Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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Ned is resigning after sale of clearpay! They sold their 90% afterpay shares the next day after acquiring them. If there was so much potential to keep 10% clearpay why sell afterpay holding so quickly. They lost tons of value. There is nothing to say they will hold the block shares a day or a year . They are winding down.
Interesting video Surprised.
Optionality is certainly one of the benefits of the stake in Block.
https://twitter.com/surprised_trade/status/1474137076295733250
ThinkSmart to trade its remaining ClearPay shares for £85m stake in Block
Based on the Block closing share price on December 17, 2021, and the agreed ratio of 0.375 Block shares for each Afterpay share (and using 1.3239 USD:1 GBP) on implementation of the Scheme, the Consideration Shares equate to a value of £78.1 million which, along with the £6.5 million of cash and other assets (being £9.5 million of net assets at June 30, 2021 less £3 million returned to shareholders on December 8, 2021) equates to £84.6 million.
This is generally in line with ThinkSmart’s closing market cap on December 17, 2021 of £86.3 million.
Block share price on December 17 had reportedly closed 30% below its average since August 2, 2021. However, despite this reduction in the value of Block shares, the Directors think there is considerable potential for future value accretion
Executive Chairperson at ThinkSmart, stated:
“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.”
https://www.crowdfundinsider.com/2021/12/184509-thinksmart-ltd-to-sell-clearpay-stake-to-afterpay/
https://www.fool.com/investing/2021/12/22/heres-why-i-love-that-square-changed-its-name-to-b/
I’m 100% with you Monkey. I too bought at 24, and sold out at 58, but that’s not the point. The board are a total disgrace and your anger is justified. It now appears to be a holding company for some Sq. shares. Would you really want to trust this lot to sell their Sq. shares to your best advantage after this farce? Clearly looks like there’s been ‘ things’ (ahem) going on in the background leading up to this ‘deal’.
Perils of AIM I suppose...
Good luck!
I'm just incredibly angry and what they've done. Luckily I've still made a good profit, but that's not the point. Anyway, I'm just going to enjoy the profit and put the rest into Boohoo??
Ah but it’ll make him feel better :)
That's a pretty destructive suggestion which doesn't benefit anyone at all.
The way the board of directors have treated the shareholders is utterly shameful. I've completely sold everything, and I urge everyone else to do this also. Maybe if we can all collectively crash the share price, this will destroy the holdings of Ned and the rest of the board.
Thinksmart Ltd, the "managed wind-down" as they call it, in reality now only an investment company owning some shares, currently costs around £3.6m per annum in management and BOD costs etc. to manage. Their only "activity" will be looking after 618,750 Block-shares worth around £77m today. That is a whopping 4?% p.a. "management charge" for watching some shares in one single company. In the NOTICE OF GENERAL MEETING they confirm that they have no strategy for the future. My bet is that none of the directors/top executives are in any hurry to reduce that £3.6m annually management charge since nobody wants to be the first to leave. Unless of course they award themselves an eyewatering shiny "good leaver" golden parachute each and cashing in their share options.
I'm so disappointed with what the board has done that I have sold everything - I got in at 24p so I've still made a healthy profit, but I am so incredibly angry with the **** deal they have got for the shareholders I want nothing more to do with the company.
This would look a lot more shareholder focused if it was a 3% premium rather than a discount…
Tsl shareholders are not getting block shares. Tsl are getting the shares and they can sell them whenever they like. They won’t be waiting so you can get 100p as they are winding up . It’s not a good deal if shareholders are not getting the true value of clearpay. After pay is down at the moment because they are in the middle of being sold. We should be getting an independent valuation of clearpay and block should be allocating that value using the current price of their shares at the time of the deal.
Looking at how ST valued TSL he based it what Canaccord Genuity said: and that was on Afterpay being $133 a share (as at August). 4 months on Afterpay is at $87 a share. So it's dropped a third - like Block - and like TSL.
I've run the same calculation that he relied on back in August and it comes back with a valuation of £88.5m. That's quite close to our MCap prior to the announcement ...... So those who think they've been "ripped off" and hard done by, sorry actually the proposed deal is fair based on the current prices of Afterpay and Block. The offer is pretty close (within 3%) of TSL's Mcap prior to the announcement. That's the facts.
If you don't want to own Block then sell ThinkSmart - it's as simple as that!!
But if you want to buy Block at a 25% discount to it's current market price, and believe the synergy of Afterpay/clearpay/Crypto/POS systems/Payment Gateways is exciting then buy TSL today!!! (I've topped up :) )
https://twitter.com/surprised_trade/status/1473682149710745611
bod gone early on a deal, surprisingly, Block/square/afterpay shares heading their way to holders, mcap on current values approx £85m, not as good as led to believe, however, not as bad as sp suggests @ current £62mcap..will Block fill the gap back to 100p+
Ok ! I wondered how some are getting a good deal.
Someone who has a the equivalent of 35% of that value in employee shares and wants to sit on a beach for the rest of thir lives. The management have done a separate deal for their 3.5% share in clearpay and don't care what the other shareholders get. They saw all BNPL co's heading South and wanted their cut ASAP.
Why would anyone give an assets worth 125million for 79 million on the punt the block shares will rise. My question was how long is thinksmart going to exist for the shares to rise enough to make up the difference in value. They have not said how long they will keep them and what there selling price would be. Why would you even guess this. The company is in a wind down. Who in their right mind gives away a valued asset for nearly half price on a punt of something else?
I'm still yet to receive a reply
I have received email from company. Still got other questions. Once got clarification will post.
Sorry, looks like we’re not allowed to post links. Here’s another try:
[Thinksmartworld website]/wp-content/uploads/2021/12/ThinkSmart-Circular-Final.pdf
Thanks I’ve got the link:
https://www.thinksmartworld.com/wp-content/uploads/2021/12/ThinkSmart-Circular-Final.pdf
Sorry didn’t see misspelling.
I just typed in www.thinksmartworld.com. Link is on front page. Latest downloads
I will vote against