Thinksmart Dividends - TSL

Thinksmart Dividends - TSL

Stock Name Stock Symbol Market Stock Type
Thinksmart Limited TSL London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 28.50 00:00:00
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Thinksmart TSL Dividends History

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

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Top Posts
Posted at 05/8/2022 14:52 by mjneish
I make the current value of the Block shares to be 43.4p currently.

(618,750 Block shares at $90 per share, £0.83 = $1, 106.57 million TSL shares in issue)

So TSL's trading at a 20% discount.

Posted at 04/8/2022 07:18 by portugull
I have just re read my posts 535, 539 and 540 from last December which Holders of TSL May find interesting!

It is always a concern of mine when the Directors hold in this case 41per cent of the Shares that their interests might conflict with the interests of the Private Shareholders.

Posted at 03/8/2022 20:01 by coyy
TSL up 13% today so I guess linked to big move up in Block on NYSE up $8.94 which equates to 11.30%
Posted at 03/8/2022 19:53 by g1g4lo
Well I bought a few months ago at 34.5p and increased my holding a few weeks ago by 50% so already up. But there is still 20% discount so am happy to stay.
They will not sell the shares until November and if I am happy to hold Block shares I will buy them direct so it doesn’t matter if you hold shares in TSL and then once sold at an increased price to today at 25% and then buy shares directly in Block.
If you are interested in Block then hold until November and then buy Block - a 25% increase in TSL shares by then - nothing to think about until then unless you think block shares will crash?

Posted at 03/8/2022 10:40 by coyy
Yes of course they could but, and it is a big but, would you be happy to receive 36p a share for your TSL shares when they have cost you an average of 51p a share and therefore make a loss of 29%. In my case £3,800.

All because TSL want my shares on the cheap. No wonder Simon Thompson is saying "reject the offer"

paulbutcher1999 what would you do in my position?

Posted at 02/8/2022 11:05 by coyy
Simon Thompson writes in Investors Chronicle that Private Shareholders in TSL should oppose the Scheme of Arrangement which would see Mr Montarellos buy out vehicle acquire the Block Shares at a market low.

What did Mr Montarello say in February this year. I quote him "that all the analysts covering Block have a target price of $200 to $250. We are excited by the prospect of the Block holding as they emerge as one of the winners in this Payment gateway space"

6 months later he wants our shares at a Market Low.Does he think we are stupid?

Posted at 30/7/2022 15:21 by bwm2
The price is one that the major shareholder accepts.. End of discussion. But I suspect the price of block will harden by October and so will hold my old 20-23p stake. I only have a small holding as the majority was sold circa 90p. Its been a very profitable two years, thankyou tsl.
Posted at 23/12/2021 01:55 by jon l
Hi Portugull and Jacqedia.

We do not become owners of Afterpay/Block shares, the Thinksmart company does. We are merely private shareholders in that company.

Thinksmart is a not a UK company but is headquartered in Perth, Aus. Thinksmart shares trading on the LSE are Depository Interests (DI). Dividends etc. are quoted in Aus$ and paid to us in UK£ at prevailing exchange rates.

The end result of this deal, if/when it goes ahead, will be that we remain shareholders in TSL, whose board controls ownership of 618,750 SQ shares after late January. The TSL share price is worth less than the asset value of that shareholding because, as we have seen, the Thinksmart board is quite capable of doing things with its control that you and I would not do (unless, ahem, we were offered a private inducement that is not publicly declared...).

For UK residents interested in fintech and specifically in the Block-Afterpay offering, it would be better for us if we could hold SQ shares (or DIs) directly in our own control, to buy and sell as we like on the LSE. But that is not available, with SQ traded only in New York (and after January also as DIs on the Australian exchange). So holding LSE-traded TSL as a proxy is all we have in London - with the attendant risks of illiquid shares, the TSL board making its own decisions, and light regulation on AIM.

Stockopedia shows the number of TSL shares in issue as 106,587,814; ADVFN shows "106.57m" which isn't quite the same. I haven't checked the truth but will use Stocko.

1. TSL shares in issue 106,587,814
2. APT shares to be acquired by TSL by sale of the Clearpay interest: 1,650,000
3. APT shares per TSL share (2)รท(1) = 0.01548
4. Block(SQ) shares per TSL share (3)x.375 = 0.0058
5. 40,000 TSL represents 619.2 APT which will become 232.2 SQ in late January.
6. TSL's NAV also includes the small legacy business being run out.

Hope this helps. This is my understanding and open to correction by anyone!

Posted at 15/12/2021 10:09 by jon l
I understand that the BoS process has a statutory deadline of 21 February. Block/Afterpay expects to receive the decision in mid-January. If approval is not given then the deal will not proceed.

The problem concentrating minds in Block/Afterpay will be that exercising the TSL call option after the takeover must be done in hard cash. A less painful handoff in Afterpay/Block shares is only possible if TSL can be induced to agree to a sweet deal *before* the takeover date. TSL is not obliged to agree.

This being so, TSL could decide either:
(a) to accept shares in Afterpay/Block - only possible if TSL agrees an attractive offer *before* the takeover completes,
or (b) to hang in there for Clearpay's future growth within Block Inc.

If (b) is chosen then TSL can ride along and keep revaluing its Clearpay interest upwards towards 2024; Block will have the right to close TSL out at any time, but only for cash.

All speculation and quite possibly all wrong given that much is not publicly known. We'll learn more in the next month.

Posted at 06/12/2021 10:09 by 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...

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