Praemium raises capital - again
Publicly listed financial planning technology platform provider Praemium has signalled another capital raising.
The company announced to the Australian Securities Exchange yesterday that it had entered into a trading halt pending an announcement on the nature of the capital raising.
Praemium has been pursuing growth in both Australian markets and in the UK and Europe and announced the raising of $2.5 million in December saying the proceeds would be used to fund growth in both Australia and the UK.
The company reported a loss of $5.7 million last financial year, and noted that this represented a 47.6 per cent improvement over the previous 12-month period when it reported a loss of $10.9 million.
The company’s annual general meeting last year was told by Praemium chairman Don Stammer (pictured) that it had taken longer than anticipated to gain the desired scale in its Australian and UK operations.
However, he said the cash drain was being cut back and the Australian business was making an operational profit.
Recommended for you
With Fortnum Private Wealth and Professional Financial Services now unified under the Entireti umbrella company, CEO Neil Younger has detailed to Money Management the firm’s new direction and future expansion.
The FAAA has suggested looking offshore for overseas financial advisers to ease the adviser shortage, but are employers willing to take on the burden of workplace visas?
There may be a huge influx of alternatives coming to the market, but timing and access difficulties mean advisers can easily end up disappointed with their selection, according to Morningstar global CIO Dan Kemp.
An NSW individual has pleaded guilty to one criminal charge of providing unlicensed financial services after promoting crypto investments at national seminars.