Ordinary and Preference Shares

9 Months Ended

Dec. 31, 2019

Equity [Abstract]

Ordinary and Preference Shares

Note 7. Ordinary and Preference Shares

Ordinary shares

The Company’s issued and outstanding ordinary shares were as follows:

	Shares Issued and Outstanding
	December 31, 2019		March 31, 2019		Par value
Ordinary shares		80,256,946		65,900,447	$	—
Total		80,256,946		65,900,447	$	—

Preference shares

The Company’s issued and outstanding preference shares consist of the following:

	Shares Issued and Outstanding				Liquidation amount per share
	December 31, 2019		March 31, 2019		December 31, 2019		March 31, 2019
7% Cumulative Redeemable    Preference shares		666,665		666,665	$	30.24	$	29.06
Total		666,665		666,665

On November 12, 2019 the Company completed a public offering of 13,800,000 newly issued ordinary shares at $7.00 per share which raised $96.6 million of gross proceeds before underwriting discounts and other offering expenses of $6.2 million.

Effective as of November 13, 2019 the Company terminated its Open Market Sales Agreement with Jeffries LLC for the Company’s at-the-market public offering, or the Sales Agreement. The Company has not sold any ordinary shares pursuant to the Sales Agreement and the Company was not subject to any termination penalties related to the termination of the Sales Agreement.