The degree to which investment self-managed superannuation funds (SMSF) administration has paid dividends has been brought home by the sell-down of Class shares by accountancy-based financial services group, CountPlus.
CountPlus used its annual results announcement to the Australian Securities Exchange (ASX) to reveal the soundness of the decision to launch the SMSF administrator.
“Our investment in Class has been a strong performer for CUP shareholders,” the ASX announcement said.
“The sale proceeds from Class have been used to reduce debt. As at the 30 June, we held 1,122,000 Class shares that have been sold post balance date.
“Having now exited our Class investment position our total cash purchase cost for our Class shareholding was $4,009,000 and we received total cash funds from the sale of our Class shareholding of $15,979,000.