BGI Announces its Interim Unaudited Financial Results

27 November 2020



NZX Release Interim Results

BLACKWELL GLOBAL HOLDINGS LIMITED – BGI reports its Interim result for the
6-month period ended 30 September 2020.

Ends



For more information, please contact:
Mark Thornton
Chief Executive Officer
+64 9 302 2618

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Blackwell Global Holdings Limited
Interim Financial Result
For the 6 months ended 30 September 2020
CONTENTS
Pa
ge
C
hairman’s Report 2
Interim Consolidated Statement of Comprehensive Income 3
Interim Consolidated Statement of Changes in Equity 4
Interim Consolidated Statement of Financial Position 5
Interim Consolidated Statement of Cash Flows 6
Reconciliation of Net Operating Cash Flows to Net Loss After Tax 7
Condensed Notes to the Interim Financial Statements 8
Company Directory 16

CHAIRMAN’S REPORT
BLACKWELL GLOBAL HOLDINGS LIMITED
For the six months ended 30 September 2020
2
Dear Shareholders
The first six months of the financial year has been particularly disrupted due to the Covid pandemic, and the
Board is pleased that the Company has been able to traverse the period of financial and uneconomic uncertainty.
D
uring the financial period the Company has been very conservative in the management of its funds, and
accordingly has not deployed its available funds into new loan receivables.
T
he Company’s loan book as at 30 September 2020 was $749,000 (represented by two separate loans). All
loans were secured by first mortgages over residential properties. The average lending to value ratio (LVR) was
very low at an average of 60.71%. All loans are current with no past-due assets.
G
iven the limited amount of capital the Company has available to deploy towards its lending operations, together
with the uncertain economic climate which has prevailed for much of this calendar year, the Board has resolved
to retain its capital reserves going forward, not deploy those funds towards new lending activities, and review the
manner in which it proposes to deploy those funds in the future having regard to any additional capital raised by
the Company, or new funds invested with the Company (as the case may be).
T
he Board considers that there is strong demand for good quality second tier/non-bank funding in the New
Zealand market, and there is still an opportunity to make more good quality loans, subject to the availability of
additional capital of third party funding to the Company which would enable the Company to fund the loans.
T
he ongoing challenge for the Company 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 Company. The Company is continuing to explore innovative
new initiatives to secure more funding with a view to aggressively growing the finance company operation in the
future. Those initiatives include:
•Potentially undertaking a capital raising initiative to raise additional capital to fund the growth of the loan
book; and/or
•Consider ex
ploring the potential acquisition of, or merger with, a complementary finance business.
In the absence of the Company being able to raise additional funding to assist the Company in making new loans
to the first mortgage market in the near term, the Board is conscious that it will need to seriously consider other
alternativ
es regarding its business operations, including but not limited to diversifying its operations into other
business sectors, which may or may not be the same or complementary to the existing business
operations undertaken by the Company.
The Board will keep you appraised of any developments with respect to progress made with any of the potential
initiatives.
The consolidated financial statements comprised in this Half Year Report are not audited.
Yours sincerely
Sean Joyce
Chairman
27 November 2020

Interim Consolidated Statement of Comprehensive Income
Blackwell Global Holdings Limited
For the six months ended 30 September 2020

3



6 mths ended 6 mths ended 12 mths ended
30 Sep 2020 30 Sep 2019 31 Mar 2020
(unaudited) (unaudited) (audited)
Notes
$ $ $




Revenue



Interest and fee income 6 92,936 335,773 436,170
Other income 6 81,139 - 156,359
Total Income 174,074 335,773 592,529

Expenses


Directors' fees 15 (143,250) (143,250) (286,500)
Employee expenses (136,627) (138,209) (275,400)
Interest expense (14,702) (243,808) (283,283)
Other operating expenses 7 (221,244) (134,123) (412,693)
Total expenses (515,823) (659,390) (1,257,876)

Loss before income tax (341,749) (323,617) (665,347)

Income tax benefit/(expense) - - -

Total comprehensive loss for the period (341,749) (323,617) (665,347)

Attributable to:
Owners of the parent company (341,749) (323,617) (665,347)


Earnings/(loss) per share


Basic (loss) per share (cents per share): 8 (0.07) (0.07) (0.15)
Diluted (loss) per share (cents per share): 8 (0.07) (0.07) (0.15)














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.

Interim Consolidated Statement of Changes in Equity
Blackwell Global Holdings Limited
For the six months ended 30 September 2020

4

Notes Share Contributed Convertible Accumulated Total


Capital Capital Note Losses Equity
Reserve
$ $ $ $ $

Balance at 1 April 2019
(audited) 12,110,746 127,516 114,716 (11,378,312) 974,666

Loss for the period - - - (323,617) (323,617)
Total comprehensive loss
for the period - - - (323,617) (323,617)

Balance at 30 September
2019 (unaudited)
12,110,746 127,516 114,716 (11,701,929) 651,049


Balance at 1 April 2019
(audited) 12,110,746 127,516 114,716 (11,378,312) 974,666

Loss for the year - - - (665,347) (665,347)
Total comprehensive loss
for the year - - - (665,347) (665,347)
Convertible notes
converted to shares 11 495,631 - - - 495,631
Reversal of convertible
note reserve

- - (114,716) - (114,716)


Balance at 31 March 2020
(audited)
12,606,377 127,516 - (12,043,659) 690,233


Balance at 1 April 2020
(audited) 12,606,377 127,516 - (12,043,659) 690,233

Loss for the period - - - (341,749) (341,749)
Total comprehensive loss
for the period - - - (341,749) (341,749)

Balance at 30 September
2020 (unaudited)
12,606,377 127,516 - (12,385,408) 348,484









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.

Interim Consolidated Statement of Financial Position
Blackwell Global Holdings Limited
For the six months ended 30 September 2020
5
30 Sep 2020 30 Sep 2019 31 Mar 2020
(unaudited) (unaudited) (audited)
Notes
$ $ $
Current assets
Cash and cash equivalents 2,261,859 1,646,384 1,805,615
Prepayments and other receivables 35,289 31,036 16,894
Loan receivables 10 749,083 2,025,561 1,548,901
Total current assets 3,046,231 3,702,981 3,371,411
Non-current assets
Prepayments and other receivables 75,000 75,500 75,000
Property and equipment 7,610 3,261 10,126
Total non-current assets 82,610 78,761 85,126
Total assets 3,128,841 3,781,742 3,456,537
Current liabilities
Trade payables and other liabilities 81,355 19,692 83,279
Accruals, provisions and other liabilities 172,486 156,472 170,901
Borrowings 11 46,233 -44,178
Total current liabilities 300,073 176,164 298,358
Non-current liabilities
Borrowings 11 2,480,283 2,954,529 2,467,946
Total non-current liabilities 2,480,283 2,954,529 2,467,946
Total liabilities 2,780,357 3,130,694 2,766,303
Net assets 348,484 651,049 690,233
Equity
Share capital 12,606,377 12,110,746 12,606,377
Contributed capital 127,516 127,516 127,516
Convertible note reserve -114,716 -
Accumulated losses (12,385,408) (11,701,929) (12,043,659)
Total equity 348,484 651,049 690,233
Net tangible assets per share (cents per share): 9 0.07 0.15 0.14
F
or and on behalf of the Board:
Director Director
Dated: 27 November 2020
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.

Interim Consolidated Statement of Cash Flows
Blackwell Global Holdings Limited
For the six months ended 30 September 2020

6







6 mths ended 6 mths ended 12 mths ended
30 Sep 2020 30 Sep 2019 31 Mar 2020
(unaudited) (unaudited) (audited)
$ $ $

Cash flows from operating activities
Interest received

42,092 192,722 346,725
Lending, credit fees and other income received

23,314 63,938 125,066
Operating inflows

65,406 256,660 471,791

Net advances in loan receivables

830,244 3,447,128 3,820,159
Payments to suppliers and employees

(439,464) (447,509) (775,745)
Interest paid

(1) (203,715) (290,040)
Income taxes refunded

59 47 47
Repayment of GST liability

- (18,750) (18,750)
Operating inflows / (outflows)

390,838 2,777,201 2,735,672

Net cash from / (used in) operating activities

456,244 3,033,861 3,207,463


Cash flows used in investing activities
Purchase of property, plant and equipment - (532) (10,532)
Net cash from / (used in) investing activities - (532) (10,532)


Cash flows used in financing activities
Payment of borrowings - (2,900,000) (2,900,000)
Payments for issue of share capital - - (4,370)
Net cash from / (used in) financing activities - (2,900,000) (2,904,370)

Net increase in cash and cash equivalents 456,244 133,329 292,561
Cash and cash equivalents at the beginning of
the period
1,805,615 1,513,055 1,513,055
Cash and cash equivalents at the end of the
period
2,261,859 1,646,384 1,805,615













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.

Reconciliation of Net Operating Cash Flows to Net Loss After Tax
Blackwell Global Holdings Limited
For the six months ended 30 September 2020

7

6 mths ended 6 mths ended 12 mths ended

30 Sep 2020 30 Sep 2019 31 Mar 2020
(unaudited) (unaudited) (audited)
$ $ $


Net loss for the period (341,749) (323,617) (665,347)

Adjustments for:
Depreciation 2,516 1,051 4,186
Capitalised and accrued interest expense
14,392 40,088 (4,159)
Non-operating items in sundry income
- - (103)

(324,841) (282,477) (665,423)


Changes in net assets and liabilities:

(Increase) / decrease in loan receivables
(excluding deferred revenue) 804,923 3,368,675 3,843,807
Increase / (decrease) in deferred revenue (5,104)

(16,517) (1,943)
(Increase) / decrease in prepayments and other
receivables (18,395)

(4,658) 9,506
Increase / (decrease) in trade and other payables (1,924)

(25,876)

(20,303)
Increase / (decrease) in accruals, provisions and
other liabilities 1,585

(5,286) 53,545
Increase / (decrease) in interest accrual on
borrowings - -

(11,726)
Net cash (used in) / generated by operating
activities
456,244 3,033,861 3,207,463


















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.

Condensed Notes to the Interim Financial Statements
Blackwell Global Holdings Limited
For the six months ended 30 September 2020

8
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 Main Board (“NZX”).
The Company is registered under the Companies Act 1993 and is an FMC Reporting Entity under part 7 of the
Financial Markets Conduct Act 2013.
The Group operates a financial services business focusing on mortgage lending. There has been no change in
the nature of the Group’s business during the period.
There are no seasonal or cyclical influences on these interim results.

2. Basis of Preparation
These unaudited interim financial statements for the six months ended 30 September 2020 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 2020 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.

3. Accounting Standards
These 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 2020.
There are no NZ IFRS, or NZ IFRIC interpretations that are not yet effective that would be expected to have a
material impact on the Company.


4. Impact of Corona Virus
During the period the Government implemented containment measures to stop the spread of the Coronavirus.
From 25 March 2020 alert level 4 meant the Company’s offices were forced to shut down completely until 27
April 2020 where only some restrictions were lifted. The country remained in Alert level 3 until 13 May where
further restrictions were lifted. On 12 August Auckland went back into alert level 3 until 30 August. During
lockdown levels, the staff of Blackwell Global Group were able to continue working from their homes.
The Company experienced a 30% decline in revenue in at least one month over the lockdown and restricted
period in comparison to prior period. They therefore were entitled and received a Government wage subsidy to
help pay two of its staff over 12 weeks.
Other than the above, there has been no reassessment of the useful life of assets or their residual values. While
the Company secured a varied bond term, and interest rate (refer to note 11), and the present value discount
rate has been adjusted to reflect this change, it has not been further adjusted due to any impact from the
Coronavirus, as it is not deemed to have been affected.
Revenue from contracts with loan holding customers have not been impacted. No impairment losses have been
recognised on financial instruments in these unaudited results, as there has been no significant change in the
risk profile of the loan receivables.

Condensed Notes to the Interim Financial Statements
Blackwell Global Holdings Limited
For the six months ended 30 September 2020

9
5. Government Grants
Government grant income is recorded in the Statement of Comprehensive Income as it is utilised. The unused
portion is recorded as deferred income reported within accruals, provisions and other liabilities. The
Government’s Wage Subsidy Scheme was designed to support employers and their staff to maintain an
employment connection and ensure an income for affected employees during the initial impact of COVID-19.
The conditions of the grant are that the Company pay its staff at least 80% of their salary for a twelve-week
period, with best efforts to keep staff employed after the twelve weeks. Refer to note 6.

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


6 mths ended 6 mths ended 12 mths ended

30 Sep 2020 30 Sep 2019 31 Mar 2020

(unaudited) (unaudited) (audited)

$ $ $
Interest income from loan receivables 48,053 252,436 306,932
Loan fee income 44,883 83,295 129,193
Interest income from term deposits and bank
accounts - 42 45

92,936 335,773 436,170

Government grants 13,591 - 469
Sundry income 67,548 - 155,890
81,139 - 156,359


174,074 335,773 592,529

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 instrument, 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 15:
Related Parties.

Condensed Notes to the Interim Financial Statements
Blackwell Global Holdings Limited
For the six months ended 30 September 2020

10
7. Other Operating Expenses


6 mths ended 6 mths ended 12 mths ended

30 Sep 2020 30 Sep 2019 31 Mar 2020

(unaudited) (unaudited) (audited)

$ $ $
Audit fees 18,113 11,500 28,750
Accounting, consulting and legal 84,157 60,871 111,695
Insurance expenses 13,137 11,226 24,825
Depreciation expenses 2,516 1,051 4,186
NZX fees and list charges 10,925 13,520 24,445
Other operating expenses 92,397 35,954 218,792

221,244 134,123 412,693


8. Earnings Per Share

6 mths ended 6 mths ended 12 mths ended

30 Sep 2020 30 Sep 2019 31 Mar 2020

(unaudited) (unaudited) (audited)

Basic earnings/(loss) per share (cents): (0.07) (0.07) (0.15)
Diluted earnings/(loss) per share (cents): (0.07) (0.07) (0.15)

The losses and weighted average number of ordinary shares used in the calculation of loss per share are
as follows:


6 mths ended 6 mths ended 12 mths ended

30 Sep 2020 30 Sep 2019 31 Mar 2020
Loss for the period attributable to owners of the
parent company ($) (341,749) (323,617) (665,347)

Weighted average number of ordinary shares used
in the calculation of basic and diluted earnings per
share 502,330,488 439,830,488 450,446,926

The weighted average number of shares has been calculated for the period to the date of approval of the
consolidated financial statements.
At 30 September 2020, there were no convertible notes carrying shareholder dilution rights that were considered
to be dilutive (31 March 2020: none; 30 September 2019: none). Accordingly, basic and diluted earnings per
share are identical for the accounting periods being reported on.

9. Net tangible asset backing

30 Sep 2020 30 Sep 2019 31 Mar 2020

(unaudited) (unaudited) (audited)

Net tangible assets ($) 348,484 651,049 690,233
Issued shares at balance date 502,330,488 439,830,488 502,330,488

Net tangible assets per share (cents) 0.07 0.15 0.14

Condensed Notes to the Interim Financial Statements
Blackwell Global Holdings Limited
For the six months ended 30 September 2020

11
10. Loan receivables

30 Sep 2020 30 Sep 2019 31 Mar 2020

(unaudited) (unaudited) (audited)

$ $ $

Short term loan receivables 761,062 2,041,661 1,560,301
Accrued Interest - - 5,684
Deferred revenue (11,979) (16,100) (17,083)
Total loan receivables 749,083 2,025,561 1,548,901

11. Borrowings

30 Sep 2020 30 Sep 2019 31 Mar 2020

(unaudited) (unaudited) (audited)

$ $ $
Current borrowings

Bonds 46,233 - 44,178

46,233 - 44,178

Non-current borrowings

Bonds 2,480,283 2,491,885 2,467,946
Convertible notes - 462,644 -

2,480,283 2,954,529 2,467,946


Bonds
The bond agreement with Blackwell Global Group Limited was amended by Deed of Variation dated 24 March
2020. The maturity date was extended from three to four years, and the interest rate reduced from 6% to 0%
for six months starting 24 March 2020. The net present value of the bonds has been adjusted accordingly on
the balance sheet. The 0% interest period ended 25 September 2020.
No new bonds have been issued in the period. The value of the bonds recognised in the Consolidated Statement
of Financial Position is calculated as follows:

6 mths ended 6 mths ended 12 mths ended

30 Sep 2020 30 Sep 2019 31 Mar 2020

(unaudited) (unaudited) (audited)

$ $ $
Balance at beginning of period 2,512,124 2,470,427 2,470,427
Interest accrual 2,055 75,205 147,534
Payment of interest on bonds - (75,000) (150,000)
Amortisation of the premium on the bonds 12,338 21,253 44,163
Total Bond liability 2,526,517 2,491,886 2,512,124
Bond liability in current borrowings 46,233 - 44,178
Bond liability in non-current borrowings 2,480,283 2,491,886 2,467,946

Convertible Notes
On 28 January 2020 the major shareholder, Blackwell Global Group Limited exercised its right to convert
$500,000 of the convertible notes into ordinary shares in Blackwell Global Holdings Limited. The conversion
into ordinary shares was calculated at an issue price of $0.008 resulting in the issue of 62,500,000 ordinary
shares. $4,369 of costs relating to the issue of the shares were netted against the $500,000 share conversion,
resulting in increased capital of $495,631.

Condensed Notes to the Interim Financial Statements
Blackwell Global Holdings Limited
For the six months ended 30 September 2020

12
The aggregated amortisation of the convertible notes, which related to the net present value of the bond liability
was transferred to other comprehensive income upon conversion of the notes into ordinary shares.
No new convertible notes have been issued in the period. The value of the convertible notes recognised in the
Consolidated Statement of Financial Position is calculated as follows:


6 mths ended 6 mths ended 12 mths ended

30 Sep 2020 30 Sep 2019 31 Mar 2020

(unaudited) (unaudited) (audited)

$ $ $
Balance at beginning of period - 443,469 443,469
Equity component recognised in convertible notes
reserve - - 114,716
Liability component carried forward - 443,469 558,185
Interest accrual - 20,055 30,137
Payment of interest on convertible notes - (20,000) (40,000)
Convertible notes exercised - - (500,000)
Amortisation of premium - 19,119 28,679
Amortisation of premium netted against interest
expense - - (77,001)
Total convertible notes liability recognised as
non-current borrowings
- 462,644 -


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

Proportion of interest and
voting power held by the Group
Name of subsidiary Principal activity 30 Sept 2020 31 March 2020



Blackwell Global Finance Limited Diversified financial services 100% 100%
NZF Money Limited (in receivership) In receivership

100% 100%
Blackwell Global Funds Limited Special purpose vehicle
established as custodian for
funding arrangement
100% 100%

The place of incorporation and operation for all subsidiaries is New Zealand. The balance date of all companies
in the Group is 31 March.


13. 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 or 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).
No assets or liabilities were recognised at fair value at balance date (31 March 2020 and 30 September 2019;
nil).

Condensed Notes to the Interim Financial Statements
Blackwell Global Holdings Limited
For the six months ended 30 September 2020

13
As at 30 September 2020, 31 March 2020 and 30 September 2019, 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.


14. Financial Instruments by Category
Financial Assets Total at amortised cost

$
30 Sep 2020

Loan Receivables 749,083
Cash and cash equivalents 2,261,859
Other Receivables 35,289

3,046,231


Total at amortised cost

$
31 Mar 2020

Loan receivables 1,548,901
Cash and cash equivalents 1,805,615
Other receivables 16,894

3,371,411


Total at amortised cost

$
30 Sep 2019

Loan receivables 2,025,561
Cash and cash equivalents 1,646,384
Other receivables 31,036

3,702,981


Financial Liabilities Total at amortised cost

$
30 Sep 2020

Trade and other payables 81,355
Borrowings 2,526,516
Accruals and other liabilities 111,046

2,718,917



Total at amortised cost

$
31 Mar 2020

Trade and other payables 83,279
Borrowings 2,512,124
Accruals and other liabilities 105,000

2,700,403


Total at amortised cost

$
30 Sep 2019

Trade and other payables 19,692
Borrowings 2,954,529
Accruals and other liabilities 47,250

3,021,471

Condensed Notes to the Interim Financial Statements
Blackwell Global Holdings Limited
For the six months ended 30 September 2020

14
15. Related Parties
The Group is controlled by Blackwell Global Group Limited (incorporated in the Cayman Islands) which owns
62.01% of the Company’s shares. The Group’s ultimate controlling party is Mr Kaw Sing Chai, who also owns
11.12% of the Company’s shares in his own name. The remaining 26.87% 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. The benefit of these transactions is recognised
in other income with the corresponding expenses included in operating expenses.


6 mths ended 6 mths ended 12 mths ended

30 Sep 2020 30 Sep 2019 31 Mar 2020

(unaudited) (unaudited) (audited)

$ $ $
Cleaning and Laundry - - 1,628
Electricity 2,227 - 3,690
Printing and Stationery - - 1,240
Telephone, Tolls and Internet 6,958 - 13,915
Office Rent 58,363 - 135,417
Total 67,548 - 155,890

Other related party transactions

6 mths ended 6 mths ended 12 mths ended

30 Sep 2020 30 Sep 2019 31 Mar 2020
Invoices Issued By Related Party (unaudited) (unaudited) (audited)
$ $ $
Anthony Harper Ewe Leong Lim 17,041 5,423 6,982
Boston Kiwi Corporation Craig Alexander 891 4,485 4,485
Corporate Counsel Sean Joyce 3,163 - -

Anthony Harper, where director Ewe Leong Lim is a partner, provided legal services to the Group. Boston Kiwi
Corporation, where director Craig Alexander is a partner, provided consulting services to the Group. Corporate
Council, where director Sean Joyce is a partner, provided legal services to the Group.

Directors fees

6 mths ended 6 mths ended 12 mths ended

30 Sep 2020 30 Sep 2019 31 Mar 2020

(unaudited) (unaudited) (audited)

$ $ $
Sean Joyce 43,125 43,125 86,250
Craig Alexander 25,875 25,875 51,750
Say Chan Law (James) 25,875 25,875 51,750
Ewe Leong Lim 25,875 25,875 51,750
Kaw Sing Chai (Michael) 22,500 22,500 45,000
Total remuneration of directors 143,250 143,250 286,500

Condensed Notes to the Interim Financial Statements
Blackwell Global Holdings Limited
For the six months ended 30 September 2020

15
16. 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.

17. Capital Commitments
There were no capital commitments at 30 September 2020 (31 March 2020 and 30 September 2019; nil ).

18. Subsequent Events
After balance date, Blackwell Global Group Limited provided an undertaking extending the maturity date of both
bonds to 30 June 2022, and extend the 0% interest period from 25 September 2020 to 30 June 2022.
There have been no other significant events after balance date.

19. Approval of Financial Statements
The financial statements were approved by the directors and authorised for issue on 27 November 2020.

16
COMPANY DIRECTORY

As at 30 September 2020



Independent Directors

Share Registrar

Sean Joyce

Link Market Services Limited
Craig Alexander

Deloitte Centre, 80 Queen Street

Auckland

Non-executive Directors

Tel: 09 375 5998

Kaw Sing Chai



Say Chan Law

Solicitors

Ewe Leong Lim

Anthony Harper
Kim Chan Steve Chua
Chorus House


66 Wyndham Street

Registered Office Auckland
Level 5, 59-67 High Street
Auckland CBD, Auckland Bankers
ASB Bank Limited
Company Number ASB, North Wharf
1474151 12 Jellicoe Street
Auckland
Incorporated
22 January 2004 Auditor
William Buck
Shares Issued Level 4
502,330,488 Ordinary 21 Queen Street
Auckland 1010

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Results for announcement to the market
Name of issuer Blackwell Global Holdings Limited
Reporting Period 6 months to 30 September 2020
Previous Reporting Period 6 months to 30 September 2019
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$93 72.3%
Total Revenue $174 48.2%
Net profit/(loss) from
continuing operations
($342) (5.6%)
Total net profit/(loss) ($342) (5.6%)
Interim/Final Dividend
Amount per Quoted Equity
Security
It is not proposed to pay a dividend
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.0007 $0.0015
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
This announcement is extracted from BGI’s unaudited interim
financial statements for the six months ended 30 September
2020. A copy of these unaudited interim financial statements is
attached to this announcement.
Authority for this announcement
Name of person authorised
to make this announcement
Mark Thornton
Contact person for this
announcement
Mark Thornton
Contact phone number 021 723 766
Contact email address Mark.thornton@nzf.co.nz
Date of release through MAP 27/11/2020

Unaudited financial statements accompany this announcement.