Class shareholders approve HUB24 acquisition

Class shareholders have approved the arrangement under which HUB24 will acquire all the shares in Class.

In an ASX listing on Monday (31 January), Class confirmed its shareholders have given HUB24 the green light to proceed with the scheme with the implementation date scheduled for 16 February.

Under the deal, eligible Class shareholders are set to receive one ordinary HUB24 share for every 11 ordinary Class shares held and a cash consideration of $0.125 per share.

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.”

On implementation of the scheme, Class shareholders are expected to own approximately 14.29 per cent of the combined group with existing HUB24 shareholders owning the remaining approximately 85.71 per cent of the combined group.

The two firms originally entered into a scheme implementation deed in October, but implemented several changes in December, simplifying the terms of the acquisition.