Thinksmart Says Clearpay Sale Share Proceeds Won't Be Diluted
21 Dezembro 2021 - 7:27AM
Dow Jones News
By Joe Hoppe
Thinksmart Ltd. said Tuesday that after its proposed Clearpay
sale to Afterpay Ltd., the consideration shares it will receive
won't be reduced for employee stock ownership plans.
The U.K. digital-payments platform, which said Monday that it
will sell its remaining 10% stake in Clearpay to Afterpay in
exchange for 1.65 million Afterpay ordinary shares, said the shares
won't be reduced under the Clearpay ESOP nor under the original
share purchase agreement it made with Afterpay in August 2018.
Any options granted for the ESOP will instead be satisfied
through Afterpay allotting new shares.
The company said Monday that the 1.65 million shares have a
market value of 73.4 million pounds ($96.9 million), and the deal
is expected to complete in the first quarter of 2022.
"We believe this outcome provides our shareholders with an
opportunity to continue the exciting Afterpay journey now directly
with Block and we as a board see continued long term value
accretion with this outcome," Executive Chairman Ned Montarello
said.
Shares at 0949 GMT were down 5.5 pence, or 8.7% at 5.5
pence.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
December 21, 2021 05:12 ET (10:12 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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