LONDON – British mining firm Bisichi PLC (LSE: BISI.L) said it has agreed to conditionally acquire key infrastructure and mining rights in South Africa from a subsidiary of Thungela Resources Limited and intends to cancel its listing on the London Stock Exchange.
The company announced the conditional acquisition of assets from Thungela Operations Pty Ltd related to the Goedehoop North Mining Area for up to 700.5 million rand (approximately £30.9 million). Concurrently, it plans to delist its shares from the Main Market, effective Jan. 2, 2026.
The acquisition will be conducted through GHN Resources (Pty) Limited, a South African entity in which Bisichi holds a controlling stake. Bisichi will act as guarantor for the consideration payments.
Key assets include a Rapid Load-out Coal Terminal (RLT) linked to the Richards Bay export hub, an 850-tonne-per-hour Coal Beneficiation Plant (CBP), surface rights, and two fully licensed mining rights. The deal also involves assuming environmental rehabilitation liabilities and acquiring a mine residue dump with a measured resource of 12.9 million metric tonnes.
The board stated the infrastructure would enhance its existing South African operations by creating a commercial logistics hub and processing facility.
Payment is structured with an initial deposit and further instalments, with a significant deferred portion contingent on the future use of the assets, including volumes of coal railed, processed, or mined. Completion is subject to regulatory approvals from South African authorities.
The acquisition constitutes a “reverse takeover” under UK Listing Rules due to its size relative to Bisichi. This would trigger a cancellation of its current listing on the Equity Shares (Transition) category unless the company applied for an “uplisting.”
The board concluded that the drawbacks of maintaining or changing its listing status outweigh the benefits. Cited factors include the disproportionate legal and regulatory burden for a company of its size, low share liquidity, and no current plans to raise further capital in public markets.
“The Directors believe that Delisting is the most appropriate action to take at this time,” the company said in a statement, adding that management time would be better redirected to operational growth.
Bisichi is not required to seek shareholder approval for the delisting but must give 20 business days’ notice. It intends to request the cancellation of its listing and admission to trading, with the last day of dealings on the Main Market expected to be Dec. 31, 2025.
The company confirmed shareholders would retain all rights attached to their ordinary shares following the delisting.