SMSF administration software specialist Class has revealed a development with one of its stakeholders has resulted in the need to submit a supplementary prospectus to ASIC, as well as temporarily suspend applications for shares.
A major Australian financial institution, which owns about 3 per cent of Class, has acquired 100 per cent control of one of Class’s competitors.
The institution has also advised Class that it intends to cancel its licence agreements with the group and move the SMSF portfolios from Class to the acquired competitor.
The institution is Class’s largest customer, administering around 10,500 SMSFs, which at 31 October represented around 11 per cent of Class’s billable portfolios.
It is expected the supplementary prospectus will be lodged with ASIC on Friday.
Following lodgement of the supplementary prospectus with ASIC, acceptance of applications for shares will recommence.
