Court approves HUB24’s acquisition of Class

Class announced the news on Friday (4 February), which will see eligible Class shareholders receive one ordinary HUB24 share for every 11 ordinary Class shares held and a cash consideration of $0.125 per share.

Class is expected to lodge an office copy of the court orders with ASIC on Monday (7 February) when the scheme will become legally effective and will then apply for its shares to be suspended from trading on the ASX the same day.

The court approval comes after Class shareholders also approved the scheme on Monday (31 January).

Addressing the shareholders ahead of the vote, Class chairman, Matthew Quinn, said the scheme “represents an attractive premium to Class’s recent historical trading prices”.

“Further, the scheme provides an opportunity for Class shareholders to share in any future upside and combination benefits with HUB24,” Mr Quinn said.

“Class will be able to leverage the enhanced scale, capabilities, distribution, product offering and technological development of the HUB24 and Class combined group to deliver on its strategic initiatives of increasing value, efficiency and enhancing product solutions for both existing and new customers.”

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.