20th Dec 2021 15:20
ThinkSmart Ltd - Perth, Australia-based digital payments platform for 'Buy Now Pay Later' sector - Reaches agreement with ASX-listed Afterpay Ltd to sell its remaining 10% stake in Clearpay Finance Ltd in exchange for 1.7 million shares in Afterpay, worth GBP73.4 million. Afterpay shares closed up 1.5% at AUD83.89 in Sydney on Monday. The disposal is prompted by the proposed takeover of Afterpay by the US's Block Inc, formerly Square, in the first quarter of next year, which would make valuation of the Clearpay stake more complex. The share swap will be put to a vote of ThinkSmart shareholders at a meeting on January 14.
Current stock price: 65.11 pence, down 20%, for GBP69.5 million market capitalisation
Year-to-date change: down 11%
By Tom Waite; [email protected]
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