Current Report Filing (8-k)
23 September 2014 - 8:23PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September
23, 2014
NET 1 UEPS TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Florida |
000-31203 |
98-0171860 |
(State or other jurisdiction |
(Commission |
(IRS Employer |
of incorporation) |
File Number) |
Identification No.) |
President Place, 4th Floor, Cnr. Jan
Smuts Avenue and Bolton Road
Rosebank, Johannesburg, South Africa
(Address of principal executive offices) (ZIP Code)
Registrants telephone number, including area code:
011-27-11-343-2000
Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a -12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d -2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e -4(c))
Item 8.01. Other Events.
On September 23, 2014, Net1 issued a press release which
responded to a press release issued by the South African National Credit
Regulator (NCR). A copy of Net1s press release is attached as Exhibit
99.1.
Item 9.01. Financial Statements and Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
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NET 1 UEPS TECHNOLOGIES, INC.
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Date: September 23, 2014 |
By: |
/s/
Serge C.P. Belamant |
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Serge C.P. Belamant |
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Chief Executive Officer
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Exhibit 99.1
Net1 responds to National Credit Regulator press release
Johannesburg, September 23, 2014 Net 1 UEPS Technologies,
Inc. (Net1 or the Company) (Nasdaq: UEPS; JSE: NT1) today responded to the
press release issued by the South African National Credit Regulator (NCR) on
September 22, 2014. In its release, the NCR announced that it had applied to the
National Consumer Tribunal (Tribunal) to cancel the registration of Net1s
subsidiary Moneyline Financial Services (Pty) Ltd (Moneyline) for breach of
the South African National Credit Act (NCA) based on an investigation
concluded by it. The NCRs press release alleges, among other things, that
Moneyline contravened the NCA by including child support grants and foster child
grants in the affordability assessments performed by Moneyline prior to granting
credit to these borrowers, and that the procedures followed and documentation
maintained by Moneyline are not in accordance with the NCA.
The Company has now received a copy of the NCRs application to
the Tribunal and believes that it is riddled with factual inaccuracies. The
Company is perplexed by the NCRs decision to issue a press release containing
inflammatory allegations without first informing Net1 of the conclusions reached
by the NCR following its investigation, which we believe was concluded months
ago and before allowing Moneyline a fair opportunity to formally respond these
allegations.
We strongly deny any contravention of the NCA and will oppose
the NCRs application. As a South African and US-listed public company, we
adhere to stringent internal controls and compliance procedures and we are
subjected to regular internal and external audits all of which are documented
and accessible for review by any regulator, said Dr. Serge Belamant, Chairman
and CEO of Net1. We reiterate our commitment to provide affordable, responsible
financial inclusion services to all citizens of South Africa, especially those
who have no other access to formal financial services and often require short
term credit to improve the lives of their family units, he concluded.
About Net 1
(www.net1.com)
Net1 is a leading provider of alternative payment systems that
leverage its Universal Electronic Payment System (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 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
and the Republic of Korea. In addition, Net1's proprietary MVC technology offers
secure mobile payments and banking services in developed and emerging countries.
Net1 has a primary listing on NASDAQ and a secondary listing on
the Johannesburg Stock Exchange.
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.
Net1 Investor Relations Contact:
Dhruv Chopra
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Head of Investor Relations
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Phone: +1-917-767-6722
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Email: dchopra@net1.com
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Net1 Public Relations Contact:
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Tribeca Public Relations
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Keri Krug
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Senior Account Director
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Phone: +27 208 5530 or +27 83 344 6855
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Email: kerik@tribecapr.co.za
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