<SEC-DOCUMENT>0001062993-20-001603.txt : 20200401
<SEC-HEADER>0001062993-20-001603.hdr.sgml : 20200401
<ACCEPTANCE-DATETIME>20200401160512
ACCESSION NUMBER:		0001062993-20-001603
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200401
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200401
DATE AS OF CHANGE:		20200401

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:		20765408

	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
<TEXT>
<html>

<head>
    <title>Net 1 UEPS Technologies, Inc.: Form 8-K - Filed by newsfilecorp.com</title>
</head>

<body style="font-size:10pt;">
    <hr width="100%" size="3" color="black" noshade="noshade">
    <p style="margin-bottom: 0pt; text-align: center;"><font style="font-size: 18pt;"><b>UNITED STATES</b></font></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-size: 18pt;"><b>SECURITIES AND EXCHANGE COMMISSION</b></font></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b>Washington, D.C. 20549</b></p>
    <p style="margin-top: 0pt; text-align: center;">___________________________</p>
    <p style="text-align: center;"><font style="font-size: 18pt;"><b>FORM 8-K</b></font></p>
    <p style="margin-bottom: 0pt; text-align: center;"><b>CURRENT REPORT</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</b></p>
    <p style="text-align: center;">Date of Report (Date of earliest event reported): April 1, 2020</p>
    <p style="margin-bottom: 0pt; text-align: center;"><font style="font-size: 18pt;"><b>NET 1 UEPS TECHNOLOGIES, INC.</b></font></p>
    <p style="margin-top: 0pt; text-align: center;">(Exact name of registrant as specified in its charter)</p>
    <table style="border-collapse: collapse; font-size: 10pt; width: 100%;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">
                <p style="text-align: center;"><b>Florida</b></p>
            </td>
            <td style="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">
                <p style="text-align: center;"><b>000-31203</b></p>
            </td>
            <td style="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">
                <p style="text-align: center;"><b>98-0171860</b></p>
            </td>
        </tr>
        <tr>
            <td style="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">
                <p style="margin-bottom: 0pt; text-align: center;">(State or other jurisdiction</p>
                <p style="margin-top: 0pt; text-align: center;">of incorporation)</p>
            </td>
            <td style="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">
                <p style="margin-bottom: 0pt; text-align: center;">(Commission</p>
                <p style="margin-top: 0pt; text-align: center;">File Number)</p>
            </td>
            <td style="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">
                <p style="margin-bottom: 0pt; text-align: center;">(IRS Employer</p>
                <p style="margin-top: 0pt; text-align: center;">Identification No.)</p>
                <p style="text-align: center;">&#160;</p>
            </td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; text-align: center;"><b>President Place, 4</b><sup><b>th</b></sup><b> Floor, Cnr. Jan Smuts Avenue and Bolton Road</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>Rosebank, Johannesburg, South Africa</b></p>
    <table style="margin-left: auto; border-collapse: collapse; font-size: 10pt; margin-right: auto;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 75%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">
                <p style="text-align: center;">(Address of principal executive offices)</p>
            </td>
            <td style="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">
                <p style="text-align: center;">(ZIP Code)</p>
            </td>
        </tr>
    </table>
    <p style="text-align: justify;">Registrant's telephone number, including area code: +<b>27-11-343-2000</b></p>
    <p style="text-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 style="text-align: justify;">[ ]<font style="width: 8.84pt; display: inline-block;">&#160;</font>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>
    <p style="text-align: justify;">[ ]<font style="width: 8.84pt; display: inline-block;">&#160;</font>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>
    <p style="text-align: justify;">[ ]<font style="width: 8.84pt; display: inline-block;">&#160;</font>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>
    <p style="text-align: justify;">[ ]<font style="width: 8.84pt; display: inline-block;">&#160;</font>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>
    <p style="text-align: justify;">Securities registered pursuant to Section 12(b) of the Act:</p>
    <table style="width: 466.15pt; border-collapse: collapse; font-size: 10pt; margin-left: auto; margin-right: auto;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
                <p style="text-align: center;">Title of each class</p>
            </td>
            <td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
                <p style="text-align: center;">Trading Symbol(s)</p>
            </td>
            <td style="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom;">
                <p style="margin-bottom: 0pt; text-align: center;">Name of each exchange</p>
                <p style="margin-top: 0pt; text-align: center;">on which registered</p>
            </td>
        </tr>
        <tr>
            <td style="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">
                <p style="text-align: justify;">Common stock, par value $0.001 per share</p>
            </td>
            <td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">
                <p style="text-align: center;">UEPS</p>
            </td>
            <td style="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">
                <p style="text-align: justify;">NASDAQ Global Select Market</p>
            </td>
        </tr>
    </table>
    <p style="text-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 style="text-align: right;">Emerging growth company [ ]</p>
    <p style="text-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>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade">
    <p style="text-align: justify;"><b>Item 7.01. Regulation FD Disclosure.</b></p>
    <p style="text-align: justify;">On April 1, 2020, the Net 1 UEPS Technologies, Inc. (the "Company") issued a press release announcing the sale of its remaining interest in DN Invest Proprietary Limited for ZAR 860 million. The Company also provided an update on the impact of COVID-19. A copy of the Company's press release is attached as Exhibit 99.1.</p>
    <p style="text-align: justify;"><b>Item 9.01. Financial Statements and Exhibits.</b></p>
    <p style="text-indent: 36pt; text-align: justify;">(d) <font style="width: 21.84pt; text-indent: 0pt; display: inline-block;">&#160;</font>Exhibits</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 14%; vertical-align: top;">
                <p style="text-align: center;">Exhibit</p>
            </td>
            <td style="width: 85%; vertical-align: top;">
                <p>&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="width: 14%; vertical-align: top;">
                <p style="text-align: center;">No.</p>
            </td>
            <td style="width: 85%; vertical-align: top;">
                <p>Description</p>
            </td>
        </tr>
        <tr>
            <td style="width: 14%; vertical-align: top;">
                <p style="text-align: center;">&#160;</p>
            </td>
            <td style="width: 85%; vertical-align: top;">
                <p>&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="width: 14%; vertical-align: top;">
                <p style="text-align: center;"><a href="exhibit99-1.htm">99.1</a></p>
            </td>
            <td style="width: 85%; vertical-align: top;">
                <p><a href="exhibit99-1.htm">Press Release, dated April 1, 2020, issued by the Company</a></p>
            </td>
        </tr>
    </table>
    <br>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade">
    <p style="text-align: center;"><b>SIGNATURES</b></p>
    <p style="text-indent: 36pt; text-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>
    <table style="border-collapse: collapse; font-size: 10pt; width: 100%;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">
                <p>&#160;</p>
            </td>
            <td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">
                <p><b>NET 1 UEPS TECHNOLOGIES, INC.</b></p>
            </td>
        </tr>
        <tr>
            <td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">
                <p>Date: April 1, 2020</p>
            </td>
            <td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">
                <p style="margin-left: 17.1pt; margin-bottom: 0pt; text-indent: -17.1pt;">By: <u>/s/ Alex M.R. Smith </u></p>
                <p style="margin-top: 0pt; margin-left: 17.1pt; margin-bottom: 0pt; text-indent: -17.1pt;">Name: Alex M.R. Smith</p>
                <p style="margin-top: 0pt; margin-left: 30.6pt; text-indent: -30.6pt;">Title: Chief Financial Officer</p>
            </td>
        </tr>
        <tr>
            <td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">
                <p>&#160;</p>
            </td>
            <td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">
                <p style="margin-left: 17.1pt; text-indent: -17.1pt;">&#160;</p>
            </td>
        </tr>
    </table>
    <br>
    <hr width="100%" size="5" color="black" noshade="noshade">
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html><head><title>Net 1 UEPS Technologies, Inc.: Exhibit 99.1 - Filed by newsfilecorp.com</title></head><body style="font-size:10pt;"><hr width="100%" size="3" color="black" noshade=""><div><p style="text-align:right;"><b>Exhibit 99.1</b></p></div><p style="text-align:justify;"><b>Net1 completes sale of remaining stake in DNI for ZAR 860 million and provides COVID-19 update</b></p><p style="text-align:justify;">JOHANNESBURG, April 1, 2020 - Net 1 UEPS Technologies, Inc. (Nasdaq: UEPS, JSE: NT1) ("Net1" or the "Company") today announced that it has completed the sale of its 27.5% remaining interest in DN Invest Proprietary Limited ("DNI"), as follows: </p><ul type="disc" style="padding-left:0pt;"><li style="margin-left:28.52pt;text-align:justify;padding-left:7.48pt;">A 24.3% equity stake in DNI was sold to MIC Investment Holdings Proprietary Limited ("MIC"), one of the most highly regarded investment companies in South Africa, for a cash consideration of approximately ZAR 760 million (or $42.7 million at an exchange rate of $1/ZAR 17.80 at March 31, 2020); and </li><li style="margin-left:28.52pt;text-align:justify;padding-left:7.48pt;">The remaining 3.2% equity stake was sold to DNI through a share buyback mechanism on deferred payment terms for approximately R100 million (or $5.6 million at an exchange rate of $1/ZAR 17.80 at March 31, 2020).&nbsp; The consideration will be received over 24 months, bearing interest at market related rates, with an initial six-month interest and capital repayment holiday. </li></ul><p style="text-align:justify;">"We are pleased to conclude yet another key milestone of our strategic plan. We look forward to an ongoing strategic partnership with DNI in order to address our common objectives in the distribution of value-added-services across South Africa," said Herman Kotz&eacute;, CEO of Net1. "Our immediate focus is to ensure the safety and wellbeing of our employees, partners and customers during the COVID-19 pandemic. Over the past month, we have realized in excess of $4.60/share in cash from asset sales and therefore remain comfortable with the Group's liquidity." </p><p style="margin-bottom:0pt;text-align:justify;"><u>COVID-19 Updates</u></p><p style="margin-top:0pt;text-align:justify;">Our key market in South Africa went into a 21-day nationwide lockdown starting on March 27, 2020. We believe there is limited impact on our Q3 2020 operations, with a modest adverse impact in South Korea in February prior to the closing of our sale of KSNET and the last two weeks of March in South Africa. We expect the lockdown in South Africa to have a more significant impact on our Q4 2020 results, specifically due to the industry-wide waiving of certain fees during this period, the suspension of non-essential financial and other services and the ability to do marketing and acquire new customers during a lock down. We will provide further updates with our Q3 2020 results in May 2020. </p><p style="text-align:justify;"><b>About Net1 (www.net1.com)</b></p><p style="text-align:justify;">Net1 is a multinational financial technology company with a presence in Africa, Asia and Europe. Net1 leverages its proprietary banking and payment technology to distribute low-cost financial and value-added services to underbanked consumers and small businesses. The Company also provides transaction processing services, including being a leading payment processor and bill payment platform in South Africa. Net1 leverages its strategic investments in banks, telecom and mobile payment technology companies to further expand its product offerings or to enter new markets. Net1 has a primary listing on NASDAQ (NasdaqGS: UEPS) and a secondary listing on the Johannesburg Stock Exchange (JSE: NT1). Visit <font style="color:#0000ff;"><u>www.net1.com</u></font> for additional information about Net1.</p><hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade=""><p style="text-align:justify;"><b>Forward-Looking Statements</b></p><p style="text-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: the Company failing to execute its South African strategy; the unknown impact of the current COVID-19 pandemic; 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, 2019, 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 style="margin-bottom:0pt;text-align:justify;"><b>Investor Relations Contact: </b></p><p style="margin-top:0pt;margin-bottom:0pt;text-align:justify;">Dhruv Chopra </p><p style="margin-top:0pt;margin-bottom:0pt;text-align:justify;">Group Vice President, Investor Relations </p><p style="margin-top:0pt;margin-bottom:0pt;text-align:justify;">Phone: +1 917-767-6722 </p><p style="margin-top:0pt;text-align:justify;">Email: <font style="color:#0000ff;"><u>dchopra@net1.com</u></font> </p><p style="margin-bottom:0pt;text-align:justify;"><b>Media Relations Contact: </b></p><p style="margin-top:0pt;margin-bottom:0pt;text-align:justify;">Bridget von Holdt </p><p style="margin-top:0pt;margin-bottom:0pt;text-align:justify;">Business Director - BCW </p><p style="margin-top:0pt;margin-bottom:0pt;text-align:justify;">Phone: +27-82-610-0650 </p><p style="margin-top:0pt;text-align:justify;">Email: <font style="color:#000000;">Bridget.vonholdt@bcw-global.com</font></p><hr width="100%" size="5" color="black" noshade=""></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
