Class Super IPO with Barry Lambert of Count and Count Plus as Chairman by CBA Equities, page-29

Been having a look at the Class PDS. Some other interesting stuff. Looks to me like they are spending a whole lot more on R & D than they are expensing each year. You take out the AMP funds (at least 10,500) and actually write off the annual R & D, I wonder if there is a profit at all ? They talk about "billable" clients. That's nice, but how many are being "billed". According to the PDS, 67k were "billed" last year. Of that 10.5k is AMP. That means of their "billed funds" 15% are going, going, gone... Interesting even with Barry's contacts, no broker would touch them. Why ? Wouldn't a broker want all the R & D written off BEFORE the IPO ? And did they know about the AMP thing when the PDS was lodged ? Don't know but it was pretty common knowledge in the industry that AMP were looking for a single platform they wanted to own - they would not pay whatever for all of Class, BGL is privately owned and worth a heap more than Class (you would expect this with their market dominance - 70%+ of all SMSFs + their other products), the only people left to buy were Supercorp where SOL were probably a willing seller due to Supercorp's $650k loss this year and general non-performance. The question really is: Did the Class Board know or should have known about the AMP deals BEFORE the PDS was issued ? Were they hoping it would happen after the float was away ? I don't know the answer but I know I won't be applying for any shares...