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.
AUTHOR
Mike Taylor
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
