Praemium moves to acquire PowerWrap
Praemium Limited has announced a conditional off-market takeover offer for PowerWrap.
Praemium has announced to the Australian Securities Exchange (ASX) that it has entered into a bid implementation agreement under which it is proposed it will make an off-market conditional takeover offer for all the ordinary full-paid shares in PowerWrap which it does not already hold.
The ASX announcement said the offer was pitched at 26.44 cents per PowerWrap share valuing the company at $55.6 million.
It said the PowerWrap board had unanimously recommended that shareholders accept the Praemium offer.
The ASX announcement said the transaction would see the creation of one of Australia’s largest independent specialist platform providers.
Recommended for you
Advice licensee WT Financial has announced a 50/50 joint venture with the Australian subsidiary of a US financial advice investor.
Wealth managers will need to reach aggressive short-term goals to grow their assets under management, according to Natixis Investment Managers, but Asia-Pacific has the lowest expectations on their future growth.
With a rising number of licensees opting for bespoke managed accounts, a panel of experts has shared what firms need to know before going down the custom route.
ASIC has banned a Queensland adviser from providing financial services for five years after failing to provide appropriate advice that was in the best interest of his clients.
