HUB24 and Class have simplified the scheme consideration of the scheme implementation deed under which HUB24 agreed to acquire all Class shares.
An announcement to the Australian Securities Exchange (ASX), the firms said the amendments included:
The announcement said Class shareholders would receive the full cash value of the previously permitted interim dividend of up to 2.5 cents per share in respect of FY22 as part of the cash consideration.
Class shareholders would receive scrip consideration comprising one HUB24 share for every 11 Class ordinary shares held on the record date in addition to the increased cash consideration and HUB24 dividend.
The Class board said it unanimously recommended that all Class shareholders vote in favour of the scheme in absence of any surlier proposal.
The two firms entered into a scheme implementation deed on 18 October and expected the acquisition to accelerate HUB24’s platform strategy and consolidate the group’s position as a provider of integrated platforms, technology and data solutions for financial advisers, accountants, private banks, licensees, stockbrokers and their clients.
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