ThinkSmart Limited Business Update (4357B)
07 Giugno 2019 - 8:00AM
UK Regulatory
TIDMTSL
RNS Number : 4357B
ThinkSmart Limited
07 June 2019
7 June 2019
ThinkSmart Limited
("ThinkSmart" or the "Company")
Business Update
ThinkSmart is pleased to note Afterpay Touch Group's ("APT")
recent announcement that it is now live and transacting in the UK
under the ClearPay name, following ThinkSmart's sale of 90% of
ClearPay Finance Ltd (ClearPay) to APT.
Australian listed APT, currently valued at AU$5.6bn, is a global
leader in online payments, and has launched in the UK using the
ClearPay company and name.
ThinkSmart's sale in August 2018 of 90% of ClearPay to APT
marked an important strategic milestone for the Company, following
the migration of its listing from the Australian Stock Exchange to
the London Stock Exchange's AIM late in 2016.
ThinkSmart maintains 10% carriage of APT in the UK through its
retained holding in ClearPay and also provides an outsourced
customer service centre to ClearPay to support the product in the
UK. A proportion of the 10% retained shareholding (up to 3.5% of
the total share capital of ClearPay) will be made available to
employees of ClearPay under an employee share ownership plan.
Current trading for ThinkSmart's leasing business continues
broadly in line with the performance for continuing activities as
announced in the Interim Results on 6 March 2019, with business
volumes down year on year, mainly as a result of the lower margin
Flexible Leasing product. ThinkSmart has adjusted its cost base to
align to these volumes and is currently reviewing the ongoing
strategy of the leasing arm of its business.
The leasing business currently has c. 30,500 (36,400 at 31
December 2018) active customer contracts and deals almost
exclusively with Dixons Carphone plc, with retail distribution
contracts due to end their minimum terms between January 2020 and
November 2021. Secure Trust Bank remains ThinkSmart's key partner,
funding the Leasing business volumes.
In March 2019, ThinkSmart returned AU$8m (c. GBP4.3m GBP) via a
Return of Capital and Dividend to its shareholders, whilst
maintaining a healthy cash position of c. GBP7m GBP as at 30 April
2019. In addition, the Company continues to hold 250,000 APT
shares, valued at c. GBP3.5m GBP at 30 April 2019 (based on APT
share price of AUD$25.59 and 1.8379 AUD:GBP at that time), which
were received as part of the sale consideration for ClearPay.
At 30 April 2019, the Company's consolidated net assets
(unaudited) stood at c. GBP17m GBP representing c. 16 pence per
share versus its current share price of 5.75 pence per share (at 5
June 2019).
For further information contact:
ThinkSmart Limited Via Instinctif Partners
Ned Montarello
finnCap Ltd (Nominated Adviser and Joint Broker) +44 (0)20 7220
0500
Jonny Franklin-Adams, Anthony Adams (Corporate Finance)
Tim Redfern, Richard Chambers (ECM)
Canaccord Genuity (Joint Broker) +44 (0)20 7523 8350
Sunil Duggal
David Tyrrell
Instinctif Partners +44 (0)20 7457 2020
Catherine Wickman
Kaj Sahota
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END
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