Net 1 (UEPS) Updates Shelf; Now Includes 6.4M Common for Shareholder

March 13, 2012 8:07 AM EDT
Net 1 UEPS Technologies Inc. (Nasdaq: UEPS) has filed a new universal shelf registration on Form S-3 with the United States Securities and Exchange Commission, which replaces and updates its current shelf registration statement. Like the current registration statement, the new registration statement would also allow Net1 to issue up to $500,000,000 of securities. At the present time, Net1 has no specific plans to sell any securities for its own account under either the new registration statement or the current registration statement.

In addition, because Net1 is required to register the 6,409,091 shares of Net1 common stock owned by investment funds affiliated with General Atlantic LLC under the terms of a registration rights agreement previously entered into by the parties, the registration statement includes such shares and permits those shareholders to sell their shares should they wish to do so in the future. In the case of a sale of any or all of these shares, Net1 would not receive any proceeds from such sale.

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