XML 36 R19.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Short-Term Facilities | 12 Months Ended
--- | ---
Jun. 30, 2018
Short-Term Facilities [Abstract] |
Short-Term Facilities | 12. SHORT-TERM FACILITIES Summarized below are the Company's available short-term facilities and the amounts utilized as of June 30, 2018 and 2017, all amounts below were translated at the exchange rates applicable as of the date presented:
|  | June 30, 2018 |  | June 30, 2017
|  | Available |  | Utilized |  | Available |  | Utilized
United States: |  |  |  |  |  |  |  |
Bank Frick(1) | $ | 10,000 | $ | - | $ | - | $ | -
Europe: |  |  |  |  |  |  |  |
Bank Frick(1) |  | - |  | - |  | 66,579 |  | 16,579
South Africa: |  |  |  |  |  |  |  |
Nedbank Limited |  | 29,200 |  | 7,871 |  | 30,600 |  | 10,000
Overdraft facility(1) |  | 18,200 |  | - |  | 19,109 |  | -
Indirect and derivative facilities (Note 23) | $ | 11,000 | $ | 7,871 | $ | 11,491 | $ | 10,000
(1) Utilized amount included in short-term facilities on the consolidated balance sheets. United States On January 29, 2018, the Company obtained a $10.0 million overdraft facility from Bank Frick. The interest rate on the facility is 4.50% plus 3-month US Dollar LIBOR and interest is payable quarterly commencing on June 30, 2018. The 3-month US Dollar LIBOR rate was 2.31175% on June 29, 2018. The facility has no fixed term, however, it may be terminated by either party with six weeks written notice. The facility is secured by a pledge of the Company's investment in Bank Frick. As of June 30, 2018, the Company had repaid the amounts utilized during the year in full and had $10.0 million available. Europe The Company had obtained EUR 40.0 million and CHF 20 million revolving overdraft facilities from Bank Frick during the year ended June 30, 2017. The Company assigned all claims against amounts due from Masterpayment customers, which have been financed from the CHF 20 million facility, plus all secondary rights and preferential rights as collateral for this facility to Bank Frick. Masterpayment was required to open a primary business account with Bank Frick and this account was pledged to Bank Frick as collateral for the EUR 40 million facility. Net1 stood as guarantor for both of these facilities. The facilities were settled in full in January 2018 and were terminated in February 2018. As of June 30, 2017, the Company had utilized approximately CHF 15.9 million ($16.6 million, translated at exchange rates applicable as of June 30, 2017) of the CHF 20 million facility and had not utilized any of the EUR 40 million facility. South Africa The aggregate amount of the Company's short-term South African credit facility with Nedbank Limited was ZAR 400 million ($29.2 million) and consists of (i) a primary amount of up to ZAR 200 million ($14.6 million, and (ii) a secondary amount of up to ZAR 200 million ($14.6 million). The primary amount comprises an overdraft facility of up to ZAR 50 million ($3.6 million) and indirect and derivative facilities of up to ZAR 150 million ($11.0 million), which include letters of guarantee, letters of credit and forward exchange contracts. All amounts denominated in ZAR and translated at exchange rates applicable as of June 30, 2018. As of June 30, 2018, the interest rate on the overdraft facility was 8.85%. The Company has ceded its investment in Cash Paymaster Services Proprietary Limited ("CPS"), a South African subsidiary, as security for its repayment obligations under the facility. A commitment fee of 0.35% per annum is payable on the monthly unutilized amount of the overdraft portion of the short-term facility. The Company is required to comply with customary non-financial covenants, including, without limitation, covenants that restrict its ability to dispose of or encumber its assets, incur additional indebtedness or engage in certain business combinations. As of each of June 30, 2018 and June 30, 2017, respectively, the Company had not utilized any of its overdraft facility. As of June 30, 2018, the Company had utilized approximately ZAR 108.0 million ($7.9 million, translated at exchange rates applicable as of June 30, 2018) of its ZAR 150 million indirect and derivative facilities to enable the bank to issue guarantees, including stand-by letters of credit, in order for the Company to honor its obligations to third parties requiring such guarantees (refer to Note 23). As of June 30, 2017, the Company had utilized approximately ZAR 130.5 million ($10.0 million, translated at exchange rates applicable as of June 30, 2017) of its ZAR 150 million indirect and derivative facilities.

X
- References No definition available. + Details
Name: | us-gaap_LineOfCreditFacilityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration