| Fri 20 Apr 2012, 9:17 | | NT1 - Net 1 UEPS Technologies Inc - Net1 Finalizes Black Economic Empowerment |
|
NT1
NT1
NT1 - Net 1 UEPS Technologies, Inc - Net1 Finalizes Black Economic Empowerment
("BEE") Deal
Net 1 UEPS Technologies, Inc.
Registered in the state of Florida, USA
(IRS Employer Identification No. 98-0171860)
Nasdaq share code: UEPS
JSE share code: NT1
ISIN: US64107N2062
("Net1" or "the Company")
Net1 Finalizes Black Economic Empowerment ("BEE") Deal
Johannesburg, South Africa, April 20, 2012 - Net 1 UEPS Technologies, Inc.
("Net1" or the "Company") (NASDAQ: UEPS, JSE: NT1) today announced that all the
conditions precedent related to the Broad Based Black Economic Empowerment
transaction, announced on January 26, 2012, have been fulfilled. Pursuant to the
transaction, Net1 has granted a one-year option to purchase up to 8,955,000
shares of the Company`s common stock, equal to 19.7% of the Company`s current
issued and outstanding shares, with an exercise price of US$8.96 per share to
Business Venture Investments 1567 (Proprietary) Limited, a special purpose
vehicle that represents a consortium of black South Africans, community groups
and the Net1 Foundation (the "BBBEE consortium").
The lead partner in the BBBEE consortium is Mosomo Investment Holdings (Pty) Ltd
("Mosomo"), a well-known black empowerment investment company with a proven
track record in transformation, with experience in mining, financial services
and mass banking concepts.
"We are delighted that our BEE transaction has been approved by the relevant
authorities and look forward to welcoming the BBBEE consortium as shareholders
when the option is exercised," said Dr. Serge Belamant, Chairman and CEO of
Net1. "We look forward to working with the BBBEE consortium," he concluded.
Brian Khomotso Mosehla, CEO of Mosomo and a director of Net1, commented: "We
welcome the finalization of the Net1 BEE transaction. Mosomo, as the lead
partner, can now focus on raising the required funds to exercise the option and
on formalizing the BBBEE consortium in the designated special purpose vehicle.
We look forward to becoming significant shareholders in Net1 and contributing
towards the group`s future success," he concluded.
Mr. Mosehla joined the Net1 board on January 25, 2012 as part of the BEE
transaction.
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. 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, Ghana and Iraq. 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.
About Mosomo
Mosomo Investment Holdings (Pty) Ltd is a BEE investment company with a proven
track record in the mining, financial services and mass banking sectors. The
company is headed by CEO Brian Khomotso Mosehla, a chartered accountant with
extensive corporate and board directorship experience. Mr. Mosehla was formerly
head of corporate finance and new business at Mvelaphanda. In addition to his
directorship at Net 1, he is a director of Coal of Africa Limited, was formerly
a senior member of the corporate finance division at African Merchant Bank, and
has served as an executive director of Mvelaphanda Resources and also as non-
executive director of Unitrans Ltd.
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
Vice President of Investor Relations
Phone: +1-212-626-6675
Email: dchopra@net1.com
Johannesburg
20 April 2012
Sponsor to Net1
Deutsche Securities (SA) (Proprietary) Limited
Date: 20/04/2012 09:17:22 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
