Net 1 UEPS: Cash Flow Machine Set To Double
Net 1 UEPS's SASSA Contract Loss Will Re-Rate The Shares Further
Alpha Gen Capital
Alpha Gen Capital
Fri, Jun. 17, 7:06 AM
- Net 1 UEPS Technologies (NASDAQ:UEPS) announces that it exercised its option to acquire the remaining 40% of Masterpayment , a specialist payment services processor based in Munich, Germany. The deal price wasn't disclosed.
- Net1 now owns 100% of Masterpayment, having acquired 60% of Masterpayment in April 2016.
- An earn-out purchase consideration was also worked out.
- "We believe there is an opportunity to accelerate the wider implementation of Masterpayment's business model across carefully selected markets," said Serge Belamant, Chairman and CEO of Net1.
- Source: Press Release
Thu, May 5, 4:48 PM
Wed, May 4, 5:35 PM
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Tue, Apr. 12, 12:45 PM
Mon, Apr. 11, 4:39 PM
- Emerging markets-focused P-E firm IFC is buying $107.7M worth of Net1 UEPS (NASDAQ:UEPS) shares at a price of $10.79 - a 20.6% premium to Friday's close. The investment gives IFC an 18% stake.
- IFC exec Atul Mehta: "Net1 has created impressive propriety technology for the delivery of services and demonstrated its effectiveness in South Africa. IFC and IFC AMC's funds' investments will help Net1 expand regionally, especially into African countries where there is limited banking infrastructure and availability of financial services for the poorest segments of the population."
- Net1 closed up 30.5% to $11.68 on the news.
Mon, Apr. 11, 12:47 PM
Thu, Mar. 10, 10:58 AM
- Net1 UEPS (UEPS +4.6%) says it spent $12.7M to buy back 1.3M shares in February, and has spent $23.9M to buy back 2.1M shares (over 4% of outstanding shares) since November.
- The company also discloses over 1M accounts have been opened for its EasyPay Everywhere service (targets un-banked and under-banked South Africans) since its June 2015 launch, up from 830K at the end of January.
- CEO Serge Belamant, recently under fire over his academic credentials: "I am also pleased that the expansion of our insurance offering is gaining momentum, performing well ahead of its intended business plan and has already issued around 57,000 new policies. The on-going adoption of these new financial services by our customers further diversifies our existing portfolio..."
Thu, Feb. 25, 1:58 PM
- A day after an SA article appeared in which author Quoth the Raven stated Net1 UEPS (UEPS -0.8%) CEO Serge Belamant "appears to have a Ph.D. from an offshore 'distance learning' diploma mill" known as Burkes University, Net1 has responded by declaring it believes (following an investigation by two board members) Belamant was likely "the unfortunate victim of a scam," and that his honorary degree likely isn't legitimate.
- Net1 says it "appears" Belamant received an e-mail in 2003 from someone claiming to be associated with Burkes and stating Belamant had been short-listed for "the conferment of an honorary doctorate degree." It add Belamant "recalls making a donation to what he believed was a foundation associated with Burkes University," and that Burkes is currently referred to by the U.K.'s Higher Education Degree Datacheck site as "not a valid U.K. degree awarding body."
Thu, Feb. 4, 4:31 PM
Wed, Feb. 3, 5:35 PM
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Mon, Jan. 25, 12:22 PM
- Net1 UEPS (UEPS +2.4%) has acquired the 56% of Hong Kong-based payment services provider Transact24 (T24) it didn't purchase last May. The company is paying an undisclosed amount of cash, and issuing 391,645 shares (current value of $4.1M).
- Net1 adds it repurchased 749,123 shares in November and December at a cost of $11.2M. Half the shares issued in the T24 deal are "contractually restricted as to resale until after June 30, 2016, and the remaining 50% of the shares are so restricted until after June 30, 2017."
- T24 has prepaid card-related partnerships with Visa and Chinese bank card giant China UnionPay. Net1 CEO Serge Belamant: "During our short history [with T24], we have already identified many strategic opportunities and we look forward to them playing an integral role in scaling up Net1's businesses internationally, including in China."
- Last June: Net1 buys 25% stake in Nigerian credit provider
Nov. 5, 2015, 4:59 PM
- Net 1 UEPS Technologies (NASDAQ:UEPS): FQ1 EPS of $0.56 in-line.
- Revenue of $154.47M (-1.3% Y/Y) beats by $4.17M.
Nov. 4, 2015, 5:35 PM
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Sep. 17, 2015, 5:15 PM
- A Southern New York federal court has dismissed a securities class-action suit against Net1 UEPS (NASDAQ:UEPS), CEO Serge Belamant, and CFO Herman Kotze.
- The suit was tied to an SEC probe into whether Net1's efforts to secure South African contracts violated the Foreign Corrupt Practices Act. The SEC dropped its probe earlier this year.
Aug. 20, 2015, 5:39 PM
Aug. 20, 2015, 4:14 PM
- Net 1 UEPS Technologies (NASDAQ:UEPS): Q4 EPS of $0.58 beats by $0.11.
- Revenue of $164.29M (-10.1% Y/Y) beats by $12.99M.
- Shares +5%.
Net 1 UEPS Technologies, Inc. provides payment solutions and transaction processing services in South Africa. It engages in the designing, developing and marketing of secure transaction technology, solutions and services and offer transaction processing, financial and clinical risk management... More
Industry: Business Services
Country: United States
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