Class and HUB24 amend scheme for acquisition
HUB24 and Class have simplified the scheme consideration of the scheme implementation deed under which HUB24 agreed to acquire all Class shares.
An announcement to the Australian Securities Exchange (ASX), the firms said the amendments included:
- The cash consideration increased from $0.10 to $0.125 per Class share;
- HUB24 shares received as part of the scrip consideration would now include an entitlement to any HUB24 interim dividend and associated franking credit for 1H22 provided the scheme was implemented before the date which HUB24 shares began to trade ex-dividend; and
- Class would not declare or pay any dividend, including any ordinary interim dividend of up to 2.5 cents per share in respect of FY22.
The announcement said Class shareholders would receive the full cash value of the previously permitted interim dividend of up to 2.5 cents per share in respect of FY22 as part of the cash consideration.
Class shareholders would receive scrip consideration comprising one HUB24 share for every 11 Class ordinary shares held on the record date in addition to the increased cash consideration and HUB24 dividend.
The Class board said it unanimously recommended that all Class shareholders vote in favour of the scheme in absence of any surlier proposal.
The two firms entered into a scheme implementation deed on 18 October and expected the acquisition to accelerate HUB24’s platform strategy and consolidate the group’s position as a provider of integrated platforms, technology and data solutions for financial advisers, accountants, private banks, licensees, stockbrokers and their clients.
Recommended for you
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
The ETF provider has flagged a number of developments as it formally enters the superannuation space through a major acquisition.
While all MySuper products successfully passed the latest performance test, trustee-directed products encountered difficulties.
Iress has appointed Insignia Financial’s former general manager of master trust and insurance products as its newest CEO of superannuation, who will take over from Paul Giles.
