the Group's financial assets and liabilities not measured at fair value is presented
below.



30 September 2018Level 1Level 2Level 3Total Fair Value
$$$$
Loan receivables--5,640,7535,640,753
Cash and cash equivalents1,535,897--1,535,897
Other receivables81,944--81,944
Total financial assets (unaudited)1,617,841-5,640,7537,258,594
Borrowings--5,773,7855,773,785
Trade and other payables93,896--93,896
Accruals and other liabilities140,121--140,121
Total financial liabilities (unaudited)234,017-5,773,7856,007,802
31 March 2018Level 1Level 2Level 3Total Fair Value
$$$$
Loan receivables--3,258,9603,258,960
Cash and cash equivalents801,387--801,387
Other receivables210--210
Total financial assets (audited)801,597-3,258,9604,060,557
Borrowings--2,341,6782,341,678
Trade and other payables136,723--136,723
Accruals and other liabilities127,523 --127,523
Total financial liabilities (audited)264,246-2,341,6782,605,924
30 September 2017Level 1Level 2Level 3Total Fair Value
$$$$
Loan receivables--105,020105,020
Cash and cash equivalents2,364,057--2,364,057
Other receivables----
Total financial assets (unaudited)2,364,057-105,0202,469,077
Borrowings--500,000500,000
Trade and other payables174,859--174,859
Accruals and other liabilities- ---
Total financial liabilities (unaudited)174,859-500,000674,859

Condensed Notes to the Interim Financial Statements
Blackwell Global Holdings Limited
For the six months ended 30 September 2018


15
12. Related Parties
The Group is controlled by Blackwell Global Group Limited (incorporated in Singapore) which owns 56.61% of
the Company’s shares. The Group’s ultimate controlling party is Mr Kaw Sing Chai, who also owns 12.7% of
the Company’s shares in his own name. The remaining 30.69% of the Company’s shares are widely held.

Related party transactions
The following expenses were paid by Blackwell Global Investments Limited on behalf of the Group. It has
been agreed that these costs will not be recovered from the Group.


Blackwell Global Investments Limited also provided the Group with premises and paid the premises related
costs at no charge to the Group. It has been agreed that these costs will not be recovered from the Group.

Other related party transactions

Anthony Harper, where director Ewe Leong Lim is also a director, provided legal services to the Group. CM
Partners Limited, where director Sean Joyce is a director and shareholder, provided services to support the
Group to access loan funding. During the year ended 31 March 2018, Corporate Counsel, where Sean Joyce
is a partner, provided legal services to the Group.

Directors fees



6 mths ended6 mths ended
30 Sep 201830 Sep 2017
(unaudited)(unaudited)
$$
Employee expenses177,915-
Total177,915-
6 mths ended6 mths ended12 mths ended
30 Sep 201830 Sep 201731 Mar 2018
Invoices Issued ByRelated Party(unaudited)(unaudited)(audited)
Corporate CounselSean Joyce--21,539
CM Partners LimitedSean Joyce11,600--
Anthony HarperEwe Leong Lim13,03013,000658
6 mths ended6 mths ended12 mths ended
30 Sep 201830 Sep 201731 Mar 2018
(unaudited)(unaudited)(audited)
$$$
Sean Joyce43,12543,01586,140
Craig Alexander25,87534,39060,265
Say Chan Law (James)25,87512,93838,812
Ewe Leong Lim25,87512,93838,812
Kaw Sing Chai (Michael)25,8754,3133,900
Mark Thornton (resigned 7 July 2017)-21,45221,452
Total remuneration of directors146,625129,044249,381

Condensed Notes to the Interim Financial Statements
Blackwell Global Holdings Limited
For the six months ended 30 September 2018


16
13. Segment Reporting
Operating segments are reported in the manner consistent with the internal reporting provided to the chief
operating decision-maker. The chief operating decision maker is identified as the Board of Directors. The
Group internally reported as a single operating segment to the chief decision-maker.


14. Capital Commitments
There were no capital commitments at 30 September 2018 (31 March 2018: nil; 30 September 2017: nil).


15. Subsequent Events
On 14 December 2018 the Board announced to the NZX Market that it had resolved to discontinue its
investment in its derivatives trading operation. The financial statements for the six months to 30 September
2018 included sundry income of $177,915 and employee expenses of $177,915 that related to the
development of the derivatives operation (refer notes 4 and 12). Redundancy costs and notice periods were in
line with employment agreements. There were no other significant costs as a result of this decision.

There have been no other significant events after balance date.


16. Approval of Financial Statements
The financial statements were approved by the directors and authorised for issue on 14 December 2018.

17

COMPANY DIRECTORY
As at 30 September 2018
Independent DirectorsShare Registrar
Sean JoyceLink Market Services Limited
Craig AlexanderDeloitte Centre, 80 Queen Street, Auckland
Tel: 09 375 5998
Executive Directors
Kaw Sing ChaiSolicitors
Say Chan LawAnthony Harper
Ewe Leong LimChorus House, 66 Wyndham Street
Auckland
Registered Office
Level 17, 191 Queen Street, AucklandBankers
Tel: 0800 379 9090ASB Bank Limited
ASB, North Wharf, 12 Jellicoe Street, Auckland
Company Number
1474151Auditor
PricewaterhouseCoopers
IncorporatedPwC Tower
22 January 2004188 Quay Street
Auckland 1010
Shares Issued
439,830,488 Ordinary