NET 1 UEPS TECHNOLOGIES, INC. (NASDAQ:UEPS) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
Item 2.03 below. On December 8, 2016, the USD/ZAR exchange rate
was $1.00/ZAR 13.57. Item 2.03. Creation of a Direct
Financial Obligation or an Obligation under an Off-Balance Sheet
Arrangement of a Registrant. The Nedbank Facility Letter
temporarily increases the overdraft facility component of the
available aggregate facility from ZAR 50 million to ZAR 250
million through the utilization of the secondary amount described
in the Second Addendum. The increase in the overdraft to ZAR 250
million is available until the earlier of the day on which the
Company issues shares to the value of $45.0 million or the day on
which FirstRand Bank Limited (acting through its Rand Merchant
Bank division) repays ZAR 600 million back to Net1 SA that is
currently held in escrow related to the issuance of a ZAR 2
billion guarantee to Net1 SA. The foregoing description of the
Nedbank Facility Letter does not purport to be complete and is
qualified in its entirety by reference to the full text of the
Nedbank Facility Letter, which is attached hereto as Exhibit
10.50 and incorporated herein by reference.
Item 7.01. Regulation FD Disclosure.
On December 9, 2016, the Company issued an announcement through
the JSE Limiteds (JSE) Stock Exchange News Service (SENS) system
regarding the charge of its sponsor from Deutsche Bank Securities
(Pty) Ltd to Rand Merchant Bank, a division of FirstRand Bank
Limited. The Company is required to have a JSE registered sponsor
which is responsible for (a) assisting the Company with its
applications for listing, which require the production of listing
particulars and/or other relevant documentation; and (b) to
provide advice, on a continuing basis, regarding the application
of the JSEs Listings Requirements (Listing Requirements),
including the application of the spirit of the Listings
Requirements and upholding the integrity of the JSE, and in
particular, the continuing obligations set out in the Listings
Requirements.
A copy of the Companys SENS announcement is attached as Exhibit
99.1.
Item 9.01. Financial Statements and Exhibits.
| (d) |
Exhibits |
| Exhibit No. | Description |
| 10.50 |
Nedbank Facility Letter between Nedbank and Net1 SA and certain of its subsidiaries, dated December 9, 2016 |
| 99.1 |
SENS Announcement, dated December 9, 2016, issued by the Company |
About NET 1 UEPS TECHNOLOGIES, INC. (NASDAQ:UEPS)
Net 1 UEPS Technologies, Inc. is a provider of payment solutions, transaction processing services and financial technology across multiple industries. The Company develops and markets a transaction processing solution that encompasses its smart card-based alternative payment system for the unbanked and under-banked populations of developing economies and for mobile transaction channels. The Company operates through three segments: South African transaction processing, International transaction processing, and Financial inclusion and applied technologies. The Company also provides secure transaction technology solutions and services, by offering transaction processing, financial and clinical risk management solutions to various industries. It offers secure online transaction processing, cryptography, mobile telephony, integrated circuit card (chip/smart card) technologies, and the design and provision of financial and value-added services to its cardholder base. NET 1 UEPS TECHNOLOGIES, INC. (NASDAQ:UEPS) Recent Trading Information
NET 1 UEPS TECHNOLOGIES, INC. (NASDAQ:UEPS) closed its last trading session down -0.12 at 11.65 with 72,966 shares trading hands.
