Class has revealed the preliminary work for its initial public offering (IPO) was progressing well, following the recent completion of new board appointments in preparation to list towards the end of the year.
“The preparatory work is fully underway,” Class chairman Barry Lambert told selfmanagedsuper.
“Our 2015 accounts have been audited.
“We have changed the company name and are now known as Class Pty Ltd.
“Additionally, we have made all of the necessary changes to our shareholder agreements in preparation for the IPO.”
Lambert said the focus was now on the legal due diligence and prospectus preparation.
“As far as timing is concerned, we aim to list later in the year and are currently targeting November,” he said.
Last week, Class announced ex-SFG Australia managing director Tony Fenning had joined as the final new director of the company’s board.
Earlier this month, the business appointed Kathryn Foster and Matthew Quinn and Class chief executive Kevin Bungard as new board members.
Lambert said it was best practice to rotate board members on a regular basis.
“As a company undertaking a listing process, we need to prepare the company for the years ahead,” he said.
“Whilst the company has been very successful, we need to further develop the business and we needed to add skills that existing board members did not possess.
“The Class board changes we have made are designed for the sole reason of supporting our initiatives to deliver ongoing innovation and expansion in the wealth accounting space, effectively delivering positive returns to those individuals and organisations who have supported the success of Class to date.
“We now have a carefully blended board that has unique corporate and commercial expertise in understanding the opportunities and growth path for Class, the challenges that technology-based organisations need to overcome in delivery and innovation, and our ability to positively contribute to the Australian economy.”
Class today announced it now supported a nabtrade data feed for its wealth accounting cloud software solutions, Class Super and Class Investment Reporter.
Nabtrade offers an international share-trading capability, which provides investors with access to five markets, eight exchanges and over 10,000 global equities and exchange-traded funds.