Thinksmart Dividends - TSL

Thinksmart Dividends - TSL

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Stock Name Stock Symbol Market Stock Type
Thinksmart Limited TSL London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
-0.50 -0.53% 93.50 12:32:33
Open Price Low Price High Price Close Price Previous Close
95.50 76.00 95.50 94.00
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Industry Sector

Thinksmart TSL Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

portugull: Big fall in TSL share price this morning down 13%
carcosa: If call option is exercised before 18 January 2022 and settled by Afterpay in shares, then at a £233m valuation this would only result in 3.76m Afterpay shares being issued, a very insignificant sum. Afterpay shares would then be converted into Square shares at the rate of 0.375 per one Afterpay share when the Square takeover completes. Post completion, Square would have 571m shares in issue, so ThinkSmart's own holding would be 916,500 Square shares; i.e 0.16% of the total. Hence any suspicion of walking down the price would not make any sense if paid in cash or shares because it is such a relative tiny amount; a thorn in the backside so to speak. Conversion would me a very simple matter for a court to do. Would take maybe a minute. Given the £233m valuation was estimated a long time ago (7 months old by time of completion) and the fact that ThinkSmart Directors believe that greater weighting should be assigned to active customers there is good reason to believe the valuation can be well north of £233m. Short term share price fluctuations should have no bearing on the valuation; concern that the deal may not actually happen is the primary focus for TSL and AfterPay shareholders. Given that Square have already signed off on it and AfterPay are pushing hard for it to complete then there I believe it is reasonable assumption the deal will go ahead. Thinking more about the 14 December meeting and actually reading the ASX RNS it seems as though this meeting will go ahead because Afterpay intends to approach the New South Wales Supreme Court (Court) for orders in connection with the conversion of the Bank of Spain condition precedent to a condition subsequent. Or in other words, as I read it, Shareholders will vote on the deal but will only be implemented when the Bank of Spain approval is obtained. The Bank of Spain approval is necessary because that is AfterPays gateway for operation in all of the EU; not just Spain. Given that, it does not fill me with a confidence they will act quickly... The negotiations have already been underway for some time between TSL and AfterPay, as was reported. TSL has the upper hand because it is Afterpay that is under time pressure to complete the deal. Long term TSL holders may be happy to have shares in a US listed growing disrupter company anyway. If ClearPay has a great Christmas and New Year then that would further increase the value of TSL;s stake; so a delay is not necessarily a bad thing for TSL holders unless AfterPay has a blow-out year end; Interesting to note Afterpay did not issue their last quarterly operating update...
carcosa: Sounds a bit odd of holding the meeting on 14 December, after it was previously cancelled because of the BoS. A decision from BoS (i.e. EU) is not expected until January 2022 so logic would suggest the 14 December meeting will also be cancelled. I suppose the 14 December meeting could be carried conditional upon BoS agreement. Square shareholders have already approved the deal. Either way, it has contributed toward the declining share price for AfterPay/Square and hence TSL so its good for those that consider the deal will go through. And still provides incentive for AfterPay to buy out the rest of ClearPay by mid January
jon l: Afterpay now says it will hold its delayed shareholder meeting next week, not waiting for Bank of Spain approval, and seek court agreement to make that approval a 'condition subsequent' (i.e. takeover is contingent on the approval). The continuing European licence forms part of Thinksmart's Clearpay interest. No word said on any conditions the Bank of Spain could be seeking from the new American owner, or the little detail of the Thinksmart negotiation. TSL holders can perhaps expect gyrations in the next month or so. AFT shares have tracked SQ in the general tech selloff. But TSL's price has a different basis (pregnant with the outcome of that negotiation) and the shares have been steady so far.
bwm2: As usual the european tail wagging the dog. However, in this case, the longer it takes the better in my view for tsl shareholders. Looking forward to the H1 APT results
dicktrade: Simon Thompson has not written anything about TSL since November 10, 2021 good !
carcosa: Simon Thompson has not written anything about TSL since November 10, 2021
weatherman: Simon Thompson had some positive words to say about TSL over the weekend in IC - behind a paywall on the internet - think I saw a current valuation of 151p - anyone have access to it?
jon l: The APT balance sheet carrying value of the Clearpay liability as at 30 June was increased by A$96.8m in today's accounts, a large non-cash item leading to APT's increased loss. The growing liability is, of course, a result of using Buy-Now-Pay-Later to acquire 90% of Clearpay, leaving the remaining 10% to grow in TSL's hands. This growing liability will worry minds in APT and Square, as it must be satisfied in real cash if APT is no longer listed. Riddles1 is right that, even with the increase, the carrying value on APT's 30 June books is still substantially (~25%) below a mark-to-market valuation of the liabiity to TSL. I calculate that as 6.5% of Clearpay, which on 30 June was 13% of Afterpay based on active customer numbers. That is one gap which will close as we approach the transaction after Christmas. The other anomaly to close is TSL's share price, continuing to trade at ~30% discount to the underlying value of its Clearpay interest. At the next APT results for 30 December this will change again. Clearpay will likely be more than 13% of APT by then. And APT's value will move depending on Square's share price (which has risen since the bid announcement). Exchange rates are the other main variables.
eezymunny: Thanks Jon L. There's some sense to that, but it's not set in stone AFAICS. The Clearpay valuation is not contractually linked to the Afterpay share price - unless I've missed something. By your sums Afterpay at $29b valuation. Clearpay UK c. 13% of Afterpay revenues. TSL own 10% of Clearpay UK. If pro rata to revenue that would value TSL's spoils at c. £270m. 35% of that goes to TSL management etc leaving £180m for TSL shareholders. That's c. 178p per TSL share. Clearly I'm missing something. I suspect there's an algorithm not in the public domain.
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