TSL Thinksmart Limited

TIDMTSL

RNS Number : 7949Q

ThinkSmart Limited

23 June 2020

23 June 2020

ThinkSmart Limited

("ThinkSmart" or "the Company" which together with its subsidiaries is the "Group")

Clearpay Trading Update

ThinkSmart (AIM: TSL) notes the highly encouraging trading update this morning from global instalments payments innovator Afterpay Limited Group (ASX: APT) concerning the trading activities of its UK business, Clearpay Finance Ltd ("Clearpay"). Clearpay announced that there are now more than one million active shoppers in the UK using the service. A link to the press release can be accessed here .

ThinkSmart retains a 10%(1) stake in Clearpay, having sold the business to Afterpay in 2018. As part of the sale agreement there is a call option for Afterpay to purchase ThinkSmart's remaining holding in Clearpay any time after 23 August 2023 at a price calculated on agreed principles based on market valuations at that time, with ThinkSmart's reciprocal put option 6 months later.

(1) 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.

Ends

For further information please contact:

 
 ThinkSmart Limited                  Via Buchanan 
 Ned Montarello 
 
 Canaccord Genuity Ltd (Nominated 
  Adviser and Broker) 
  Sunil Duggal 
  David Tyrrell 
  Tom Diehl                          +44 (0)20 7523 8350 
 Buchanan 
  Giles Stewart 
  Victoria Hayns 
  Toto Berger                        +44 20 7466 5000 
 

Notes to Editors

About ThinkSmart Limited

ThinkSmart Limited is a specialist digital payments platform operator and investor . In 2018 ThinkSmart sold 90% of its Clearpay subsidiary to Afterpay Ltd and retains the 10% holding. ThinkSmart's operating business provides retail finance solutions for both consumers and businesses, underpinned by its innovative and scalable proprietary technology platform, 'SmartCheck'. Since it commenced operations in the UK in 2003, the Group has processed in excess of 350,000 individual applications.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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June 23, 2020 05:22 ET (09:22 GMT)

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