ThinkSmart Limited Settlement of legal proceedings (5640V)
August 10 2020 - 1:00AM
UK Regulatory
TIDMTSL
RNS Number : 5640V
ThinkSmart Limited
10 August 2020
10 August 2020
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement via the Regulatory Information Service, this inside
information is now considered to be in the public domain.
ThinkSmart Limited
("ThinkSmart" or the "Company" which together with its
subsidiaries is the "Group")
Settlement of legal proceedings
ThinkSmart Limited (AIM: TSL), a leading digital payment
solutions provider, announces that its subsidiary, RentSmart Ltd
(RentSmart), has reached a settlement agreement in relation to the
legal proceedings issued against The Carphone Warehouse Ltd (CPW),
a company within the Dixons Carphone plc group (DC), as announced
on 29 November 2019.
RentSmart issued a claim against CPW in November 2019 in respect
of the Flexible Leasing contract and its predecessor Upgrade
Everytime contract. The Group is pleased to announce that it has
agreed a settlement in relation to these contracts of GBP1.45m
inclusive of costs. Legal proceedings were not issued in relation
to other contracts with the Dixons Carphone plc group (SmartPlan
and Upgrade Anytime). As part of this settlement, RentSmart has
agreed with DC to the orderly winding up of all its agreements with
DC including Flexible Leasing, SmartPlan and Upgrade Anytime.
In the year to 30 June 2020, all of ThinkSmart's new business
volumes were generated from its agreements with DC. The Group will
continue to service its existing customer base ensuring the fair
treatment of customers, along with any new volumes generated during
the orderly winding up of the three contracts and will continue to
benefit from the cash generated from this business. ThinkSmart
anticipates its cash reserves will continue to build over the next
few years.
ThinkSmart also retains a 10% share of the UK Afterpay business,
which continues to trade as Clearpay, inclusive of 3.5% being made
available to the Afterpay UK employee share ownership scheme. In
addition, ThinkSmart provides an outsourced call centre customer
support service for Clearpay.
For further information please contact:
ThinkSmart Limited Via Buchanan
Ned Montarello
+44 (0)20 7523
Canaccord Genuity ( Nominated Adviser and Broker) 8350
Sunil Duggal
David Tyrrell
Tom Diehl
+44 (0)20 7466
Buchanan 5000
Giles Stewart
Victoria Hayns
Toto Berger
About ThinkSmart Limited
ThinkSmart Limited is a specialist digital payments platform
operator and investor. In 2018 ThinkSmart sold 90% of its Clearpay
subsidiary to Afterpay Ltd and retains the 10% holding.
ThinkSmart's operating business provides retail finance solutions
for both consumers and businesses, underpinned by its innovative
and scalable proprietary technology platform, 'SmartCheck'. Since
it commenced operations in the UK in 2003, the Group has processed
in excess of 350,000 individual applications.
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END
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