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Related Party Transactions
 12 Months Ended
Jun. 30, 2021
Related Party Transactions [Abstract]  
Related Party Transactions
22.
 
RELATED
 
PARTY
 
TRANSACTIONS
 
 
Disgorgement proceeds from VCP
 
In late September 2020, Value
 
Capital Partners (Pty) Ltd (“VCP”), a significant shareholder, notified the Company that it would
make payment to
 
the Company
 
related to the
 
disgorgement of short-swing
 
profits from the
 
purchase of
 
common stock by
 
VCP pursuant
to
 
Section
 
16(b)
 
of
 
the
 
Securities
 
Exchange
 
Act
 
of
 
1934,
 
as
 
amended
 
and
 
the
 
Company’s
 
insider
 
trading
 
policy.
 
The
 
Company
recognized these proceeds
 
as a capital contribution
 
from shareholders and recorded
 
an increase of $
0.1
 
million, net of taxes
 
of $
0.02
million, to additional paid-in capital
 
in its unaudited condensed consolidated
 
statement of changes in equity
 
for the three months
 
ended
September 30, 2020.
 
The gross proceeds of
 
$
0.12
 
million are recorded within
 
cash flows from financing
 
activities in the Company’s
consolidated statement of cash flow
 
for the year ended June 30,
 
2021. The Company expects to
 
pay the taxes due of $
0.02
 
million in
calendar 2021.
 
Transactions between an executive officer
 
and a company controlled by the executive officer’s
 
spouse
 
A
 
subsidiary,
 
Transact24,
 
had
 
an
 
existing
 
relationship
 
in
 
place
 
between
 
itself
 
and
 
a
 
company
 
controlled
 
by
 
the
 
spouse
 
of
Transact24’s
 
Managing
 
Director
 
at the
 
time of
 
the Transact24
 
acquisition
 
during
 
the year
 
ended
 
June
 
30, 2016.
 
This arrangement
therefore was also in
 
place before the Managing
 
Director became an executive
 
officer of the Company. This relationship was
 
disclosed
to the
 
Company during
 
the due
 
diligence process
 
and was
 
considered by
 
the Company’s
 
management
 
to be
 
critical to
 
the ongoing
operations
 
of
 
Transact24.
 
The
 
company
 
controlled
 
by
 
the
 
spouse
 
of
 
the
 
managing
 
director
 
performed
 
transaction
 
processing
 
and
Transact24 provided
 
technical and administration services to
 
the company. These services ceased during the
 
year ended June
 
30, 2019.
 
The Company
 
has recorded
 
revenue of
 
approximately $
0.4
 
million related
 
to this
 
relationship during
 
the years
 
ended June
 
30,
2019. Transact24’s Managing Director had
 
an indirect interest in these transactions as a
 
result of his relationship with his spouse, with
an approximate value of
 
$
0.1
 
million during the year
 
ended June 30, 2019.