NET 1 UEPS TECHNOLOGIES, INC. (NASDAQ:UEPS) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
As previously disclosed, on June 19, 2017, Net 1 UEPS Technologies, Inc. (‘Net1”), through one of its subsidiaries, Net1 Applied Technologies South Africa Proprietary Limited (“Net1 SA”), entered into a Subscription Agreement (the “Subscription Agreement”) with Cell C Proprietary Limited (“Cell C”), a leading mobile provider in South Africa. to the Subscription Agreement, Net1 SA will subscribe for, subject to the satisfaction of closing conditions, approximately 75,000,000 class “A” shares of Cell C for an aggregate purchase price of ZAR 2.0 billion ($153.7 million) in cash.
On July 25, 2017, in connection with the Subscription Agreement, Net1 SA entered into a Master Implementation and Funds Flow Agreement (the “Master Agreement”) with the parties listed in Schedule 1 thereto. The Master Agreement regulates the implementation of the transactions contemplated by certain agreements, including, but not limited to, the Subscription Agreement, and the flow of funds under such agreements.
The foregoing description of the Master Agreement does not purport to be complete and is qualified in its entirety by reference to the full text thereof, a copy of which is attached hereto as Exhibit 10.77 and is incorporated herein by reference.
On July 25, 2017, the USD/ZAR exchange rate was $1.00/ ZAR13.01.
Item 9.01. Financial Statements and Exhibits.
NET 1 UEPS TECHNOLOGIES INC ExhibitEX-10.77 2 exhibit10-77.htm EXHIBIT 10.77 Net 1 UEPS Technologies,…To view the full exhibit click here
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.
