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NET 1 UEPS TECHNOLOGIES INC - Net1 provides update on share repurchase activity including repurchases from certain officers

Release Date: 07/09/2016 15:00
Code(s): NT1     PDF:  
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Net1 provides update on share repurchase activity including repurchases from certain officers

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 provides update on share repurchase                                    from
certain officers

Johannesburg, September 7, 2016 – Net1 (NasdaqGS: UEPS; JSE: NT1) today
announced that its $50 million 10b5-1 share repurchase plan expired on August 31,
2016. Under the 10b5-1 plan, the Company repurchased approximately 2.9 million
shares of its common stock for approximately $29.1 million, at an average price of
$10.11 per share. In February 2016, the Company’s Board approved a $100 million
repurchase plan, and as of August 31, 2016, the Company had approximately $55.0
million remaining under this authorization.

In early September 2016, the Company’s Audit Committee approved the repurchase
of approximately 226,000 shares of Company common stock from certain executive
officers and staff at the September 2, 2016, volume weighted average price of $9.65,
or approximately $2.2 million. Included in this amount are approximately 187,000
shares bought from Serge Belamant, Chairman and CEO of Net1. These 187,000
shares were held on the Company’s South African register and any proceeds from the
sales have to be repatriated back to South Africa. Mr. Belamant intends to use the
proceeds from these share sales to settle certain South African tax obligations and
costs arising from his relocation to the United Kingdom.

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. A discussion of various factors that cause the
Company’s actual results, levels of activity, performance or achievements to differ
materially from those expressed in such forward-looking statements are included in
the Company’s filings with the Securities and Exchange Commission. The Company
undertakes no obligation to revise any of these statements to reflect future
circumstances or the occurrence of unanticipated events.

Investor Relations Contact:
Dhruv Chopra
Head of Investor Relations
Phone: +1-917-767-6722
Email: dchopra@net1.com

Johannesburg
September 7, 2016

Sponsor:
Deutsche Securities (SA) Proprietary Limited

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