News: CL1 Hub24 To Acquire Class Limited Via Scheme Of Arrangement

Oct 18 (Reuters) - Class Ltd (CL1) :

• HUB24 TO ACQUIRE CLASS LIMITED VIA SCHEME OF ARRANGEMENT
• ENTERED SCHEME IMPLEMENTATION DEED FOR ACQUISITION BY HUB24 OF 100% OF CLASS
• CLASS SHAREHOLDERS WILL RECEIVE 1 ORDINARY HUB24 SHARE FOR EVERY 11 ORDINARY CLASS SHARES HELD, PLUS A$0.10 PER ORDINARY CLASS SHARE
• CLASS BOARD OF DIRECTORS HAS UNANIMOUSLY RECOMMENDED THAT CLASS SHAREHOLDERS VOTE IN FAVOUR OF SCHEME
• ACQUISITION OF CLASS EXPECTED TO BE 8% EPS ACCRETIVE (EXCLUDING REVENUE SYNERGIES AND ONE-OFF IMPLEMENTATION COSTS) TO CO'S SHAREHOLDER BY FY23
• ACQUISITION OF CLASS IS EXPECTED TO BE 8% EARNINGS PER SHARE ACCRETIVE TO HUB24 SHAREHOLDERS BY FY23
• ACQUISITION OF CLASS IS EXPECTED TO DELIVER COST SYNERGIES OF ABOUT A$2 MILLION P.A.