Net1 Signs Agreements for Black Economic Empowerment ("BEE") Transactions
10 Dezember 2013 - 10:05PM
Marketwired
Net1 Signs Agreements for Black Economic Empowerment ("BEE")
Transactions
JOHANNESBURG, SOUTH AFRICA--(Marketwired - Dec 10, 2013) - Net 1
UEPS Technologies Inc. (NASDAQ:UEPS)(JSE:NT1) today announced that
it has signed Relationship Agreements with its BEE partners for the
issuance of 4,400,000 shares ("BEE Shares"), which will be
partially restricted as to resale for a period of five years. In
terms of the agreements, Net1 will issue 4,100,000 shares of our
common stock at a price of ZAR 60.00 per share (calculated as 75%
of the closing price of our common stock on the JSE Limited on
December 6, 2013) to Business Venture Investments 1567 Proprietary
Limited (RF) and 300,000 shares to Born Free Investments 272
Proprietary Limited. In order to facilitate the transactions, the
Company's wholly owned subsidiary Net1 Applied Technologies South
Africa Proprietary Limited, will lend the funds to the BEE partners
at a market related interest rate to effect the purchase of the BEE
Shares and these shares will act as the collateral for the loan.
The loan is repayable over a period of five years and the
transactions are subject to certain conditions, including obtaining
the relevant regulatory approvals.
"Having signed our
Relationship Agreements we continue to make strides towards
concluding our BEE transaction, which we believe epitomizes the
spirit of the meaningful transformation that the late President
Mandela fought and stood for," said Dr. Serge Belamant, Chairman
and CEO of Net1. "Our actions in this regard lay the foundation for
a long-term sustainable business in South Africa together with the
addition of BEE partners, who we expect to be actively engaged in
identifying and driving new growth opportunities for the Company,"
he concluded.
About Net1
(www.net1.com)
Net1 is a leading
provider of alternative payment systems that leverage its 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. Net1's UEPS/EMV solution is
also completely interoperable with global EMV standards that
seamlessly permit access to all the UEPS functionality in a
traditional EMV environment. In addition to payments, UEPS can be
used for banking, healthcare management, payroll, remittances,
voting and identification.
Net1 operates
market-leading payment processors in South Africa, Republic of
Korea, and Ghana. In addition, Net1's proprietary Mobile Virtual
Card technology offers secure mobile payments and banking services
in developed and emerging countries while its MediKredit and
XeoHealth subsidiaries provide its proprietary 5010 and ICD-10
compliant real-time claims adjudication system.
Net1 has 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.
Investor Relations Contact:Net 1 UEPS Technologies Inc.Dhruv
ChopraManaging Director+1-917-767-6722dchopra@net1.com
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