Wrap Text
Net1 signs Second Addendum to the Facility Letter with Nedbank in South Africa
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 signs Second Addendum to the Facility Letter with Nedbank in South Africa
On July 30, 2015, Net1 Applied Technologies South Africa Proprietary Limited (“Net1SA”),
a directly wholly-owned subsidiary of the Company, and certain of Net1SA’s wholly-owned
subsidiaries (collectively the “Borrowers”), signed a Second Addendum to the Facility Letter
(as amended) (the “Second Addendum”) with Nedbank Limited, a South African bank
(“Nedbank”), to reduce the overdraft facility component of the Company’s available
aggregate facility with Nedbank from up to ZAR 200 million to up to ZAR 50 million,
effective July 30, 2015. The aggregate amount of the facility will remain up to
ZAR 400 million; however, the terms of the facility have been modified so that the aggregate
amount now consists of (i) a primary amount of up to ZAR 200 million, which is
immediately available, and (ii) a secondary amount of up to ZAR 200 million, which is not
immediately available. The overdraft facility is included within the primary amount.
The Second Addendum reduces the overdraft facility component of the available aggregate
facility from ZAR 250 million to ZAR 50 million. There were no changes to the indirect and
derivative facilities of up to ZAR 150 million, including letters of guarantee, letters of credit
and forward exchange contracts.
In addition, the aggregate amount of the facility now includes a Secondary Amount of
ZAR 200 million, which is not immediately available to the Borrowers. Utilization of the
Secondary Amount is subject to certain conditions, including (i) written notice from the
Borrowers notifying Nedbank of their intention to utilize the Secondary Amount, (ii)
providing customary documents and confirmations to Nedbank, (iii) fulfilling additional
conditions imposed by Nedbank, (iv) confirming the interest rate and (v) final and
unconditional approval by Nedbank evidenced by the execution of an addendum to the
Facility Agreement by the Borrowers and Nedbank.
On July 30, 2015, the USD/ZAR exchange rate was $1.00/ZAR 12.54.
The foregoing description of the Second Addendum does not purport to be complete and is
qualified in its entirety by reference to the full text of the Second Addendum, a copy of which
was filed as an exhibit on a Form 8-K with the United States Securities and Exchange
Commission on July 31, 2015.
About Net1 (www.net1.com)
Net1 is a leading provider of alternative payment systems that leverage its Universal
Electronic Payment System (“UEPS”) or utilize its proprietary mobile technologies. The
Company operates market-leading payment processors in South Africa and the Republic of
Korea.
UEPS permits the Company 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 enable 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’s mobile technologies include its proprietary mobile payments solution – MVC, which
offers secure mobile-based payments, as well as mobile banking and prepaid value-added
services in developed and emerging countries. The Company intends to deploy its varied
mobile solutions through its Zazoo business unit, which is an aggregation of innovative
technology companies and is based in the United Kingdom.
Net1 has a primary listing on the NASDAQ and a secondary listing on the Johannesburg
Stock Exchange.
Investor Relations Contact:
Dhruv Chopra
Head of Investor Relations
Phone: +1-917-767-6722
Email: dchopra@net1.com
Johannesburg
August 3, 2015
Sponsor:
Deutsche Securities (SA) Proprietary Limited
Date: 03/08/2015 08:00:00 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.
Sharenet Sites 
