- Current report filing (8-K)
05 November 2008 - 4:28AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
November
3, 2008
NET 1 UEPS TECHNOLOGIES,
INC.
(Exact name of registrant as specified in its
charter)
Florida
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000-31203
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98-0171860
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(State or other jurisdiction
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(Commission
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(IRS Employer
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of incorporation)
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File Number)
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Identification No.)
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President Place, 4
th
Floor, Cnr. Jan
Smuts Avenue and Bolton Road
Rosebank, Johannesburg, South
Africa
(Address of principal executive offices) (ZIP Code)
Registrants telephone number, including area code:
011-27-11-343-2000
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:
[ ] Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a -12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d -2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e -4(c))
Item 8.01. Other Events.
The following information is furnished pursuant to Item 8.01,
Other Events.
On November 3, 2008, Net 1 UEPS Technologies, Inc. (Net1)
issued a press release announcing that it received the final decision in respect
of the Payment Service Tender from the Chief Executive Officer (CEO) of the
South African Social Security Agency (SASSA). Bidders have been advised that
the CEO has decided to: (i) make no award of tenders submitted in response to
SASSA Tender 19/06/BS and to terminate the procurement process; and (ii) defer a
decision about commencing a fresh tender process for the provision of a social
assistance grants payment service.
The reasons for the decision of the CEO are summarized as
follows:
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1.
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a number of the bid evaluation technical criteria
specified in the Request for Proposal (RFP) are vaguely formulated and
resulted in a high degree of subjectivity in the decision making process
and inconsistent scoring of bids;
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2.
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uncertainty and ambiguity of the RFP regarding payment
solutions based on multiple payment channels resulted in an unfair and
uncompetitive bidding process;
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3.
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the important objectives of the procurement process
relating to submission of performance guarantees by bidders could not be
achieved;
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4.
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due to the lack of clarity in the RFP regarding the
measurement of preference points, an important objective of the RFP,
namely the advancement of broad-based black economic empowerment, could
not be achieved;
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5.
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evaluating and adjudicating the payment service tender,
notwithstanding the serious flaws identified in the RFP and bid evaluation
process, would be inconsistent with the application of a fair,
transparent, equitable, cost-effective and competitive procurement system
and would expose the SASSA to a significant degree of legal risk;
and
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6.
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a decision by SASSA on whether or not to commence a fresh
tender process will require further consultation and consideration of
various important factors, including the terms, evaluation criteria and
specifications for a new tender, the envisaged payment solution and
conditions for the acceptability and evaluation of bids which may be based
on alternative payment models.
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A copy of Net1s press release is attached as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
SIGNATURES
Pursuant to the requirements of
the Securities Exchange Act of 1934, the registrant has duly caused this report
to be signed on its behalf by the undersigned hereunto duly authorized.
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NET 1 UEPS TECHNOLOGIES, INC.
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Date: November 4, 2008
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By:
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/s/ Serge C.P. Belamant
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Dr. Serge C.P. Belamant
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Chief Executive Officer and Chairman of the
Board
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