Net1 BEE Option Expires Unexercised; Company and BBBEE Consortium Evaluating Alternatives
18 April 2013 - 10:05PM
Marketwired
Net 1 UEPS Technologies Inc. (NASDAQ:UEPS)(JSE:NT1) ("Net1" or the
"Company") today announced that the one-year option to purchase
8,955,000 shares with an exercise price of $8.96 per share granted
to Business Venture Investments 1567 ("BVI"), a special purpose
vehicle that represents a consortium of black South Africans,
community groups and the Net1 Foundation (the "BBBEE consortium"),
has expired unexercised. The Company and the BBBEE consortium are
evaluating various alternatives to ensure the Company's empowerment
objectives will be met.
Mr. Mosehla, who represents the BBBEE consortium, has expressed
his continued commitment to the Company and will remain a director
on the Net1 Board.
"The protracted legal battle with Absa subsidiary AllPay
regarding the SASSA tender, recently decided in favor of SASSA and
Net1 by a unanimous ruling of the full bench of the South African
Supreme Court of Appeal, and the existence of the DOJ/SEC
investigations have thwarted any chance that BVI may have had to
raise the funds required to exercise the option. I am disappointed
that our attempt to embrace South African economic empowerment
policies has failed due to circumstances beyond our control," said
Dr. Serge Belamant, Chairman and CEO of Net1. "Net1 remains
committed to these critical transformative policies and we hope to
conclude a new transaction in the near future which will achieve a
similar result. We would like to thank Mr. Mosehla for his
contributions and continued commitment to the Company despite this
unfortunate setback," he concluded.
About Net1 (www.net1.com)
We are a leading provider of alternative payment systems that
leverage our Universal Electronic Payment System, or UEPS, to
facilitate biometrically secure real-time electronic transaction
processing to unbanked and under-banked populations of developing
economies around the world in an online or offline environment. In
addition to payments, UEPS can be used for banking, healthcare
management, payroll, remittances, voting and identification.
We operate market-leading payment processors in South Africa,
Republic of Korea and Ghana. In addition, our proprietary Mobile
Virtual Card technology offers secure mobile payments and banking
services in developed and emerging countries.
We have a primary listing on the Nasdaq and a secondary listing
on the JSE Limited.
Forward-Looking Statements
This announcement contains forward-looking statements that
involve known and unknown risks and uncertainties. A discussion of
various factors that cause our actual results, levels of activity,
performance or achievements to differ materially from those
expressed in such forward-looking statements are included in our
filings with the Securities and Exchange Commission. We undertake
no obligation to revise any of these statements to reflect future
events.
Contacts: Net 1 UEPS Technologies Inc. Dhruv Chopra Vice
President of Investor Relations +1-212-626-6675dchopra@net1.com
www.net1.com
Net 1 Ueps Technologies (NASDAQ:UEPS)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Net 1 Ueps Technologies (NASDAQ:UEPS)
Historical Stock Chart
Von Jul 2023 bis Jul 2024