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ThinkSmart Ltd - Perth, Australia-based digital payments platform - Tuscan Equity Pty Ltd, a company wholly-owned and controlled by ThinkSmart Chief Executive Officer, Chair & Founder Ned Montarello, says it will buy ThinkSmart. As of Friday, Tuscan Equity holds a 29% share in ThinkSmart.
Tuscan expects the transaction to close in November. It requires court, Financial Conduct Authority and shareholder approval and an independent expert has to conclude that the takeover is in the best interest of ThinkSmart's independent shareholders.
‘The cash consideration to be paid under the scheme will be determined shortly,’ Tuscan explains.
Current stock price: 29.80 pence, up 25% on Friday
12-month change: down 51%
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