SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Belamant Serge

(Last)

(First)

(Middle)

PRESIDENT PLACE, 4TH FLOOR

CNR. SMUTS AVENUE AND BOLTON ROAD

(Street)

JOHANNESBURG, GAUTENG, RSA

2196

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
NET 1 UEPS TECHNOLOGIES INC [ UEPS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/08/2005

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	08/08/2005		M		133,334	A	$0	133,334	D
Common Stock	08/08/2005		M		16,666	A	$3	150,000	D
Common Stock	08/08/2005		S		150,000	D	$22	0	D
Common Stock	08/08/2005		S		216,333	D	$22	800,799	I	By the CI Law Trustees Limited⁽¹⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Stock Option (right to buy)	$0	08/08/2005		M			133,334	⁽²⁾	06/07/2014	Common Stock	133,334	$0	200,000	D
Employee Stock Option (right to buy)	$3	08/08/2005		M			16,666	⁽³⁾	06/07/2015	Common Stock	16,666	$0	66,668	D
Special Convertible Preferred Stock	$0	08/08/2005		S			386,456	06/07/2004	⁽⁵⁾	Common Stock	386,456	⁽⁶⁾	1,545,823	I	By the Aplitec Holdings Participation Trust⁽⁴⁾

Explanation of Responses:

1. The shares of common stock are held by the CI Law Trustees Limited for the San Roque Trust dated 8/18/92. Dr. Belamant as proxy of CI Law Trustees can vote all of CI Law Trustees' shares.

2. The options were exercisable in five equal annual installments beginning on June 7, 2004.

3. The options were exercisable in five equal annual installments beginning on June 7, 2005.

4. The shares of Special Convertible Preferred Stock are held by The Aplitec Holdings Participation Trust for the benefit of Dr. Belamant and are convertible, on a one-for-one basis, into shares of common stock of Net 1 UEPS Technologies, Inc. at the discretion of Dr. Belamant.

5. The preferred stock is convertible into shares of Net 1 common stock upon the occurrence of a trigger event, which is defined as any one of the following: (1) notification by the shareholder of the intention to convert some or all of such holder's preferred stock; (2) the abolition or relaxation of South African exchange control regulations such that South African residents would be permitted to directly hold shares of non-South African companies; or (3) Net 1's liquidation, insolvency or other winding up.

6. No consideration is required to be paid by Mr. Belamant upon conversion of the preferred stock into shares of Net 1 common stock.

	/s/ Serge C.P. Belamant	08/10/2005
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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