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Net1 board terminates Blue Label subscription agreement

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Net1 board terminates Blue Label subscription agreement

Net 1 UEPS Technologies Inc.'s board of directors has decided that the company will not invest directly in Blue Label Telecoms Ltd., after extending the subscription date for the investment in March.

Net 1 cited its poor stock performance in the first five months of 2017 and a lack of demand for its shares as factors in its decision not to move forward with the share placement. Net 1 needed to use cash reserves, bank finance and the issuance of common shares to fund the transactions.

The board decided that the company could only use cash and bank debt for the investments, and as a result, it is only able to fund two of its three planned transactions. The company plans to move forward with its planned investments in Cell C Ltd. and DNI-4PL Contracts Ltd. Net 1 said it reached a mutual agreement with Blue Label.