ThinkSmart Limited Depositary Interests (9707X)
28 February 2017 - 2:53AM
UK Regulatory
TIDMTSL
RNS Number : 9707X
ThinkSmart Limited
27 February 2017
27 February 2017
ThinkSmart Limited
Depositary Interests - Australian Taxation Office Class Ruling
Published
ThinkSmart Limited ("ThinkSmart" or the "Company") confirms that
it has now received a Class Ruling from the Australian Taxation
Office ("ATO") regarding the delisting of the Company's ordinary
shares (the "Ordinary Shares") from the Australian Securities
Exchange ("ASX") and the conversion of the Ordinary Shares into
Depositary Interests. As the Company has previously announced, in
order to trade Ordinary Shares on the AIM of the London Stock
Exchange, shareholders who held their Ordinary Shares prior to the
delisting of the Ordinary Shares from the ASX will firstly need to
convert their Ordinary Shares into Depositary Interests.
The Class Ruling details the Australian income tax treatment for
certain Australian tax resident shareholders who hold their
Ordinary Shares on capital account and convert their Ordinary
Shares into Depositary Interests.
In summary, for relevant shareholders who hold their Ordinary
Shares on capital account, convert their Ordinary Shares into
Depositary Interests and at all times remain "absolutely entitled"
to the Ordinary Shares they have a beneficial interest in via the
Depositary Interest facility:
-- there should be no Australian income tax arising from the
conversion of the Ordinary Shares into Depositary Interests;
-- the acquisition date and the cost base and reduced cost base
of each Ordinary Share should not change as a result of an Ordinary
Share being converted into a Depositary Interest; and
-- a disposal of a Depositary Interest should be treated as a
disposal of the underlying Ordinary Share.
The Class Ruling has now been published and can be viewed on the
ATO's website:
https://www.ato.gov.au/law/view/pdf/pbr/cr2017-010.pdf
This announcement is for information only and should not be
treated as legal, taxation, investment or other advice.
Shareholders should be aware that the Class Ruling has been
provided based on certain facts and circumstances, including that
shareholders beneficially own and at all times remain "absolutely
entitled" to their Ordinary Shares held via the Depositary Interest
facility. Shareholders are strongly advised to obtain their own
professional advice regarding whether they are "absolutely
entitled" to the Ordinary Shares they have a beneficial interest in
via the Depositary Interest facility. Whether a shareholder is
"absolutely entitled" will be influenced by the nature of the
arrangements and agreements a shareholder has with the broker
engaged by the shareholder to facilitate the conversion into and
acceptance of the Depositary Interests into CREST.
ThinkSmart strongly recommends that shareholders obtain their
own specific and independent financial, legal, tax or other advice
in respect of the conversion of Ordinary Shares into Depositary
Interests, taking into account their own specific circumstances (in
particular their broker arrangements and agreements used to convert
into and hold their Depositary Interests) and whether their
respective specific facts and circumstances align with those in the
Class Ruling (refer to paragraphs 1 to 20 (inclusive) of the Class
Ruling for the facts and circumstances upon which the Class Ruling
has been issued).
For further information please contact:
ThinkSmart Limited Via Instinctif Partners
Ned Montarello
Canaccord Genuity (Nominated
Adviser, Financial Adviser
and Joint Broker) +44 (0)20 7523 8350
Sunil Duggal
David Tyrrell
Andrew Buchanan
Richard Andrews
Peel Hunt LLP (Joint Broker) +44 (0) 20 7418 8900
Charles Batten
Guy Wiehahn
Rishi Shah
Instinctif Partners +44 (0)20 7457 2020
Giles Stewart/Mike Davies
Cannings Corporate Communications
(for Australian enquiries) +61 (0)2 8284 9993
Michael Mullane
About ThinkSmart Limited
ThinkSmart Limited is a leading provider in the UK of retail
point-of-sale lease finance for high-volume small-ticket electronic
and commercial equipment. The Group provides both B2B and B2C
point-of-sale lease finance, primarily through its longstanding
relationship with Dixons Retail and its new relationship with
Carphone Warehouse. The Group's product offering is underpinned by
a proprietary, innovative and scalable technology platform,
SmartCheck. Since it commenced operations in the UK in 2003, the
Group has processed in excess of 350,000 individual applications.
As at 30 June 2016 the Group had approximately 59,000 live customer
contracts.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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