LONDON (Alliance News) - ThinkSmart Ltd said Tuesday it has sold its initial tranche of 750,000 shares in the capital of Afterpay Touch Group Ltd at a price of USD20 per share, worth USD15 million.
ThinkSmart received the shares as consideration for the disposal of shares in ClearPay Finance Ltd last Thursday.
The digital payment provider will be issued a second tranche of 250,000 shares in Afterpay on February 23 - six months after the completion of the ClearPay disposal.
Shares in ThinkSmart were up 4.4% Tuesday at 14.88 pence each, giving it a market capitalisation of GBP16 million.
ThinkSmart sold its 90% stake in ClearPay to acquire 1.0 million shares in ASX-listed AfterPay Touch Group Ltd, which is currently valued at AUD18.6 million.
The remaining 10% interest held by ThinkSmart will be available to employees of ClearPay under an employee share ownership plan.
AfterPay is acquiring ClearPay, along with its contracts with relevant service providers.