Setbacks fail to dampen Class IPO
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.
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.