Thinksmart's Shares Rise on Takeover Plan by CEO

By Sabela Ojea

Shares in ThinkSmart Ltd. rose on Friday after the company said that it has agreed to a takeover by Tuscan Equity Pty Ltd.--a company owned by ThinkSmart Chairman and Chief Executive Ned Montarello--with an indicated value of 38.4 million pounds ($46.8 million).

Under the deal, Tuscan will buy all the shares of the company, including Mr. Montarello's, for a cash sum to be decided through a "scheme implementation deed."

The cash payment will be calculated based on the money raised through the sale of the 618,750 shares in Block Inc. that are held by ThinkSmart on the New York Stock Exchange.

Based on Block's closing share price of $74.76 on July 21, ThinkSmart shareholders would get 36.01 pence for each of their shares. This price is a 52% premium to ThinkSmart's closing price of 23.75 pence on Thursday.

Mr. Montarello, who is also ThinkSmart's founder, owns 29.4% of its issued share capital.

Shares at 0836 GMT were up 6.25 pence, or 26%, at 30.00 pence.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

July 29, 2022 05:01 ET (09:01 GMT)

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