(Alliance News) - ThinkSmart Ltd on Friday said it has been acquired by Tuscan Equity Pty Ltd, and said the company now owns its entire share capital.
The Perth, Australia-based digital payments platform entered into a takeover agreement with Tuscan Equity in July. Under the deal, Tuscan Equity acquires 100% of ThinkSmart's issued shares, comprising a total of 107.7 million shares.
Tuscan Equity is a company wholly-owned and controlled by ThinkSmart's Executive Chair, CEO, founder & 29% Shareholder, Ned Montarello. The deal includes the acquisition of the shares owned and/or controlled by Montarello.
ThinkSmart shareholders, other than Montarello and the entities he controls, will be entitled to receive cash consideration for the sale, ThinkSmart said.
Last month, the company revealed 81.6 million of its shares on issue will be eligible to receive cash consideration under the scheme.
ThinkSmart shares were suspended on the Alternative Investment Market on November 23. The cancellation of the admission of ThinkSmart shares to trading on AIM is expected to be completed on Monday.
ThinkSmart shares were last traded at 28.50 pence on November 22 in London.
By Jaskeet Briah; jaskeetbriah@alliancenews.com
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