| 30. | INTEREST-BEARING LOANS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
An interest-bearing loan of R500 million bears interest at three-month JIBAR plus 1,3% and is repayable in full in November 2024. From June 2022, an interest rate swap was entered into to fix the variable interest rate at 6,85% on the loan amount of R500 million. The loan is a financial liability measured at amortised cost in terms of IFRS 9. A revolving credit facility of USD3,5 million (R52 million) was repaid at the end of June 2023. The facility was settled early (repayment was due in November 2025) given increased interest and foreign exchange rate exposures related to the facility. Management has negotiated general banking facilities with the intention of drawing down on these to early settle the R500 million loan. These facilities are on demand, subject to annual renewal. All debt covenants have been fulfilled. Covenants include:
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