In a statement to the market, Class Limited (Class) confirmed the NSW Supreme Court made orders approving the scheme of arrangement under which HUB24 Limited will acquire all shares in the group.
“Class expects to lodge an office copy of the Court orders pursuant to section 411(10) of the Corporations Act 2001 (Cth) with the Australian Securities and Investments Commission on Monday, 7 February 2022 at which time the Scheme will become legally effective,” the statement read.
“If this occurs, Class will apply for its shares to be suspended from trading on the Australian Securities Exchange with effect from the close of trade on Monday, 7 February 2022.”
The deal between HUB24 and Class was first made public to the market in October 2021, with the former looking to cement itself as a market leader within the wealth and SMSF sectors.
“The Class board of directors has carefully considered the proposal and believes it represents compelling value for Class shareholders,” said Class chairman Matthew Quinn at the time.
“The structure of HUB24’s proposal provides an exciting opportunity for our shareholders to maintain exposure to Class’s growing business, while also sharing in any future upside and combination benefits with HUB24.”
“Class will be run as a standalone business within the HUB24 group, leveraging our deep technology expertise to deliver superior outcomes to both sets of customers,” Class chief executive Andrew Russell confirmed.
Emma Ryan
Emma Ryan is the deputy head of content at Momentum Media and editor of the company's legal publication, Lawyers Weekly.
Emma has worked for Momentum Media since 2015 and has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
A journalist by training, Emma has spent her career connecting with key industry stakeholders across a variety of platforms, including online, podcast and radio. She graduated from Charles Sturt University with a Bachelor of Communications (Journalism).
