- Payments group ThinkSmart said subsidiary RentSmart had reached a settlement agreement for legal proceedings issued against The Carphone Warehouse, a company within Dixons Carphone.

ThinkSmart said it had agreed a settlement of £1.45m, including costs.

RentSmart had also agreed with Dixons Carphone to the orderly winding up of all its agreements with the company.

ThinkSmart said that in the year to 30 June 2020, all of its new business volumes were generated from its agreements with Dixons Carphone.

'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,' it said.

'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.'

At 9:02am:

[LON:DC.] Dixons Carphone PLC share price was +2.55p at 85.4p

[LON:TSL] Thinksmart Ltd share price was -0.5p at 29.5p

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