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
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
