Class Limited (Class) makes the following statement in respect of its Prospectus for an Initial Public Offering (IPO) of ordinary shares and listing on the ASX, dated 26 October 2015.
A major Australian financial institution (Institution) owns approximately 3% of Class. The Institution is Class’ largest customer, administering approximately 10,500 SMSFs, which at 31 October 2015 represented around 11% of Class’ Billable Portfolios.
The Institution has advised Class that it has acquired 100% control of one of Class’ competitors which is included in the Competitors Table in Section 2.4 (c) of the Prospectus.
The Institution has also advised Class that it intends to cancel its licence agreements with Class and move the SMSF portfolios from Class to the acquired competitor. The notice periods under the licence agreements range from a few months to two years.
To put this into perspective, Class grew Billable Portfolios by 11,034 between 1 July 2015 and 31 October 2015.
This new development requires Class to lodge with ASIC a Supplementary Prospectus to amend the statements and tables impacted by the Institution’s advice to Class. In the meantime,
Applications for Shares under the Prospectus will be temporarily suspended.
Following lodgement of the Supplementary Prospectus with ASIC, acceptance of Applications will recommence. It is expected that the Supplementary Prospectus will be lodged with ASIC by Friday 6 November 2015.
