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Net1 announces adoption of $50 million 10b5-1 plan
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 announces adoption of $50 million 10b5-1 plan
Johannesburg, June 29, 2016 – Net1 (NasdaqGS: UEPS; JSE: NT1) today announced that it
has adopted a Rule 10b5-1 plan (the “Plan”) for the purpose of repurchasing approximately
$50 million of its common stock. The Plan has been established in connection with the
$100 million share repurchase program that was previously announced on February 4,
2016.
A plan under Rule 10b5-1 allows a company to repurchase its shares at times when it
otherwise might be prevented from doing so under insider trading laws or because of self-
imposed trading blackout periods. A broker selected by the Company will have the
authority under the terms and limitations specified in the Plan to repurchase shares on the
Company’s behalf in accordance with the terms of the Plan. Because the repurchases under
the Plan are subject to certain pricing parameters, there is no guarantee as to the exact
number of shares that will be repurchased under the Plan, or that there will be any
repurchases pursuant to the Plan.
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. Through Transact24, Net1 offers debit, credit and prepaid processing
and issuing services for Visa, MasterCard and ChinaUnionPay in China and other
territories across Asia-Pacific, Europe and Africa, and the United States. Through
Masterpayment, Net1 provides payment processing and enables working capital financing
in Europe.
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.
Forward-Looking Statements
This announcement contains forward-looking statements that involve known and unknown
risks and uncertainties, including statements regarding the intention to repurchase shares of
common stock, the intended timing, amount and method of implementation of the stock
repurchase program, and the expected compliance with the repurchases rules under the
Securities Exchange Act of 1934. A discussion of various factors that may 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
Johannesburg
June 29, 2016
Sponsor:
Deutsche Securities (SA) Proprietary Limited
Date: 29/06/2016 04:40:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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