Praemium takes control of Powerwrap
Portfolio management platform Praemium has taken control of wealth management platform Powerwrap following its off-market transfer with payment of 94% in acceptances received during the takeover being completed on 2 October, 2020.
In an announcement, Praemium said the remaining 6% of shares would be acquired under compulsory acquisition to be finalised in November.
The acquisition was announced in July, where it announced it would make an off-market conditional takeover offer for all the ordinary full-paid shares in Powerwrap which it was yet to hold.
Powerwrap was de-listed from the Australian Securities Exchange (ASX) on 6 October, 2020, with chief executive, Will Davidson, agreeing to step down.
Powerwrap’s non-executive directors had also stepped down from the board with the firm now an unlisted subsidiary of Praemium.
Davidson said the business was in a great position and the bringing together of technology and transactional capability “unlocks” the potential of the merger.
“The transformation of Powerwrap over the last two and a half years has now positioned the combined businesses to provide a unique and compelling platform proposition,” Davidson said.
Michael Ohanessian, Praemium chief executive, thanked Davidson for his assistance and professionalism throughout this process.
“Under his leadership Powerwrap has developed a strong focus on client service and support, and we will work to continue that high level of service into the future,” Ohanessian said.
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