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Net1: appoints new board chair, plans for further independent directors and appoints media relations agency
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: APPOINTS NEW BOARD CHAIR, PLANS FOR FURTHER INDEPENDENT DIRECTORS AND APPOINTS MEDIA RELATIONS AGENCY
Johannesburg, April 7, 2017 – Net1 (NasdaqGS: UEPS; JSE: NT1) today announced that its Board
of directors has determined to split the Chairman and Chief Executive Officer roles in recognition
of the growing practice of U.S. public companies, as well as the customary practice of South
African public companies, to have the Chairman be an independent director. The Board has come
to believe that separating the roles of Chairman and Chief Executive Officer is the appropriate
corporate governance model for the Company at this time, especially given its secondary listing
on the JSE and its significant South African institutional shareholder base.
As a result of the foregoing determination, the Company has appointed Mr. Christopher S.
Seabrooke as Chairman of the Board. Mr. Serge C.P. Belamant has resigned as chairman but will
remain a director and Chief Executive Officer of the Company. Mr Seabrooke has been a director
of Net1 since 2005, and chairs its Audit Committee, as well as its Nominating and Corporate
Governance Committee. Mr. Seabrooke holds degrees in Economics and Accounting from the
University of Kwa-Zulu Natal and an MBA degree from the University of the Witwatersrand. He
is a highly experienced director, having been chairman or a director of over 25 stock exchange
quoted companies over the past 30 years. He is currently CEO of Sabvest Limited, a JSE listed
investment group, and also holds other non-executive directorships. He is a member of the Institute
of Directors in South Africa.
In addition, the Board is actively seeking to appoint additional independent directors. The Board
expects that at least one director will be a person designated by the International Finance
Corporation, pursuant to the Company’s agreement with the IFC and affiliated funds. The Board
has been conducting a search over the past few months and believes it will shortly be in a position
to send formal invitations to its preferred candidates. At such time as additional directors are
appointed, the Board will review the composition and chairmanship of all Board committees.
The Board also intends to review the relevant parts of the Company’s ongoing business strategy
and management structure as soon as the outcome of its proposed investments in Blue Label
Telecoms Limited, Cell-C (Pty) Limited and DNI-4PL Contracts (Pty) Ltd (as announced on
March 1, 2017) are known.
Further to the advice in its Board Statement of March 16, 2017, the Company has appointed
Burson-Marsteller as its media relations agency to manage all of the Company’s external
communications. For the time being, no statements will be made, or interviews given by any
Company or Cash Paymaster Services (Pty) Ltd officials and only statements and releases on
behalf of the Board will be issued.
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 press release contains forward-looking statements that involve substantial risks and
uncertainties. All statements, other than statements of historical fact, included in this press release
regarding strategy, future operations, future financial position, future revenues, projected costs,
prospects, plans and objectives of management are forward-looking statements. The Company
may not actually achieve the plans, intentions or expectations disclosed in its forward-looking
statements. Actual results or events could differ materially from the plans, intentions and
expectations disclosed in the forward-looking statements that the Company makes. Factors that
might cause such differences include, but are not limited to: the proposed investments in Blue
Label, Cell C and DNI not closing; failure by the Company to realize the anticipated benefits from
these transactions; or inability to complete the appointment of additional independent directors,
and other factors, many of which are beyond the Company’s control; and other important factors
included in the Company’s reports filed with the Securities and Exchange Commission,
particularly in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the
fiscal year ended June 30, 2016, as such Risk Factors may be updated from time to time in
subsequent reports. The Company does not assume any obligation to update any forward-looking
statements, whether as a result of new information, future events or otherwise.
Media Relations Contact:
Bridget von Holdt
Business Director – Burson-Marsteller South Africa
Phone: +27-82-610-0650
Email: bridget.vonholdt@bm-africa.com
Investor Relations Contact:
Dhruv Chopra
Head of Investor Relations
Phone: +1-917-767-6722
Email: dchopra@net1.com
Johannesburg
April 7, 2017
Sponsor:
Rand Merchant Bank, a division of FirstRand Bank Limited
Date: 07/04/2017 07:22:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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