ThinkSmart floats on AIM while de-listing from ASX
ThinkSmart, a provider of point of sale finance products, floated on AIM on Friday as it de-lists from the Australian Stock Exchange in order to align its listing to its place of business.
THINK SMART
€1.50
18:15 03/05/19
The company is expected to de-list on ASE on 6 December.
The company, founded in 2003 in the UK, provides lease finance to consumers and businesses. It has processed over 350,000 applications and has about 59,000 customer contracts.
For the last 14 years, it has worked with Dixons, an electrical retailer to lease equipment including computers, laptops, tablets and televisions.
In November, it launched a new product with Carphone Warehouse, a mobile phone retailer, to lease iPhone 7, iPhone 7 Plus and the Samsung Galaxy S7, in a five-year deal.
Chairman Ned Montarello said: "Our business model leverages our proprietary and innovative SmartCheck platform to provide benefits for retailers, consumers and manufacturers. We believe that, by enabling customers to pay for equipment across a number of smaller monthly payments, our lease products drive incremental sales, support customers choosing more expensive pieces of equipment, shorten customer replacement cycles and assist retailers in developing long-term customer relationships.”
He said that the company has invested capital and resources over the last 12 months to support its growth strategy and facilitate the entry into the UK mobile phone market.
“Listing on AIM will help to further raise the Group's profile in the UK, more closely align our shareholders with our operations and provide access to the UK equity markets to support future growth," Montarello added.
In the year to 30 June, the company generated revenue of about £13.3m and operating net profit after tax, before non-operating strategic review and advisory expenses, of £2.1m.