Out of AfterPay Touch
We inherited shares in AfterPay Touch Ltd (ASX: APT) after our investment in Touchcorp Ltd was merged with Afterpay Holdings Ltd earlier this year. We were keen on Touchcorp, but have decided that the merged entity does not meet our ethical criteria. Part of their business is to offer “free’ credit on retail purchases, which we see as leading some people into excessive debt. In addition, while ‘free’, any default on payments can lead to ‘fees’ almost as high as the original purchase, forcing those caught out into further debt. We have sold all our holding in AfterPay.
On a brighter note, we somehow managed to double our original investment in Touchcorp from the sale of AfterPay Touch.