Aim-traded finance company ThinkSmart (TSL:31p) has released what could be its last results if shareholders approve a scheme of arrangement next month that will see them receive a cash distribution for the company’s holding in New York Stock Exchange-listed Block (US:SQ – $70), a $42bn market capitalisation fintech fund.
ThinkSmart paid out a dividend of £2.5mn (2.35p a share) in July 2022, after the half-year end, following a dividend of £3mn (2.8p) in December 2021. This week’s interim results revealed the company’s net asset value of £37mn included a £31.3mn valuation for the Block holding at 30 June 2022. At latest prices and exchange rates, the holding is currently worth £37.7mn, implying shareholders could receive a cash payment of 35.2p a share, or 13.5 per cent more than the company’s current share price, if the scheme is sanctioned. ThinkSmart’s remaining assets (cash and a legacy leasing business in wind-down) would then be transferred to the acquisition vehicle of ThinkSmart chairman Ned Montarello, and the shares delisted.
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