March 1, 2017 / 1:09 PM / 5 months ago

BRIEF-NET 1 UEPS to extend subscription date for Blue Label investment deal

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March 1 (Reuters) - Net 1 Ueps Technologies Inc:

* Agreed with Blue Label Telecoms Limited ("Blue Label") to extend subscription date for company's proposed 15 pct investment in Blue Label

* Agreed to extend subscription date from Feb. 28, 2017, to no later than June 30, 2017

* Binding restructure agreement is subject to conclusion of relevant transaction agreements by no later than June 30, 2017.

* Blue label and Firstrand Bank have agreed to amend 2 bln rand guarantee issued by RMB in favour of Blue Label by extending expiry date to May 31

* Company has also concluded a memorandum of understanding to acquire 49.6 pct of DNI-4PL contracts

* Company intends to settle purchase consideration for these two investments using a combination of surplus cash, debt and new equity placement. Source text for Eikon: Further company coverage: (Bengaluru Newsroom)

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