Current Report Filing (8-k)
06 Mai 2015 - 10:20PM
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): May 6,
2015
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))
On May 6, 2015, Net1 issued a press release in which it
announced that it had prevailed in administrative actions brought by the South
African National Credit Regulator against two of its subsidiaries. A copy of
Net1s press release is attached as Exhibit 99.1.
Item 9.01. |
Financial Statements and Exhibits.
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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: May 6, 2015 |
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 receives favorable judgments from National Consumer
Tribunal
Johannesburg, May 6, 2015 Net 1 UEPS Technologies, Inc.
(Net1 or the Company) (NasdaqGS: UEPS, JSE: NT1) today announced that it has
prevailed in administrative actions brought by the South African National Credit
Regulator (NCR) against two subsidiaries of the Company.
On September 23, 2014 the Company announced that the NCR 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. Pursuant to the investigation, the NCA also
issued two Compliance Notices one to Cash Paymaster Services (Pty) Ltd (CPS)
and one to Moneyline. The Compliance Notice issued to Moneyline accused it of
having access into the Grindrod Bank Accounts of social grant beneficiaries
which enables them (sic) to see the spending patterns of beneficiaries
and deposit loan amounts into such accounts. The Compliance Notice issued to
CPS accused it of providing information about social grant beneficiaries to
Moneyline in breach of section 68(1) of the NCA. The Compliance Notices demanded
that both CPS and Moneyline take the appropriate steps to address the alleged
non-compliance with the NCA and to report in writing to the NCR, along with an
independent audit report, that they were no longer non-compliant as alleged by
the Compliance Notices.
CPS and Moneyline both objected to the Compliance Notices on
the basis that they never contravened the NCA and applied to the Tribunal for a
review of the Compliance Notices. Two separate hearings were held. On January
30, 2015, two days before the first scheduled hearing, the NCA issued a
Compliance Certificate to both Moneyline and CPS to the effect that both had
complied with the steps required by the Compliance Notices, thus bringing the
Compliance Notices to an end. However, because issuance of the Compliance
Certificates implied that Moneyline and CPS had contravened the NCA, both CPS
and Moneyline rejected the Compliance Certificates on the basis that they never
contravened the NCA and that the Compliance Notices were wrongfully issued. CPS
and Moneyline therefore requested the Tribunal to issue an order setting aside
or cancelling the original Compliance Notices.
The Tribunal has now delivered judgment in both the Moneyline
and CPS cases and has granted the requested order that the Compliance Notices be
set aside. In its judgments, the Tribunal stated that there appears to be no
evidence to support the Respondents (NCR) conclusion that CPS committed a
contravention of section 68(1) of the Act and The Applicant (Moneyline) has
not been found to be engaging in an activity in a manner that is inconsistent
with this Act, the National Credit Act. Full copies of both judgments are
available on the Companys website at www.net1.com.
Regarding the NCRs application to cancel the registration of
Moneyline, the NCR applied to amend its original statement of claim shortly
before the scheduled date for the hearing into this matter. The Tribunal is
expected to schedule an exception hearing to decide whether the NCR will be
allowed to amend the original statement of claim, before scheduling a hearing to
decide on the NCRs application. The Company cannot predict when these hearings
will take place, or what the outcome will be.
About Net1 (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 the 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.
Investor Relations Contact:
Dhruv Chopra |
Head of Investor Relations |
Phone: +1-917-767-6722 |
Email: dchopra@net1.com |
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