Half year results

Name of issuer
Reporting Period
Previous Reporting Period
Currency
Amount (000s)
Revenue from continuing operations$34
Total Revenue$34
Net profit/(loss) from continuing operations -$216
Total net profit/(loss) -$216
Amount per Quoted Equity Security
Imputed amount per Quoted Equity Security
Record Date
Dividend Payment Date
Prior comparable period
Net tangible assets per Quoted Equity Security $0.0007
A brief explanation of any of the figures above necessary to
enable the figures to be understood
Name of person authorised to make this announcement
Contact person for this announcement
Contact phone number
Contact email address
Date of release through MAP
Unaudited financial statements accompany this announcement.
Sean Joyce
sean@corporate‐counsel.co.nz
29/11/2021
Current period
$(0.0002)
This announcement is extracted from BGI’s
unaudited interim financial statements for the six
months ended 30 September 2021. At 30
September, the Company recognised an equity
deficit, however subsequent to balance date
$500,000 of bond liabilities have been capitalised,
and thereby converted into the issue of ordinary
shares, returning the Company to a solvent equity
position. A copy of these unaudited interim financial
statements is attached to this announcement.
Authority for this announcement
Sean Joyce
Interim/Final Dividend
It is not proposed to pay a dividend
Not applicable
Not applicable
Not applicable
Percentage change
-63.7%
-80.6%
36.9%
36.9%
Results for announcement to the market
Blackwell Global Holdings Limited
6 months to 30 September 2021
6 months to 30 September 2020
NZD
021 865 704

---

Blackwell Global Holdings Limited
Interim Financial Result
For the 6 months ended 30 September 2021
CONTENTS
Pa
ge
Chairman’s Report 2
Interim Consolidated Statement of Comprehensive Income 4
Interim Consolidated Statement of Changes in Equity 5
Interim Consolidated Statement of Financial Position 6
Interim Consolidated 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 2021
2
Dear Shareholders
Capitalisation of $500,000 of Bonds held by BGGL
During the course of the first six months of the financial year ending 31 March 2022:
The independent directors of the Company agreed with its major shareholder, Blackwell Global Group
Limited (“BGGL”) that:
-BGGL would, subject to obtaining shareholder approval, capitalise $500,000 of the secured
bonds previously issued by the Company to BGGL (“Bonds”) into 71,428,571 new ordinary
shares in the Company, at an issue price of $0.007 per share (the Capitalisation); and
-The Company would redeem $1,000,000 of the Bonds for cash and shall pay that sum to BGGL
prior to the end of June 2021.
Following the approval of the shareholders to the Capitalisation at the Annual Meeting of Shareholders
on 28 September 2021, the Company proceeded to implement the Capitalisation and issued BGGL
71,428,571 new ordinary fully paid shares on 15 October 2021.
The proceeds of the Capitalisation will be applied towards funding the working capital requirements of
the Company.
Following the completion of both of the above transactions there now remains $1,000,000 of Bonds
outstanding (to be repaid by the Company in accordance with their terms).
NZX RegCo issue
As previously disclosed to the market in the 2021 annual report, in late June 2021 the Company was notified by
NZ RegCo that it had concluded an investigation into the Company’s inadvertent error when entering the Net
Tangible Assets per share figure in the Market Announcement Platform and a prescribed form released to the
market in June 2020.
The Company agreed a settlement of the matter with NZ RegCo, which has been approved by the NZ Market
Disciplinary Tribunal. The Company has agreed to pay a financial penalty of $40,000, costs of the Tribunal,
and contribute to the costs of NZX Further details were released to the market by the Tribunal on
26 November 2021.
Going forward
The Board is actively looking to identify a suitable business opportunity to invest in and/or acquire through a
reverse takeover transaction (RTO). Discussions have been had with several potential acquisition targets to date,
but none of those discussions have developed into a tangible transaction to date.
An RTO is a transaction structured such that the Company would acquire 100% of the business assets, or the
shares in the Company that owns the business assets, in consideration for the payment of cash and/or the issue
of new shares in the Company, to fund the acquisition.
The new business acquired would then effectively become a subsidiary of the Company (the listed company),
trading on the NZX Main Board. The stakeholders in the business acquired, would ultimately become
shareholders in the Company as part of the RTO, and would have representation at the Board level as
appropriate.

CHAIRMAN’S REPORT
BLACKWELL GLOBAL HOLDINGS LIMITED
For the six months ended 30 September 2021
3



In conjunction with the RTO process, the Company would seek to raise additional growth capital to assist in
funding the future growth of the business.

 The Board is focusing on business opportunities that satisfy one or more of the following investment
criteria:

 The business has excellent personnel and management.

 The business operates in an attractive and positive business sector.

 The business has a robust business model.

 The business has solid historical earnings, or alternatively has a sound business platform from which to
implement its business plan and generate strong earnings in the future;

 The business owns proprietary intellectual property.

 The business has potential to grow organically, via acquisition, or through the further investment in capital
plant.

 The business has the potential to scale internationally.

 The business would benefit from being able to raise additional capital on the market.

 Is likely to generate superior returns for the Company and its existing shareholders.

The Board continues to investigate all credible investment opportunities that may present themselves and are
hopefully of having a transaction underway during the course of this calendar year.


Yours sincerely

 
Sean Joyce
Chairman
29 November 2021 

Interim Consolidated Statement of Comprehensive Income
Blackwell Global Holdings Limited
For the six months ended 30 September 2021

4



6 mths ended 6 mths ended 12 mths ended
30 Sep 2021 30 Sep 2020 31 Mar 2021
(unaudited) (unaudited) (audited)
Notes
$ $ $



Revenue


Interest and fee income 5 33,768 92,936 135,446
Other income 5 - 81,139 112,833

Total Income 33,768 174,074 248,279

Expenses


Directors' fees 14 (69,000) (143,250) (171,000)
Employee expenses - (136,627) (291,553)
Interest expense (25,125) (14,702) (138,947)
Other operating expenses 6 (155,331) (221,244) (426,338)

Total expenses (249,456) (515,823) (1,027,838)

Loss before income tax (215,688) (341,749) (779,559)

Income tax benefit/(expense) - - -

Net profit/
(loss) after tax (215,688) (341,749) (779,559)

Total comprehensive loss for the
period (215,688) (341,749) (779,559)

Attributable to:
Owners of the parent company (215,688) (341,749) (779,559)


Earnings/(loss) per share


Basic (loss) per share (cents per share): 7 (0.04) (0.07) (0.16)
Diluted (loss) per share (cents per share): 7 (0.04) (0.07) (0.16)











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 2021

5


Notes Share Contributed Accumulated Total


Capital Capital Losses Equity

$ $ $ $

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


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

Loss for the year - - (779,559) (779,559)
Contributed capital on bonds 10 - 280,090 - 280,090
Total comprehensive loss for the year - 280,090 (779,559) (499,469)


Balance at 31 March 2021 (audited) 12,606,377 407,606 (12,823,219) 190,764


Balance at 1 April 2021 (audited) 12,606,377 407,606 (12,823,219) 190,764

Loss for the period - - (215,688) (215,688)
Contributed capital on bonds 10 - (51,640) - (51,640)
Total comprehensive loss for the period - (51,640) (215,688) (267,328)

Balance at 30 September 2021
(unaudited) 12,606,377 355,966 (13,038,907) (76,564)












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 2021
6
30 Sep 2021 30 Sep 2020 31 Mar 2021
(unaudited) (unaudited) (audited)
Notes
$ $ $
Current assets
Cash and cash equivalents 152,433 2,261,859 1,986,671
Prepayments and other receivables 47,076 35,289 8,347
Loan receivables 9 -749,083643,672
Short term investments 1,200,000 - -
Total current assets 1,399,509 3,046,231 2,638,690
Non-current assets
Prepayments and other receivables 75,000 75,000 75,000
Property, plant and equipment 3,135 7,610 5,858
Total non-current assets 78,135 82,610 80,858
Total assets 1,477,644 3,128,841 2,719,548
Current liabilities
Trade and other payables 19,292 81,355 58,597
Accruals, provisions and other liabilities 99,056 172,486 101,627
Borrowings 10 -46,23344,178
Total current liabilities 118,349 300,073 204,402
Non-current liabilities
Borrowings 10 1,435,859 2,480,283 2,324,382
Total non-current liabilities 1,435,859 2,480,283 2,324,382
Total liabilities 1,554,208 2,780,357 2,528,784
Net assets (76,564) 348,484 190,764
Equity
Share capital 12,606,377 12,606,377 12,606,377
Contributed capital 355,966 127,516 407,606
Accumulated losses (13,038,907) (12,385,408) (12,823,218)
Total equity (76,564) 348,484 190,764
Net tangible assets per share (cents per
share): 8 (0.02) 0.07 0.04
For and on behalf of the Board:
DirectorDirector
Dated: 29 November 2021
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 2021

7


6 mths
ended
6 mths ended 12 mths
ended
30 Sep 2021 30 Sep 2020 31 Mar 2021
(unaudited) (unaudited) (audited)
Notes
$ $ $



Cash flows from operating activities


Interest received 

22,520 42,092 67,859
Lending, credit fees and other income received 

65 23,314 32,570
Net advances in loan receivables 

648,589   830,244   943,200  
Operating inflows

           671,174             895,649         1,043,629 
 


Payments to suppliers and employees 

(289,191) (439,464) (858,840)
Interest paid 

(50,721) (1) (2,838)
Income taxes refunded 

- 59   59  
Operating outflows 

        (339,912)         (439,406)          (861,619) 



Net cash from / (used in) operating activities

           331,262             456,244             182,010 






Cash flows used in investing activities


Proceeds from short term Investments

300,000 - -
Payment to short term Investments (1,500,000) - -
Purchase of property, plant and equipment - - (954)
Net cash from / (used in) investing activities 13 (1,200,000) - (954)






Cash flows used in financing activities


Proceeds from borrowings 10
34,500
- -
Payment of borrowings 10
(1,000,000) - -
Net cash from / (used in) financing activities

(965,500) - -



Net increase in cash and cash equivalents

(1,834,238) 456,244 181,056
Cash and cash equivalents at the beginning of the
period

1,986,671

1,805,615

1,805,615
Cash and cash equivalents at the end of the
period

152,433

2,261,859

1,986,671










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 2021

8


6 mths ended 6 mths ended 12 mths ended

30 Sep 2021 30 Sep 2020 31 Mar 2021
(unaudited) (unaudited) (audited)
$ $ $


Net loss for the period (215,688) (341,749) (779,559)

Adjustments for:
Depreciation 1,045 2,516 5,222
Loss on disposal of fixed assets 1,678 - -
Capitalised and accrued interest expense
(18,840) 14,392 136,527

(231,805) (324,841) (637,810)


Changes in net assets and liabilities:

(Increase) / decrease in loan receivables
(including accrued interest, excluding deferred
revenue) 650,089 804,923 915,896
Increase / (decrease) in deferred revenue (6,417)

(5,104) (24,257)
(Increase) / decrease in prepayments and other
receivables (38,729)

(18,395) 8,547
Increase / (decrease) in trade and other payables (39,306)

(1,924) (24,682)
Increase / (decrease) in accruals, provisions and
other liabilities (excluding deferred revenue) (2,570) 1,585 (55,684)
Net cash (used in) / generated by operating
activities 331,262 456,244 182,010


















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 2021

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 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 2021 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 2021 which have been
prepared in accordance with New Zealand equivalents to International Financial Reporting Standards (“NZ
IFRS”) and International Financial Reporting Standards (IFRS).
The consolidated 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 2021.
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 continued to implement containment measures to stop the spread of the
Coronavirus. To help with this the Government enforced a number of lockdowns at varying alert levels, each
having different restrictions. As at the date these financial statements have been signed off, the ongoing impacts
of the Coronavirus pandemic remain unknown and may have an impact on the financial position of the Company
for the coming 12 months. However, given the Company’s business operations have effectively been wound
down, the Board does not consider that it will have any material exposure.
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 10), 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 were not impacted, and there are no longer any loan
receivables.

Condensed Notes to the Interim Financial Statements
Blackwell Global Holdings Limited
For the six months ended 30 September 2021

10
5. 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 2021 30 Sep 2020 31 Mar 2021

(unaudited) (unaudited) (audited)

$ $ $
Interest income from loan receivables 22,482 48,053 75,300
Loan fee income 6,916 44,883 60,142
Interest income from term deposits and bank
accounts 4,370 - 4

33,768 92,936 135,446

Other income

Government
grants - 13,591 -
Sundr
y income - 81,139 112,833
Total other income - 94,730 112,833

Total income 33,768 187,665 248,279

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.

6. Other Operating Expenses


6 mths ended 6 mths ended 12 mths ended

30 Sep 2021 30 Sep 2020 31 Mar 2021

(unaudited) (unaudited) (audited)

$ $ $
Accountin
g, consulting and legal 76,378 84,157 133,247
Audit fees 3,306 18,113 23,044
Depreciation expenses 1,045 2,516 5,222
Insurance expenses 6,101 13,137 25,352
NZX fees and list char
ges 41,869 10,925 93,103
Office rent - 58,363 65,839
Other operatin
g expenses 12,431 21,845 59,926
Professional services 14,201 12,188 20,605

155,331 221,244 426,338

Condensed Notes to the Interim Financial Statements
Blackwell Global Holdings Limited
For the six months ended 30 September 2021

11

7. Earnings Per Share

6 mths ended 6 mths ended 12 mths ended

30 Sep 2021 30 Sep 2020 31 Mar 2021

(unaudited) (unaudited) (audited)

Basic earnings/(loss) per share (cents): (0.04) (0.07) (0.16)
Diluted earnin
gs/(loss) per share (cents): (0.04) (0.07) (0.16)

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 2021 30 Sep 2020 31 Mar 2021
Loss for the period attributable to owners of the
parent compan
y ($) (215,688) (341,749) (779,559)

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

The weighted average number of shares has been calculated for the period to the date of approval of the
consolidated financial statements.
As 30 September 2021, there were no financial instruments or rights held by any shareholders that were
considered to be dilutive (31 March 2021 and 30 September 2020: Nil). Accordingly, basic and diluted earnings
per share are identical for the accounting periods being reported on.
The Group presents basic and diluted earnings per share (EPS) information for its ordinary shares. Basic ESP
is calculated by dividing the profit or loss attributable to ordinary shareholder by the weighted average number
of ordinary shares on issue throughout the year. Diluted earnings per share is calculated by adjusting the profit
or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding,
adjusted for the effects of all dilutive potential ordinary shares. There were no financial instruments considered
to be dilutive as at 30 September 2021.

8. Net tangible assets per share

30 Sep 2021 30 Sep 2020 31 Mar 2021

(unaudited) (unaudited) (audited)

Net tangible assets ($) (76,564) 348,484 190,764
Issued shares at balance date 502,330,488 502,330,488 502,330,488

Net tan
gible assets per share (cents) (0.02) 0.07 0.04

9. Loan receivables

30 Sep 2021 30 Sep 2020 31 Mar 2021

(unaudited) (unaudited) (audited)

$ $ $

Short term loan receivables - 761,062 649,121
Accrued Interest - - 968
Deferred revenue -
(11,979) (6,417)
Total loan receivables - 749,083 643,672

Condensed Notes to the Interim Financial Statements
Blackwell Global Holdings Limited
For the six months ended 30 September 2021

12

10. Borrowings

30 Sep 2021 30 Sep 2020 31 Mar 2021

(unaudited) (unaudited) (audited)

$ $ $
Current borrowings

Bonds - 46,233 44,178

Non-current borrowin
gs

Bonds 1,435,859 2,480,283 2,324,382


Bonds
The Group issued $2,000,000 bonds on 18 December 2017 to Blackwell Global Group Limited, a related party
at a fixed interest rate of 6%. The bonds were to mature three years from the issue date at their nominal value
of $2,000,000.
The Group issued a further $500,000 bonds to Blackwell Global Group Limited, a related party on 27 April 2019
at a fixed interest rate of 6%. The interest is payable six monthly. The bonds were to mature three years from
the issue date at their nominal value of $500,000.
The bonds are secured by a first ranking general security deed over all the present and after acquired property
of Blackwell Global Holdings Limited.
The contributed capital component of the bonds 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 bond agreement with Blackwell Global Group Limited was amended by Deed of Variation dated 24 March
2020. The maturity period was extended from three to four years, and the interest rate reduced from 6% to 0%
for six months starting 24 March 2020.
On 25 November 2020 a Letter of Undertaking was agreed with Blackwell Global Group Limited further
extending the bond maturity date to 30 June 2022, with 0% interest until maturity. The net present value of the
bonds have been readjusted on the balance sheet for the present value of the face values at maturity using the
original effective interest rate of 6% per annum. The resulting gain on revaluation of bonds is reported as
contributed capital on bonds.
On 23 June 2021, the Company redeemed $750,000 of the bonds for cash and paid that sum to Blackwell
Global Group Limited.
On 13 August 2021, the Company redeemed another $250,000 of the bonds for cash and paid that sum to
Blackwell Global Group Limited, bringing the total to $1,000,000 redeemed during the period.
During the period, $34,500 of prior period overpayment on Bonds was refunded by Blackwell Global Group
Limited.
On 28 September 2021, the shareholders’ voted to approve Blackwell Global Group Limited to capitalise
$500,000 of the secured bonds into 71,428,571 new ordinary shares in the Company, at an issue price of $0.007
per share. This took place in October 2021.
No new bonds have been issued during the period. The value of the bonds recognised in the Consolidated
Statement of Financial Position are calculated as follows:

Condensed Notes to the Interim Financial Statements
Blackwell Global Holdings Limited
For the six months ended 30 September 2021

13

6 mths ended 6 mths ended 12 mths ended

30 Sep 2021 30 Sep 2020 31 Mar 2021

(unaudited) (unaudited) (audited)

$ $ $
Balance at be
ginning of period 2,368,560 2,512,124 2,512,124
Repa
yment of bonds (1,000,000) - -
Refund of overpa
yment of bonds 34,500 - -
Contributed capital on the bonds 51,640 - -
Liabilit
y component carried forward 1,454,700 2,512,124 2,512,124
Interest accrual - 2,055 136,526
Payment of interest on bonds (44,178) - -
Amortisation of the premium on the bonds 25,337 12,337
(280,090)
Bond liabilit
y 1,435,859 2,526,516 2,368,560

Bond liability in current borrowings - 46,233 44,178
Bond liabilit
y in non-current borrowings 1,435,859 2,480,283 2,324,382
Bond liabilit
y 1,435,859 2,526,516 2,368,560


11. 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 2021 31 March 2021



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. All subsidiary entities were dormant in the current and previous financial periods.


12. 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 (30 September 2020 and 31 March 2021:
Nil).
As at 30 September 2021, 31 March 2021 and 30 September 2020, 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.

Condensed Notes to the Interim Financial Statements
Blackwell Global Holdings Limited
For the six months ended 30 September 2021

14
13. Financial Instruments by Category

Financial Assets Total at amortised cost

$
30 Sep 2021

Loan receivables -
Cash and cash equivalents 152,433
Other receivables 47,076
Short term investments 1,200,000
Total 1,399,509



Total at amortised cost

$
31 Mar 2021

Loan receivables 643,672
Cash and cash equivalents 1,986,671
Other receivables 8,347
Total 2,638,690



Total at amortised cost

$
30 Sep 2020

Loan receivables 749,083
Cash and cash equivalents 2,261,859
Other receivables 35,289
Total 3,046,231

Financial Liabilities Total at amortised cost

$
30 Sep 2021

Trade and other pa
yables 19,292
Borrowin
gs 1,435,859
Accruals and other liabilities 99,056
Total 1,554,207



Total at amortised cost

$
31 Mar 2021

Trade and other pa
yables 58,597
Borrowin
gs 2,368,560
Accruals and other liabilities 101,627
Total 2,528,784



Total at amortised cost

$
30 Sep 2020

Trade and other pa
yables 81,355
Borrowin
gs 2,526,516
Accruals and other liabilities 111,046
Total 2,718,917



14. Related Parties
Blackwell Global Holdings Limited (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.

Condensed Notes to the Interim Financial Statements
Blackwell Global Holdings Limited
For the six months ended 30 September 2021

15

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. There were none to report in
the current period.


6 mths ended 6 mths ended 12 mths ended

30 Sep 2021 30 Sep 2020 31 Mar 2021

(unaudited) (unaudited) (audited)

$ $ $
Electricit
y - 2,227 2,600
Office Expenses - - 23,359
Telephone, Tolls and Internet - 6,958 7,445
Office Rent - 58,363 65,839
Total - 67,548 99,243

Other related party transactions


6 mths ended 6 mths ended 12 mths ended

30 Sep 2021 30 Sep 2020 31 Mar 2021
Invoices Issued By Related Party (unaudited) (unaudited) (audited)

Anthon
y Harper Ewe Leong Lim 517 17,041 42,255
Boston Kiwi Corporation Crai
g Alexander - 891 921
Corporate Counsel Sean Jo
yce - 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 2021 30 Sep 2020 31 Mar 2021

(unaudited) (unaudited) (audited)

$ $ $
Sean Jo
yce 43,125 43,125 86,250
Crai
g Alexander 25,875 25,875 51,750
Sa
y Chan Law (James) - 25,875 51,750
Ewe Leon
g Lim - 25,875 51,750
Kaw Sin
g Chai (Michael) - 22,500 (70,500)
Total remuneration of directors 69,000 143,250 171,000

During the period, Mr Saw Chan Law, who retired in accordance with the provisions of the Constitution of the
Company and, being eligible, offered himself for re-election as a Director of the Company and was re-elected
by majority vote of the shareholders.

Condensed Notes to the Interim Financial Statements
Blackwell Global Holdings Limited
For the six months ended 30 September 2021
16
15. Going Concern
The Group has incurred a net loss for the period of $215,688 (30 September 2020: loss of $341,749), (31 March
2021: loss of $779,559) and as of 30 September 2021 has an equity deficit of ($76,564). The Company is reliant
upon the continued support of its lenders including shareholder advances. The going concern basis assumes
continued support of these parties in following financial periods. The Board have implemented a number of
strategies to reduce the outgoings of the Company and is actively looking to identify a suitable business
opportunity to invest in and/or acquire through a reverse takeover transaction (RTO).
Prior to 31 March 2021, the Company received a letter of comfort from its largest shareholder Blackwell Global
Group Limited, where it has agreed to provide financial support for 12 months.
Blackwell Global Group Limited has agreed to capitalise $500,000 of its Bonds into 71,428,571 new ordinary
shares in the Company, at an issue price of $0.007 per share. This development, which was approved by the
shareholders on 28 September 2021, will provide BGI with an additional $500,000 of capital which will provide
the Company with sufficient working capital to fund the outgoings and expenses of the company for not less
than 12 months from the date of these financial statements.
The directors in determining that the financial statements be prepared on a going concern basis have taken into
account events subsequent to balance date.
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 2021 (31 March 2021 and 30 September 2020: Nil).
18. Subsequent Events
After balance date, in accordance with a shareholders’ vote on 28 September 2021, Blackwell Global Group
Limited capitalised $500,000 of the secured bonds into 71,428,571 new ordinary shares in the Company, at an
issue price of $0.007 per share, which took place in October 2021.
NZ RegCo referral
As previously disclosed to the market in the 2021 annual report, in late June 2021 the Company was notified by
NZ RegCo that it had concluded an investigation into the Company’s inadvertent error when entering the Net
Tangible Assets per share figure in the Market Announcement Platform and a prescribed form released to the
market in June 2020.
The Company agreed a settlement of the matter with NZ RegCo, which has been approved by the NZ Market
Disciplinary Tribunal. The Company has agreed to pay a financial penalty of $40,000, costs of the Tribunal,
and contribute to the costs of NZX. Further details were released to the market by the Tribunal on
26 November 2021.
An accrual of $90,000 has been made within these financial statements to account for the expected costs in
this matter.
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 29 November 2021.

17

COMPANY DIRECTORY
As at 30 September 2021
Independent Directors Share Re
gistrar
Sean Jo
yce Link Market Services Limited
Crai
g Alexander Deloitte Centre, 80 Queen Street, Auckland
Tel: 09 375 5998
Non-executive Directors
Kaw Sing Chai
Solicitors
Say Chan Law
Chapman Tripp
Kim Chan Steve Chua
Level 34, PwC Tower, 15 Customs Street West
Auckland
Re
gistered Office
84 Coates Avenue
B
a
nkers
O
rakei, Auckland ASB Bank Limited
ASB, North Wharf, 12 Jellicoe Street, Auckland
Compan
y Number
1474151 Auditor
William
Buck
Incorporated Level 4, 21 Queen Street, Auckland
22 Januar
y 2004
Shares Issued
502,330,488 Ordinar
y