<SEC-DOCUMENT>0001062993-19-000429.txt : 20190131
<SEC-HEADER>0001062993-19-000429.hdr.sgml : 20190131
<ACCEPTANCE-DATETIME>20190131105330
ACCESSION NUMBER:		0001062993-19-000429
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190131
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190131
DATE AS OF CHANGE:		20190131

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NET 1 UEPS TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0001041514
		STANDARD INDUSTRIAL CLASSIFICATION:	FUNCTIONS RELATED TO DEPOSITORY BANKING, NEC [6099]
		IRS NUMBER:				980171860
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-31203
		FILM NUMBER:		19554125

	BUSINESS ADDRESS:	
		STREET 1:		4TH FLOOR, PRESIDENT PLACE
		STREET 2:		CNR. JAN SMUTS & BOLTON
		CITY:			ROSEBANK, JOHANNESBURG
		STATE:			T3
		ZIP:			00000
		BUSINESS PHONE:		27 11 343 2000

	MAIL ADDRESS:	
		STREET 1:		4TH FLOOR, PRESIDENT PLACE
		STREET 2:		CNR. JAN SMUTS & BOLTON
		CITY:			ROSEBANK, JOHANNESBURG
		STATE:			T3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k.htm
<DESCRIPTION>FORM 8-K
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    <TD align=center height="26"><FONT size=5><B>UNITED STATES </B></FONT></TD></TR>
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    <TD align=center height="26"><FONT size=5><B>SECURITIES AND EXCHANGE COMMISSION
      </B></FONT></TD></TR>
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    <TD height="15">
    <p align="center">&nbsp; <B>Washington, D.C. 20549 </B> </TD></TR>
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<P align=center><B><FONT size=5>FORM 8-K </FONT></B></P>
<P align=center><B>CURRENT REPORT <BR></B><B>Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934 </B></P>
<P align=center>Date of Report (Date of earliest event reported): January 31,
2019<B> </B></P>
<P align=center><B><FONT size=5>NET 1 UEPS TECHNOLOGIES, INC.
</FONT><BR></B>(Exact name of registrant as specified in its charter) </P>
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    <TD align=center><B>Florida </B></TD>
    <TD align=center width="33%"><B>000-31203 </B></TD>
    <TD align=center width="33%"><B>98-0171860 </B></TD></TR>
  <TR vAlign=top>
    <TD align=center>(State or other jurisdiction </TD>
    <TD align=center width="33%">(Commission </TD>
    <TD align=center width="33%">(IRS Employer </TD></TR>
  <TR vAlign=top>
    <TD align=center>of incorporation) </TD>
    <TD align=center width="33%">File Number) </TD>
    <TD align=center width="33%">Identification No.) </TD></TR></TABLE><BR>
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  <TR vAlign=top>
    <TD align=center colSpan=2><B>President Place, 4</B><B><SUP>th
      </SUP></B><B>Floor, Cnr. Jan Smuts Avenue and Bolton Road </B></TD></TR>
  <TR vAlign=bottom>
    <TD align=center colSpan=2><B>Rosebank, Johannesburg, South Africa
  </B></TD></TR>
  <TR vAlign=top>
    <TD align=right>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;(Address of principal executive offices)&nbsp;
    &nbsp;</TD>
    <TD align=left
      width="50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (ZIP Code) </TD></TR></TABLE>
<P align=justify>Registrant&#146;s telephone number, including area code:
<B>011-27-11-343-2000 </B></P>
<P align=justify>Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions: </P>
<P align=justify>[ ] Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425) </P>
<P align=justify>[ ] Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a -12) </P>
<P align=justify>[ ] Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d -2(b)) </P>
<P align=justify>[ ] Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e -4(c)) </P>
<P align=justify>Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (&#167; 230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167; 240.12b
-2 of this chapter).</P>
<P align=right>Emerging growth company [ ] </P>
<P align=justify>If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to
Section 13(a) of the Exchange Act. [ ] </P>
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<P align=justify><B>Item 2.02. Results of Operations and Financial Condition.
</B></P>
<P align=justify>The following information is furnished pursuant to Item 2.02,
&#147;Results of Operations and Financial Condition&#148;. </P>
<P align=justify>On January 31, 2019, the Company issued a press release
regarding the final judgment handed down by the High Court of the Republic of
South Africa (Gauteng Division, Pretoria) related to the Company&#146;s application
to direct SASSA to pay social grants into the EPE accounts of recipients who had
previously made biometric elections to receive their grants into their EPE
accounts, but had not submitted a SASSA-prescribed form called an &#147;Annexure C
form&#148;. The Company also announced that it expects a loss for the second quarter
of fiscal 2019. A copy of the press release is attached as Exhibit 99.1.</P>
<P align=justify><B>Item 9.01. Financial Statements and Exhibits. </B></P>
<P style="MARGIN-LEFT: 5%" align=justify>(d) Exhibits </P>
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    <TD align=center ><U>Exhibit</U> </TD>
    <TD vAlign=center align=left width="95%" rowSpan=2><BR><U>Description</U>
    </TD></TR>
  <TR vAlign=top>
    <TD align=center ><U>No.</U> </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="95%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#C0C0C0" ><a href="exhibit99-1.htm">99.1</a> </TD>
    <TD align=left width="95%" bgcolor="#C0C0C0"><a href="exhibit99-1.htm">Press Release, dated January 31, 2019, issued
      by Net 1 UEPS Technologies, Inc. </a> </TD></TR></TABLE><BR>
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<P align=center><B>SIGNATURES </B></P>
<P align=justify>Pursuant to the requirements of the Securities Exchange Act of
1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized. </P>
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    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%" rowSpan=6><B>NET 1 UEPS TECHNOLOGIES, INC.</B>
      <BR><BR><BR>By: /s/ Herman G. Kotz&#233; <BR>Name: Herman G. Kotz&#233; <BR>Title:
      Chief Executive Officer </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: January 31, 2019 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD></TR>
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    <TD align=left>&nbsp; </TD></TR></TABLE><BR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P align=right><B>Exhibit 99.1 </B></P>
<P align=justify><B>Net1 provides update on EPE accounts court process; expects
Q2 2019 loss </B></P>
<P align=justify>Johannesburg, January 31, 2019 &#150; Net 1 UEPS Technologies, Inc.
(&#147;Net1&#148; or the &#147;Company&#148;) today announced that on January 29, 2019, the High
Court of the Republic of South Africa (Gauteng Division, Pretoria) handed down
its final judgment in the Company&#146;s application to direct SASSA to pay social
grants into the EPE accounts of recipients who had previously made biometric
elections to receive their grants into their EPE accounts, but had not submitted
a SASSA-prescribed form called an &#147;Annexure C form&#148;. The High Court reversed a
portion of its November 28, 2018 interim order that directed SASSA to pay grants
into the EPE accounts of recipients who made those biometric elections without
submitting the Annexure C form. The effect of the final judgment is that, while
SASSA is required to promptly pay social grants into EPE accounts of those
recipients who have submitted the Annexure C form electing to have their grants
paid that way, SASSA is not required to pay grants into the EPE accounts of
those recipients who have not submitted the Annexure C form, despite having
provided their previous biometric consent and may continue to auto-migrate those
grants to SAPO accounts. The High Court did not award costs. </P>
<P align=justify>The Company is currently evaluating the options available to
it, including an appeal against the judgment.</P>
<P align=justify>&#147;SASSA failed to implement the High Court&#146;s interim order and
pay the social grants for the December, January or February payment cycles into
the EPE accounts for those customers who have previously been auto-migrated
without consent. Unfortunately, this has had a material adverse impact on our
financial results, and we expect to report a significant loss for the second
quarter of fiscal 2019. This loss arose primarily from the deployment of our
full infrastructure to service current and new customers during that time, and a
substantial increase in our allowance for doubtful finance loans receivable on
loans extended to our EPE account holder base,&#148; said Herman Kotz&#233;, CEO of Net1.
&#147;Our near-term focus is to ensure that we right-size our South African
operations and get them to a break-even level by Q4 2019. We remain in a
net-cash position, and our non-EPE-related businesses remain meaningful positive
contributors to the Group.&#148;</P>
<P align=justify><B>About Net1 (</B><B><U>www.net1.com</U></B><B>)</B></P>
<P align=justify>Net1 is a leading provider of transaction processing services,
financial inclusion products and services and secure payment technology. Net1
operates market-leading payment processors in South Africa and the Republic of
Korea. Net1 offers debit, credit and prepaid processing and issuing services for
all major payment networks. In South Africa, Net1 provides innovative low-cost
financial inclusion products, including banking, lending and insurance, and is a
leading distributor of mobile subscriber starter packs for Cell C, a South
African mobile network operator. Net1 leverages its strategic equity investments
in Finbond and Bank Frick (both regulated banks), and Cell C to introduce
products to new customers and geographies. Net1 has a primary listing on NASDAQ
(NasdaqGS: UEPS) and a secondary listing on the Johannesburg Stock Exchange
(JSE: NT1). Visit <U>www.net1.com</U> for additional information about Net1.
</P>
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<P align=justify><B>Forward-Looking Statements</B> </P>
<P align=justify>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:
obtaining right to appeal the judgment and the result of such appeal, if right
to appeal is granted; finalization of its second quarter of fiscal 2019 results,
as well as other factors, many of which are beyond the Company&#146;s control; and
other important factors included in the Company&#146;s reports filed with the
Securities and Exchange Commission, particularly in the &#147;Risk Factors&#148; section
of the Company&#146;s Annual Report on Form 10-K for the fiscal year ended June 30,
2018, 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. </P>
<P align=justify><B>Investor Relations Contact: <br>
</B>Dhruv Chopra <BR>Head of Investor Relations <BR>Phone:
+1-917-767-6722 <BR>Email: <U>dchopra@net1.com</U> </P>
<P align=justify><B>Media Relations Contact: <BR></B>Bridget von Holdt
<BR>Business Director &#150; BCW <BR>Phone: +27-82-610-0650 <BR>Email:
<U>bridget.vonholdt@bm-africa.com</U> </P>
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