Debt

6 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt

Debt

As of March 31, 2022 and September 30, 2022, debt comprised bank overdrafts of $5.6 million and $12.0 million, respectively.

Details of undrawn facilities are shown below:

	Interest rate	March 31, 2022		September 30, 2022
Undrawn borrowing facilities at floating rates include:
– Standard Bank Limited:
Overdraft	SA Prime* less 1.2%	$	—	$	224
Vehicle and asset finance	SA Prime* less 1.2%	587		473
Working capital facility	SA Prime* less 0.25%	544		1,390
– Nedbank Limited overdraft	SA Prime* less 2%	690		556
– Investec Bank Limited Facility:
General committed banking facility	SA Prime* less 1.5%	—		10,812
General uncommitted banking facility	Negotiable (overnight or daily rates)	—		10,000
		$	1,821	$	23,455

*South African prime interest rate

As of March 31, 2022 and September 30, 2022, the South African prime interest rate was 7.75% and 9.75% respectively. The Standard Bank Limited and Nedbank Limited facilities have no fixed renewal date and are repayable on demand. The facility from Nedbank Limited is unsecured.

On June 29, 2022, the Company entered into a new credit facility agreement with Investec Bank Limited (“Investec”) for a 364-day renewable committed general credit facility of R350 million ($22 million at a USD/ZAR exchange rate of $1:ZAR 16.1546), (the “Committed Facility”) and an uncommitted general credit facility of $10 million (the “Uncommitted Facility”). As of September 30, 2022, $8.7 million of the facility was utilized.

Under the Committed Facility, the Company will pay a commitment fee charged at 30bps on any undrawn portion of the Committed Facility (plus VAT on such amount), calculated monthly and payable, free of deduction, monthly in arrears on the first business day of each month. The Uncommitted Facility is repayable on demand by Investec and a fee of 10bps per annum shall be charged on any undrawn portion of the Uncommitted Facility (plus VAT on such amount), calculated monthly and payable, free of deduction, monthly in arrears on the seventh business day of each month.

The loans under the Committed Facility bear interest at South African prime interest rate less 1.5% per annum and the loans under the Uncommitted Facility bear interest at overnight or daily negotiable rates, in each case which such interest shall accrue on all amounts outstanding under the Committed Facility or the Uncommitted Facility, as the case may be, payable monthly in arrears on the first business day of each month, or as otherwise specified in the Credit Agreement. Investec shall advise the Company of any changes to the applicable interest rate.