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Borrowings
 12 Months Ended
Jun. 30, 2025
Borrowings [Abstract]  
Borrowings
12.
 
BORROWINGS
Reference rate reform
After the
 
transition
 
away from
 
certain
 
interbank
 
offered
 
rates in
 
foreign
 
jurisdictions
 
(“IBOR reform”),
 
the reforms
 
to South
Africa’s
 
reference interest
 
rate are now
 
accelerating rapidly.
 
The Johannesburg
 
Interbank Average
 
Rate (“JIBAR”)
 
will be replaced
by the new South African Overnight Index Average (“ZARONIA”). Certain of the Company’s
 
borrowings reference JIBAR as a base
interest rate. ZARONIA
 
reflects the
 
interest rate at
 
which rand-denominated
 
overnight wholesale
 
funds are
 
obtained by commercial
banks. There
 
is uncertainty
 
surrounding the
 
timing and
 
manner in
 
which the
 
transition would
 
occur and
 
how this
 
would affect
 
our
borrowings. The
 
Company is in
 
regular contact
 
with its lenders
 
and will update
 
existing borrowing
 
agreements to the
 
new base rate
when ZARONIA is adopted by the financial industry and lenders as the new
 
reference rate.
South Africa
The amounts
 
below have
 
been translated
 
at exchange
 
rates applicable
 
as of
 
the dates
 
specified.
 
The JIBAR,
 
an average
 
of 3-
month negotiable
 
certificates of
 
deposit (“NCD”)
 
rates, on
 
June 30,
 
2025, was
7.29
%. The
 
prime rate,
 
the benchmark
 
rate at
 
which
private
 
sector banks
 
lend
 
to the
 
public
 
in South
 
Africa,
 
on June
 
30,
 
2025,
 
was
10.75
%, and
 
reduced
 
to
10.50
% on
 
July 31,
 
2025,
following a
0.25
% reduction in the South African repo rate, the rate at which the SARB lends money to commercial
 
banks.
Facilities obtained in February 2025
Lesaka
 
SA has
 
obtained
 
four loan
 
facilities
 
from
 
FirstRand
 
Bank
 
Limited
 
(acting
 
through its
 
Rand
 
Merchant
 
Bank division)
(“RMB”),
 
FirstRand
 
Bank
 
Limited
 
(acting
 
through
 
its
 
WesBank
 
division)
 
(“WesBank”),
 
FirstRand
 
Bank
 
Limited
 
being
 
a
 
South
African corporate and investment bank, Investec Bank Limited (acting through its Investment Banking division: Corporate Solutions)
(“Investec”
 
and
 
together
 
with RMB
 
and
 
WesBank,
 
the
 
“Lenders”).
 
These comprise
 
a
 
term loan
 
of up
 
to
 
ZAR
2.2
 
billion
 
($
121.4
million) (“Facility
 
A”), an amortizing
 
loan of ZAR
1.0
 
billion ($
56.3
 
million) (“Facility B”)
 
and a senior
 
revolving credit facility
 
of
up to ZAR
2.2
 
billion ($
121.4
 
million) (“Senior RCF”), and a general
 
banking facility from RMB of up
 
to ZAR
700.9
 
million ($
39.5
million) (the “GBF”, and collectively with Facility A, Facility B and Senior RCF, the “Facilities”), which are described in more detail
below.
The Company,
 
Lesaka SA
 
and the
 
majority of
 
Lesaka SA’s
 
directly and
 
indirectly wholly-owned
 
subsidiaries have
 
agreed to
guarantee the obligations of Lesaka SA and of the other borrowers under the Facilities to the
 
Lenders.
The Common
 
Terms
 
Agreement (“CTA
 
”) governing
 
the above contains
 
customary covenants
 
which include
 
a requirement
 
for
Lesaka SA to
 
maintain specified
 
Net Debt to
 
EBITDA and
 
Interest Cover Ratios
 
(as defined
 
in the CTA)
 
and restricts the
 
ability of
Lesaka SA, and certain of its subsidiaries to make certain distributions with respect to their capital stock,
 
prepay other debt, encumber
their
 
assets,
 
incur
 
additional
 
indebtedness,
 
make
 
investments
 
above
 
specified
 
levels,
 
engage
 
in
 
certain
 
business
 
combinations
 
and
engage in other corporate
 
activities. The CTA
 
provides that if any
 
subsidiary of the Company receives
 
proceeds from the disposal of
shares in/claims against, or assets of MobiKwik, it would offer to prepay the certain specified loans/facilities and loan outstandings to
the Lenders (as contemplated in the CTA).
Lesaka SA paid non-refundable debt structuring fees of ZAR
10.0
 
million ($
0.5
 
million) to the Lenders on February 27, 2025.
Long-term borrowings – Facility A and Facility B Agreements
Lesaka SA may
 
borrow up to an
 
aggregate amount of
 
ZAR
2.2
 
billion for the sole
 
purpose of refinancing
 
the existing facilities
of Lesaka
 
SA and Cash
 
Connect Management
 
Solutions Proprietary
 
Limited’s
 
(“CCMS”) with RMB,
 
funding transaction
 
costs and
for general corporate purposes.
 
Lesaka SA utilized Facility
 
A in full on February
 
28, 2025, to settle a portion
 
of its existing facilities
with RMB and to settle all of CCMS’ existing facilities with RMB, as well as to pay certain transaction
 
costs.
 
Lesaka SA may
 
borrow up to
 
an aggregate of
 
ZAR
1.0
 
billion for the
 
sole purpose of
 
refinancing the Lesaka
 
SA existing facilities,
including
 
its
 
general
 
banking
 
facilities,
 
with
 
RMB,
 
and
 
for
 
general
 
corporate
 
purposes.
 
Lesaka
 
SA
 
utilized
 
Facility
 
B
 
in
 
full
 
on
February 28, 2025, to repay a portion of its existing facilities as well as to settle a portion
 
of its existing general banking facility.
Facility A is required to be repaid in full on February 28, 2029. Facility A is subject to customary mandatory prepayment
 
terms.
Lesaka
 
SA
 
is
 
permitted
 
to
 
make
 
voluntary
 
prepayments
 
of
 
Facility
 
A,
 
and
 
is
 
permitted
 
to
 
subsequently
 
utilize
 
any
 
voluntary
prepayments made under Facility A under the RCF Agreement. Amounts
 
utilized under the RCF Agreement are required to be repaid
in full on February 28, 2029.
Facility
 
B
 
is
 
required
 
to
 
be
 
repaid
 
in
four
 
annual
 
installments,
 
as
 
follows:
 
(i) ZAR
150
 
million
 
($
8.4
 
million)
 
on
 
February
28, 2026; (ii) ZAR
200
 
million ($
11.3
 
million) on February 28, 2027; (iii) ZAR
300
 
million ($
16.9
 
million) on February 28, 2028; and
(iv) R
350
 
million ($
19.7
 
million) on February 28,
 
2029. Facility B is
 
subject to customary
 
mandatory prepayment terms.
 
Lesaka SA
is permitted to make voluntary prepayments of Facility B, however it is unable
 
to subsequently utilize any amounts prepaid.
 
12.
 
BORROWINGS (continued)
South Africa (continued)
Facilities obtained in February 2025 (continued)
Long-term borrowings – Facility A and Facility B Agreements
 
(continued)
Interest on Facility A
 
and Facility B as well
 
as any interest related
 
to utilization under
 
the RCF Agreement is
 
payable quarterly
in arrears at end of March, June, September and December,
 
with the first interest payment made on June 30, 2025.
 
Short-term facility - General Banking Facility
Lesaka SA and certain of
 
its subsidiaries may borrow up
 
to an aggregate of ZAR
700.9
 
million under a general banking facility
(“GBF”) from RMB for general corporate expenditure (including capital expenditure) and working capital purposes of the Lesaka SA
and certain of
 
its subsidiaries. Lesaka
 
SA utilized a
 
portion of the
 
GBF to refinance
 
its existing general
 
banking facility.
 
As of June
30, 2025, the Company had utilized ZAR
434.5
 
million ($
24.5
 
million) of this facility.
The GBF was available for utilization from February 28, 2025, and is subject to
 
annual review by RMB.
 
Interest on the GBF is payable monthly and is based on the South African prime rate
 
in effect from time to time less
0.50
%.
The GBF Agreement
 
also provides Lesaka SA
 
and certain of its
 
subsidiaries with other
 
facilities in an aggregate
 
of ZAR
100.7
million ($
5.7
 
million), which indirect,
 
short-term direct and
 
contingent facilities, including
 
bank guarantee, forward exchange
 
contract,
credit card
 
and settlement
 
facilities. As
 
of June
 
30,
 
2025,
 
the aggregate
 
amount of
 
the Company’s
 
short-term
 
South African
 
other
credit facility
 
with RMB
 
was ZAR
100.7
 
million ($
5.7
 
million). As
 
of June
 
30, 2025,
 
the Company
 
had utilized
 
ZAR
33.1
 
million
($
1.9
 
million) of
 
its other
 
facilities to
 
enable the
 
bank to
 
issue guarantees,
 
letters of
 
credit and
 
forward exchange
 
contracts (refer
 
to
Note 22).
Wesbank Facilities
The Company, through certain
 
of its
 
South African subsidiaries,
 
has an
 
asset-backed facility of
 
ZAR
227.0
 
million ($
11.3
 
million)
of which ZAR
127.5
 
million ($
7.2
 
million) has been utilized.
Refinanced CCC Loan Document,
 
comprising long-term borrowings
On November
 
29, 2022, the
 
Company,
 
through its indirect
 
South African subsidiary
 
Cash Connect Capital
 
(Pty) Ltd (“CCC”),
entered
 
into
 
a
 
Revolving
 
Credit
 
Facility
 
Agreement
 
(the
 
“Refinanced
 
CCC
 
Loan
 
Document”)
 
with
 
RMB
 
and
 
other
 
Company
subsidiaries within
 
the Connect Group
 
of companies
 
listed therein,
 
as guarantors. The
 
transaction closed on
 
December 1, 2022.
 
The
Refinanced CCC Loan Document was scheduled to be repaid in full on November 2024,
 
but this has been extended to September 30,
2025.
 
On September 5, 2025, the Company, through its indirect South African
 
subsidiaries CCC and K2020 Connect (Pty) Ltd,
 
entered
into a new Revolving Credit
 
Facility Agreement (“CCC Loan
 
Document”) which replaced
 
the Refinanced CCC Loan Document
 
and
increased the amount available from
 
ZAR
300
 
million to ZAR
400
 
million (of which ZAR
299.9
 
million has been utilized as of
 
June
30,
 
2025).
 
The
 
refinancing
 
closed
 
on
 
September
 
8,
 
2025.
 
The
 
utilized
 
portion
 
of
 
the
 
Refinanced
 
CCC
 
Loan
 
Document
 
has
 
been
presented in long-term borrowings in the consolidated balance sheet as of June 30, 2025, because the Company has demonstrated that
it has the intent and
 
ability to consummate the refinancing
 
prior to the issuance of
 
these consolidated financial statements.
 
The terms
of the CCC Loan Document are readily determinable, the agreement does not expire in the next 12 months and there is
 
no violation of
any provision to the CCC Loan Document.
Both the
 
Refinanced CCC
 
Loan Document
 
and the
 
CCC Loan
 
Document contain
 
customary covenants
 
that require
 
CCC and
K2020 to collectively
 
maintain a specified capital
 
adequacy ratio, restrict the
 
ability of the entities
 
to make certain distributions
 
with
respect
 
to
 
their
 
capital
 
stock,
 
encumber
 
their
 
assets,
 
incur
 
additional
 
indebtedness,
 
make
 
investments,
 
engage
 
in
 
certain
 
business
combinations and engage in other corporate activities.
 
Pursuant to the CCC Loan Document, CCC and K2020 collectively
 
may borrow up to an aggregate of ZAR
400.0
 
million for the
sole purposes
 
of funding
 
CCC’s
 
and K2020’s
 
lending business,
 
settling up
 
to ZAR
20.0
 
million related
 
to an
 
intercompany loan
 
to
CCC’s direct parent, and paying
 
structuring and execution fee and legal costs.
 
 
12.
 
BORROWINGS (continued)
South Africa (continued)
Refinanced CCC Loan Document,
 
comprising long-term borrowings (continued)
Pursuant to
 
the Refinanced
 
CCC Loan Document,
 
CCC was
 
permitted to
 
borrow up
 
to an aggregate
 
of ZAR
300.0
 
million for
the sole
 
purposes of
 
funding CCC’s
 
lending business,
 
providing a
 
limited recourse
 
loan to
 
K2020, settling
 
up to
 
ZAR
35.0
 
million
related to an intercompany loan to CCC’s direct
 
parent, and paying the structuring and execution fee and legal
 
costs.
 
Interest on the Refinanced CCC Loan Document was, and under the CCC Loan Document is, payable on the
 
last business day of
each calendar month.
 
The Company
 
paid a
 
non-refundable structuring
 
and execution
 
fee of ZAR
1.7
 
million, or
 
$
0.1
 
million, including
 
value added
taxation, to RMB
 
on closing in
 
November 2022. The
 
Company paid a
 
non-refundable structuring and
 
execution fee
 
of ZAR
0.5
 
million,
excluding value added taxation, to the RMB on closing of the CCC Loan Document
 
in September 2025.
Certain merchant finance loans receivable have been pledged as security
 
for the revolving credit facility obtained from RMB.
Nedbank facility, comprising short-term facilities
As of
 
June 30,
 
2025 and
 
June 30,
 
2024, the
 
Company had
 
utilized ZAR
2.1
 
million ($
0.1
 
million) and
 
ZAR
2.1
 
million ($
0.1
million), respectively,
 
of its indirect and derivative
 
facilities of ZAR
156.6
 
million (June 30, 2024: ZAR
156.6
 
million) to enable the
bank to issue guarantees, letters of credit and forward exchange contracts (refer
 
to Note 22).
In terms of a commitment provided to the
 
lender under the CTA entered into on February 27, 2025, the Company has
 
undertaken
not to utilize more than ZAR
5.0
 
million ($
0.3
 
million) of the Nedbank Facility.
The Company
 
has entered
 
into cession
 
and pledge
 
agreements with
 
Nedbank related
 
to certain
 
of its
 
Nedbank credit
 
facilities
(the general banking
 
facility and a
 
portion of the
 
indirect facility) and
 
the Company has
 
ceded and pledged
 
certain bank accounts
 
to
Nedbank and also provided a cession of Lesaka SA’s
 
shareholding in Cell C. The funds included in these bank accounts are restricted
as they may not be withdrawn without the express permission of Nedbank.
RMB Bridge
 
Facilities,
 
comprising
 
a short-term
 
facility
 
obtained
 
in September
 
2024 and
 
amended
 
in December
 
2024
 
(all
repaid)
On September
 
30, 2024,
 
Lesaka SA
 
entered into
 
a Facility
 
Letter (the
 
“F2024 Facility
 
Letter”) with
 
RMB to
 
provided Lesaka
SA a ZAR
665.0
 
million funding facility
 
(the “Bridge Facility”).
 
The Bridge Facility
 
was used by
 
Lesaka SA to (i)
 
settle an amount
of ZAR
232.2
 
due
 
under the
 
Adumo
 
transaction (refer
 
to Note
 
3); (ii)
 
pay
 
Crossfin Holdings
 
(RF) Proprietary
 
Limited (“Crossfin
Holdings”) ZAR
207.2
 
million under a share purchase agreement concluded between Lesaka SA and Crossfin Holdings (refer to
 
Note
14); (iii) pay
 
an amount of
 
ZAR
147.5
 
million, which includes
 
interest, notified by
 
Investec to Adumo
 
and Lesaka SA
 
as a result
 
of
the transaction
 
described in
 
Note 3,
 
and (iv)
 
pay an
 
origination fee
 
of ZAR
7.6
 
million to
 
RMB. The
 
Facility also
 
provided Lesaka
with ZAR
70.0
 
million for transaction-related expenses.
On
 
December
 
10,
 
2024,
 
Lesaka
 
SA
 
and
 
RMB
 
entered
 
into
 
a
 
First
 
Addendum
 
to
 
the
 
Facility
 
Letter
 
(the
 
“F2024
 
Addendum
Letter”).
 
The F2024
 
Addendum
 
Letter provided
 
Lesaka SA
 
with an
 
additional ZAR
250.0
 
million general
 
banking facility
 
(“2024
GBF Facility”) which could be used for general corporate purposes. The Bridge Facility and 2024 GBF Facility were repaid in full on
February 28, 2025, utilizing funding obtained under the CTA
 
and the agreements were cancelled.
 
Interest on the
 
Bridge Facility and
 
the 2024 GBF Facility
 
was calculated at
 
the prime rate
 
plus
1.80
%. The Bridge
 
Facility and
the 2024
 
GBF Facility
 
were unsecured
 
and were
 
repaid in
 
full on
 
February 28,
 
2025, the
 
maturity date,
 
pursuant to
 
the refinancing
process.
Cancelled RMB Facilities,
 
as amended, comprising a
 
short-term facility (Facility E)
 
and long-term borrowings (all
 
repaid)
On July 21,
 
2017, Lesaka SA
 
entered into a
 
Common Terms
 
Agreement, Subordination
 
Agreement, Security
 
Cession & Pledge
and
 
certain
 
ancillary
 
loan
 
documents
 
(collectively,
 
the
 
“Original
 
Loan
 
Documents”)
 
with
 
RMB,
 
a
 
South
 
African
 
corporate
 
and
investment
 
bank, and
 
Nedbank Limited
 
(acting
 
through its
 
Corporate
 
and Investment
 
Banking division),
 
an African
 
corporate
 
and
investment bank (collectively, the “Lenders”).
 
Since 2017, these agreements have been amended to add
 
additional facilities, including
Facilities G and
 
H, which were obtained
 
to finance the acquisition
 
of Connect.
 
Facilities E, G and
 
H have been repaid
 
and cancelled
in February 2025 and there is
no
 
balance outstanding as of June 30, 2025.
 
12.
 
BORROWINGS (continued)
South Africa (continued)
Cancelled RMB Facilities,
 
as amended, comprising a
 
short-term facility (Facility E)
 
and long-term borrowings (all
 
repaid)
(continued)
Short-term facility - Facility E
The available amount under Facility E was ZAR
0.9
 
billion ($
49.5
 
million, translated at exchange rates applicable as of
 
June 30,
2024). The Company cancelled
 
its Facility E facility agreement in
 
November 2024. The overdraft facility
 
could only be used to fund
ATMs
 
and therefore the overdraft utilized and converted to cash to fund the Company’s
 
ATMs
 
was considered restricted cash.
Interest on
 
the overdraft
 
facility was
 
payable on
 
the first
 
day of
 
the month
 
following utilization
 
of the
 
facility and
 
on the
 
final
maturity date based on the South African
 
prime rate. The overdraft facility amount utilized was
 
required to be repaid in full within
 
one
month of utilization and
 
at least
90
% of the amount
 
utilized was to be
 
repaid within
25 days
. The overdraft facility
 
was secured by a
pledge by
 
Lesaka SA
 
of, among
 
other things,
 
cash and
 
certain bank
 
accounts utilized
 
in the
 
Company’s
 
ATM
 
funding process,
 
the
cession
 
of
 
Lesaka
 
SA’s
 
shareholding
 
in
 
Cell
 
C,
 
the
 
cession
 
of
 
an
 
insurance
 
policy
 
with
 
Senate
 
Transit
 
Underwriters
 
Managers
Proprietary Limited, and any rights and claims Lesaka SA had against Grindrod Bank Limited.
 
As at June 30, 2024, the Company had
utilized approximately ZAR
0.1
 
billion ($
6.7
 
million) of this overdraft facility.
 
Long-term borrowings - Facility G and Facility H
On March
 
16, 2023,
 
the Company,
 
through Lesaka
 
SA, entered
 
into a
 
Fifth Amendment
 
and
 
Restatement Agreement,
 
which
included,
 
among
 
other
 
agreements,
 
an
 
Amended
 
and
 
Restated
 
Common
 
Terms
 
Agreement
 
(“Expired
 
CTA”),
 
an
 
Amended
 
and
Restated Senior Facility
 
G Agreement (“Facility G
 
Agreement”) and an
 
Amended and Restated
 
Senior Facility H
 
Agreement (“Facility
H Agreement”)
 
(collectively,
 
the “Loan
 
Documents”) with RMB.
 
Main Street 1692
 
(RF) Proprietary Limited
 
(“Debt Guarantor”),
 
a
South
 
African
 
company
 
incorporated
 
for
 
the
 
sole
 
purpose
 
of
 
holding
 
collateral
 
for
 
the
 
benefit
 
of
 
the
 
Lenders
 
and
 
acting
 
as
 
debt
guarantor is
 
also a party
 
to the Loan
 
Documents. Pursuant
 
to the
 
Facility G
 
Agreement, Lesaka
 
SA was
 
entitled to
 
borrow up
 
to an
aggregate of approximately
 
ZAR
708.6
 
million. Facility G included
 
a term loan of
 
ZAR
508.6
 
million and a revolving
 
credit facility
of up to
 
ZAR
200
 
million. Pursuant to
 
the Facility H
 
Agreement, Lesaka SA
 
was entitled to
 
borrow up to
 
an aggregate of
 
approximately
ZAR
357.4
 
million.
 
On February 28,
 
2025, the Company
 
used its new borrowings
 
to settle Facility
 
G and Facility
 
H in full, including
 
accumulated
interest of ZAR
201.7
 
million ($
10.9
 
million). These facilities, excluding
 
accrued interest, included (i)
 
Facility G of
 
ZAR
492.1
 
million
($
26.6
 
million);
 
(ii) Facility
 
H of
 
ZAR
350.0
 
million
 
($
18.9
 
million);
 
and
 
(iii) a
 
Facility G
 
revolver
 
of ZAR
200.0
 
million
 
($
10.8
million) (of
 
which ZAR
199
 
million ($
10.8
 
million) had
 
been utilized
 
at February
 
28, 2025).
 
These facilities
 
were repaid
 
in full
 
on
February 28, 2025,
 
utilizing funding
 
obtained under
 
the Expired CTA
 
and the Facility
 
G and Facility
 
H agreements
 
were cancelled.
Amounts translated at rates prevailing on the repayment date. The interest rate
 
on these facilities was JIBAR plus a margin of
4.75
%.
Lesaka SA paid a
 
quarterly commitment fee computed at
 
a rate of
35
% of the Applicable
 
Margin (as defined in the
 
Expired CTA)
on the amount
 
of the revolving
 
credit facility outstanding and
 
such commitment fee was
 
capitalized, subject to
 
the cap discussed
 
above.
The Company used cash proceeds of ZAR
64.2
 
million ($
3.5
 
million) received from the sale of Finbond shares (refer to Note 9)
during the year ended June 30, 2024, to repay capitalized interest under
 
Facility G and Facility H.
Cancelled Connect Facilities, comprising long-term borrowings and
 
a short-term facility (all repaid)
On March 22,
 
2023, the Company, through CCMS,
 
entered into a
 
First Amendment and
 
Restatement Agreement, which
 
included,
among other
 
agreements, an
 
Amended
 
and Restated
 
Facilities Agreement
 
(“CCMS Facilities
 
Agreement”)
 
with RMB.
 
The CCMS
Facilities Agreement was
 
amended to increase
 
the Facility B available
 
under the CCMS Facilities
 
Agreement by ZAR
200.0
 
million
to ZAR
550.0
 
million. The final
 
maturity date was
 
extended to December
 
31, 2027, and
 
scheduled principal repayments
 
were amended,
with
 
the
 
first
 
scheduled
 
repayment
 
commencing
 
from
 
March
 
31,
 
2026.
 
These
 
facilities
 
were
 
repaid
 
in
 
full
 
on
 
February
 
28,
 
2025,
utilizing funding
 
obtained under
 
the CTA
 
and the
 
agreements cancelled.
 
Prior to
 
settlement and
 
cancellation, the
 
Connect Facilities
included (i) an overdraft
 
facility (general banking
 
facility) of ZAR
170.0
 
million ($
9.2
 
million); (ii) CCMS Facility
 
A of ZAR
700.0
million ($
37.9
 
million); (iii) CCMS Facility B of ZAR
550.0
 
million ($
29.8
 
million) (both were fully utilized). Amounts translated at
rates prevailing on the repayment date.
On October
 
29, 2024, the
 
Company,
 
through CCMS, entered
 
into an addendum
 
to a facility
 
letter with RMB,
 
to obtain
 
a ZAR
100.0
 
million temporary increase in
 
its overdraft facility for
 
a period of approximately
 
four months to specifically
 
fund the purchase
of prepaid airtime vouchers.
 
This temporary increase was
 
repayable in equal daily
 
instalments which commenced at
 
the end of
 
October
2024 with the final repayment made on February 15, 2025.
 
12.
 
BORROWINGS (continued)
South Africa (continued)
Cancelled Connect Facilities, comprising long-term borrowings and
 
a short-term facility (all repaid) (continued)
In February 2023, the Company,
 
through CCMS, obtained a ZAR
175.0
 
million temporary increase in its overdraft facility for a
period of
four months
 
to specifically
 
fund the
 
purchase of
 
prepaid airtime
 
vouchers. This
 
temporary increase
 
was repayable
 
in
four
equal monthly instalments of ZAR
43.8
 
million and which commenced
 
in March 2023. In May 2023,
 
the Company,
 
through CCMS,
obtained a ZAR
155.0
 
million temporary increase
 
in its overdraft facility
 
for a period of
one month
 
to specifically fund the
 
purchase
of prepaid airtime vouchers. This temporary increase was repaid in full in June 2023. Interest at the South Africa prime rate less
0.1
%
was payable on a monthly basis on both of these temporary facilities.
Interest on CCMS Facility A and CCMS Facility B was payable quarterly
 
in arrears based on JIBAR in effect from time to time
plus a margin.
 
RMB facility, comprising indirect facilities
The Company
 
had a
 
short-term South
 
African indirect
 
credit facility
 
with RMB
 
under its
 
cancelled lending
 
facilities of
 
ZAR
135.0
 
million ($
7.4
 
million), which included facilities for guarantees, letters of credit and forward
 
exchange contracts. As of June 30,
2024, the Company
 
had utilized ZAR
33.1
 
million ($
1.8
 
million), of these
 
facilities to enable
 
the bank to
 
issue guarantees, letters
 
of
credit and forward exchange contracts (refer to Note 22).
 
12.
 
BORROWINGS (continued)
Movement in short-term credit facilities
Summarized below are the Company’s short-term facilities as of June 30, 2025, and the movement in the Company’s
 
short-term
facilities from as of June 30, 2024 to as of June 30, 2025:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
RMB
RMB
Nedbank
RMB
RMB
RMB
GBF
Other
Facilities
Connect
Bridge
Facility E
Total
Short-term facilities available as of
June 30, 2025
$
39,475
$
5,672
$
8,817
$
-
$
-
$
-
$
53,964
Overdraft
 
39,475
-
-
-
-
-
39,475
Indirect and derivative facilities
 
-
5,672
8,817
-
-
-
14,489
Movement in utilized overdraft
facilities:
 
Balance as of June 30, 2023
-
-
-
9,025
-
23,021
32,046
Utilized
 
-
-
-
2
-
182,988
182,990
Repaid
-
-
-
(2)
-
(199,640)
(199,642)
Foreign currency adjustment
(1)
-
-
-
326
-
368
694
Balance as of June 30, 2024
-
-
-
9,351
-
6,737
16,088
Restricted as to use for ATM
funding only
-
-
-
-
-
6,737
6,737
No restrictions as to use
 
-
-
-
9,351
-
-
9,351
Utilized
 
27,917
-
-
5,655
41,150
23,894
98,616
Repaid
(4,311)
-
-
(14,627)
(39,205)
(31,028)
(89,171)
Foreign currency
adjustment
(1)
863
-
-
(379)
(1,945)
397
(1,064)
Balance as of June 30, 2025
24,469
-
-
-
-
-
24,469
No restrictions as to use
 
24,469
-
-
-
-
-
24,469
Interest rate as of June 30, 2025
(%)
(2)
10.25
Interest rate as of June 30, 2024
(%)
(3)
11.65
11.75
Movement in utilized indirect and
derivative facilities:
Balance as of June 30, 2023
-
1,757
112
-
-
-
1,869
Foreign currency adjustment
(1)
-
64
4
-
-
-
68
Balance as of June 30, 2024
-
1,821
116
-
-
-
1,937
Foreign currency adjustment
(1)
-
43
3
-
-
-
46
Balance as of June 30, 2025
$
-
$
1,864
$
119
$
-
$
-
$
-
$
1,983
(1) Represents the effects of the fluctuations between the ZAR and the
 
U.S. dollar.
(2) RMB GBF interest is set at prime less
0.50
%.
(3) Facility E interest set at prime and the Connect facility at prime less
0.10
%.
Interest expense incurred under the Company’s South African long-term borrowings
 
and included in the caption
 
interest expense
on
 
the
 
consolidated
 
statement
 
of
 
operations
 
during
 
the
 
years
 
ended
 
June
 
30,
 
2025
 
and
 
2024,
 
was
 
$
4.2
 
million
 
and
 
$
4.1
 
million,
respectively.
The
 
Company
 
cancelled
 
Adumo’s
 
overdraft
 
arrangements
 
on
 
October
 
1,
 
2024,
 
and
 
settled
 
Adumo’s
 
outstanding
 
overdraft
balance of ZAR
20.0
 
million ($
1.1
 
million) on the
 
same day.
 
The repayment is
 
included in the
 
caption repayment
 
of bank overdraft
included on the Company’s
 
consolidated statements of cash flows for the year ended June 30, 2025.
 
12.
 
BORROWINGS (continued)
Movement in long-term borrowings
Summarized below is the movement in the Company’s
 
long-term borrowing from as of June 30, 2024, to as of June 30, 2025:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Facilities
Lesaka A
Lesaka B
Asset
backed
CCC
(6)
Lesaka
G & H
Connect
A&B
Total
Opening balance as of June 30,
2023
$
-
$
-
$
7,915
$
11,802
$
48,965
$
64,436
$
133,118
Facilities utilized
-
-
4,368
2,915
16,445
-
23,728
Facilities repaid
-
-
(4,205)
(3,353)
(12,515)
-
(20,073)
Non-refundable fees paid
-
-
-
-
-
-
-
Non-refundable fees amortized
-
-
-
48
351
48
447
Capitalized interest
-
-
-
-
7,214
-
7,214
Capitalized interest repaid
-
-
-
-
(6,109)
-
(6,109)
Foreign currency adjustment
(1)
-
-
301
429
1,800
2,331
4,861
Included in current
-
-
3,878
11,841
-
-
15,719
Included in long-term
-
-
4,501
-
56,151
66,815
127,467
Opening balance as of June
30, 2024
-
-
8,379
11,841
56,151
66,815
143,186
Facilities utilized
116,652
54,112
3,184
5,091
11,022
-
190,061
Facilities repaid
-
-
(4,513)
(554)
(60,245)
(65,910)
(131,222)
Non-refundable fees paid
970
-
-
-
-
-
970
Non-refundable fees
amortized
248
-
-
21
116
32
417
Capitalized interest
-
-
-
-
5,033
-
5,033
Capitalized interest repaid
-
-
-
-
(11,077)
-
(11,077)
Foreign currency
adjustment
(1)
2,505
2,209
129
495
(1,000)
(937)
3,401
Closing balance as of
June 30, 2025
120,375
56,321
7,179
16,894
-
-
200,769
Included in current
-
8,448
3,508
-
-
-
11,956
Included in long-term
120,375
47,873
3,671
16,894
-
-
188,813
Unamortized fees
(1,038)
-
-
-
-
-
(1,038)
Due within 2 years
-
11,265
2,269
-
-
-
13,534
Due within 3 years
-
16,896
1,015
-
-
-
17,911
Due within 4 years
121,413
19,712
379
16,894
-
-
158,398
Due within 5 years
$
-
$
-
$
8
$
-
$
-
$
-
$
8
Interest rates as of June 30, 2025
(%):
10.54
10.44
11.50
11.70
-
-
Base rate (%)
7.29
7.29
10.75
10.75
-
-
Margin (%)
3.25
3.15
0.75
0.95
-
-
Footnote number
(2)
(3)
(4)
(5)
Interest rates as of June 30, 2024
(%):
-
-
12.50
12.70
13.10
12.10
Base rate (%)
-
-
11.75
11.75
8.35
8.35
Margin (%)
-
-
0.75
0.95
4.75
3.75
Footnote number
(4)
(5)
(7)(8)(9)
(10)
(1) Represents the effects of the fluctuations between the ZAR and the
 
U.S. dollar.
(2) Interest
 
on Facility
 
A and Facility
 
B is based
 
on the JIBAR
 
in effect
 
from time
 
to time
 
plus an
 
initial margin
 
of
3.25
% per
annum until June 30, 2025. From July 1,
 
2025, the margin on Facility A will
 
be determined with reference to the Net Debt
 
to EBITDA
Ratio, and the
 
margin will be either
 
(i)
3.25
%, if the Net
 
Debt to EBITDA Ratio
 
is greater than or
 
equal to 2.5 times;
 
or (ii)
2.5
%, if
the Net Debt to EBITDA Ratio is less than 2.5 times.
 
(3) Interest on
 
Facility B is calculated
 
based on JIBAR from
 
time to time plus
 
an initial margin
 
of
3.15
% per annum
 
until June
30, 2025. From
 
July 1, 2025,
 
the margin
 
on Facility B
 
will be determined
 
with reference to
 
the Net Debt
 
to EBITDA Ratio,
 
and the
margin will be either (i)
3.15
%, if the Net Debt to EBITDA Ratio is greater than or equal to
 
2.5 times; or (ii)
2.4
%, if the Net Debt to
EBITDA Ratio is less than 2.5 times.
 
12.
 
BORROWINGS (continued)
Movement in long-term borrowings (continued)
(4) Interest is charged at prime plus
0.75
% per annum on the utilized balance.
(5) Interest is charged at prime plus
0.95
% per annum on the utilized balance.
(6) Amounts presented as of June 30, 2024, have been revised, refer to Note 1 for additional information. The amount as of June
30, 2024, was incorrectly classified as long-term borrowings, instead of as current
 
portion of long-term borrowings.
(7) Prior to the amendment in
 
March 2023, interest on Facility G was
 
calculated based on the 3-month JIBAR
 
in effect from time
to time plus a margin of (i)
3.00
% per annum until January 13, 2023; and then (ii) from January 14, 2023, (x)
2.50
% per annum if the
Facility G balance outstanding is less than or equal
 
to ZAR
250.0
 
million, or (y)
3.00
% per annum if the Facility G
 
balance is between
ZAR
250.0
 
million to ZAR
450.0
 
million, or (z)
3.50
% per annum
 
if the Facility
 
G balance is
 
greater than
 
ZAR
450.0
 
million. The
interest rate shall increase by a further
2.00
% per annum in the event of default (as defined in the Loan Documents).
(8) Prior to the
 
amendment in March 2023,
 
interest on Facility H
 
is calculated based on
 
JIBAR in effect from
 
time to time plus
a margin of
2.00
% per
 
annum which increases
 
by a
 
further
2.00
% per
 
annum in the
 
event of
 
default (as defined
 
in the
 
Loan Documents).
(9) Interest on
 
Facility G and
 
Facility H was calculated
 
based on the
 
3-month JIBAR in
 
effect from
 
time to time plus
 
a margin
of, from
 
January 1,
 
2023 to
 
September 30,
 
2023: (i)
5.50
% for
 
as long
 
as the
 
aggregate balance
 
under the
 
Facilities is
 
greater than
ZAR
800
 
million; (ii)
4.25
% if the
 
aggregate balance
 
under the
 
Facilities is equal
 
to or
 
less than ZAR
800
 
million, but
 
greater than
ZAR
350
 
million; or
 
(iii)
2.50
% if
 
the aggregate
 
balance under
 
the Facilities
 
is less
 
than ZAR
350
 
million. From
 
October 1,
 
2023,
interest is calculated as described above.
(10) Interest on Facility A and Facility B is calculated based on JIBAR plus a margin,
 
of
3.75
%, in effect from time to time.
Interest expense incurred under the Company’s South African long-term borrowings and included in the
 
caption interest expense
on the consolidated
 
statement of operations
 
during the years
 
ended June 30,
 
2025, 2024
 
and 2023, was
 
$
16.9
 
million, $
16.1
 
million
and $
13.1
 
million, respectively.
 
Prepaid facility
 
fees amortized
 
included
 
in interest
 
expense during
 
the years
 
ended June
 
30, 2025,
2024 and
 
2023, was
 
$
0.4
 
million, $
0.4
 
million and
 
$
0.8
 
million, respectively.
 
Interest expense
 
incurred under
 
the Company’s
 
CCC
facility relates
 
to borrowings
 
utilized to
 
fund a portion
 
of the
 
Company’s
 
merchant finance
 
loans receivable
 
and interest expense
 
of
$
2.9
 
million, $
1.4
 
million, and $
1.4
 
million is included in the
 
caption cost of goods
 
sold, IT processing, servicing
 
and support on the
consolidated statement of operations for the years ended June 30,
 
2025, 2024 and 2023, respectively.
The Company
 
cancelled
 
Adumo’s
 
long-term
 
borrowings arrangements
 
on October
 
1, 2024,
 
and settled
 
Adumo’s
 
outstanding
balances
 
of ZAR
126.7
 
million
 
($
7.2
 
million) on
 
the same
 
day.
 
The repayment
 
is included
 
in the
 
caption
 
repayment of
 
long-term
borrowings included on the Company’s
 
consolidated statements of cash flows for the year ended June 30, 2025.