Class has announced that the minimum subscription level under the company’s initial public offering has now been exceeded despite some unforeseen setbacks earlier this month.
The SMSF administrator said yesterday that high levels of investor activity have seen the minimum subscription amount of $5 million achieved.
SMSF Adviser reported earlier this month that Class was required to lodge a supplementary prospectus with ASIC, following two major AMP acquisitions, which delayed the IPO process.
AMP was previously Class’s largest customer, according to Class, administering approximately 10,500 SMSFs which at 31 October 2015 represented around 11 per cent of Class’s billable portfolios.
Class was informed by AMP following the acquisitions that it intended to cancel its licence agreements with Class and move the SMSF portfolios from Class to the acquired competitor.
Following this acquisition Class announced in a statement that it would be required “to lodge with ASIC a Supplementary Prospectus to amend the statements and tables impacted by the Institution’s advice to Class”.
This also meant that applications were temporarily suspended.
Regardless of these events, Class chairman Barry Lambert said it had been great to “see high levels of activity under the Class IPO application process, which had enabled Class to meet and exceed the minimum subscription under the IPO”.
The priority offer to Class customers under the Class IPO closes at 5pm on Friday 27 November 2015 and the general offer closes at 5pm on Friday 4 December 2015.
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 20 Sep 2017‘Execution only’ approach with SMSFs high-risk for accountantsBy Miranda Brownlee
- 20 Sep 2017Super saver scheme to benefit wealthy, says consultantBy Miranda Brownlee
- 19 Sep 2017Government rules out tax cut for family trustsBy Lara Bullock
- 19 Sep 2017Government likely to review licensing regime, consultant predictsBy Miranda Brownlee
- 18 Sep 2017Sluggish wage growth ‘undermining super savings’By Lucy Dean
- 18 Sep 2017SMSFs facing weaker investment outlook, report revealsBy Staff Reporter
- view all
- ‘Execution only’ approach with SMSFs high-risk for accountants
An industry lawyer has warned the unlicensed accounting firms recently contacted by ASIC that justifying the provision of services without a...read more
- Super saver scheme to benefit wealthy, says consultant
One consultant expects that wealthy Australians will gain the most advantage from the First Home Super Saver Scheme while the overall take-u...read more
- Government likely to review licensing regime, consultant predicts
Given the ongoing cost and complexity of the licensing regime for accountants, one consultant believes the government may have to review and...read more
- view all