Note 21 - Loans and Borrowings

12 Months Ended

Jun. 30, 2020

Statement Line Items [Line Items]

Disclosure of debt instruments [text block]

2

1

.         Loans and borrowings

	As at June 30				As at March 31
(US dollars in thousands)	20 20		2019		2019		201 8
Current liabilities
Debtor invoice financing		508		901		751		-
Lease liabilities		641		660		136		285
Shareholder loans		-		766		-		1,670
Chattel mortgage		51		-		-		-
Financing agreement		-		-		-		2,000
Bank loan		66		-		-		-
Other borrowings		46		-		-		-
Total		1,312		2,327		887		3,955

Non-current liabilities
Lease liabilities	715	1,117	138	293
Shareholder loan	23,400	18,242	18,242	18,092
Chattel mortgage	249	-	-	-
Bank loan	278	-	-	-
Total	24,642	19,359	18,380	18,385

Total 25,954 21,686 19,267 22,340

In

June 2020,

the Company refinanced its shareholder loan due to AWN Holdings Limited (“AWN”), the Company's majority shareholder, capitalizing current and non-current shareholder loans, accrued interest and related party trade payables, into a new shareholder loan.

The new shareholder loan bears interest at

10.0%

per annum plus a line fee of

2.0%

per annum, payable monthly in advance. However,

no

interest or line fee settlements are required until after a corporate liquidity event has occurred.

No

repayment of principal is required until

July 2021,

and then is repayable in

9

equal monthly instalments until

March 2022.

Security granted to AWN comprises a Specific Security Deed over the assets of Aevitas O Holdings Pty Ltd and general security over the assets of VivoPower International PLC

In

February 2020,

the Company agreed an unsecured bridging loan with AWN to provide additional liquidity to the Company. Interest on the loan was charged at

10.0%

per annum. A total of

$1.3

million was advanced to the Company under the bridging loan, which was capitalized, including interest thereon, into the refinanced shareholder loan, in

June 2020.

In

May

and

June 2020,

the Company obtained

$0.3m

government backed loans in Australia to provide additional liquidity during the COVID-

19

pandemic.

In addition to lease liabilities, in the year ended

June 30, 2020,

J.A. Martin Electrical Pty Limited and Kenshaw Electrical Pty Limited have also taken out vehicle financing in the form of chattel mortgages, totaling

$0.3

million.

In

August 2018,

the Company secured a

$3.6

million (

AU$5

million) debtor finance facility to support the growing working capital requirements of its critical power services businesses. The facility is secured by a fixed charge over the debtors' book and floating charge over all other assets of J.A. Martin Electrical Pty Limited and Kenshaw Electrical Pty Limited.

The obligations under lease liabilities are as follows:

	Minimum lease Payments												Present value of minimum lease payments
	As at June 30						As at March 31						As at June 30				As at March 31
(US dollars in thousands)	20 20			2019			2019			201 8			20 20		2019		2019		201 8
Amounts payable under lease liabilities:
Less than one year		695			692			147			291			649		660		136		285
Later than one year but not more than five		759			1,299			143			327			707		1,117		138		293
		1,454			1,991			290			618			1,356		1,777		274		578
Future finance charges		(98	)		(214	)		(16	)		(40	)		-		-		-		-
Total lease obligations under		1,356			1,777			274			578			1,356		1,777		274		578