Class Super has earmarked more rapid improvement to its existing reporting product with the $2.15 million capital injection resulting from CountPlus’s purchase of 1 million shares in parent company Super IP.
“We’re looking to further develop our reporting tool, Class Investment Reporter. The product is already in the market and is used by hundreds of users already, but we want to enhance it further,” Class chief executive Rajarshi Ray told selfmanagedsuper.
“We had a plan to do that and release it in 2014, and by this additional funding we’ll be able to do this potentially much faster.”
In regard to how much the project had been fast tracked by Super IP’s latest institutional investment, Ray estimated the revamped offering would now be released to the market three months earlier than planned.
Super IP announced the CountPlus transaction early last week.
The $2.15 million investment represents a 3.7 per cent holding in Class Super’s parent company. CountPlus has now joined AMP and Commonwealth Bank of Australia as an institutional investor in Super IP. The group’s shareholding accounts for 15 per cent of Super IP’s ownership structure.
At the time of the CountPlus deal, Class had weekly inflows of $750 million, with Super IP having no debt.
In addition, Super IP’s current share price sits at $2.15, up from $0.50 in 2010, and the organisation declared its maiden dividend this year.