Praemium completes capital raising and announces rights issue plans
Share
Praemium has completed a capital raising of £2.1m through the private placement of 24.5 million shares.
The placement, managed by Shaw Corporate Finance, sees the placement of 24.5 million shares proceed at 0.08p per share, or AUS$0.15.
The Australian technology provider, which offers a discretionary platform in the UK and its SmartFunds range, is also undertaking a £1.6m rights issue.
Shaw Corporate Finance has also been appointed to act as lead manager and underwriter of the rights issue.
Praemium chief executive Arthur Naoumidis says: “We are pleased to have received such strong support from existing and new institutional and sophisticated investors. The raising strengthens our balance sheet at a time when our business is accelerating and, we believes, poised for rapid growth.”
Naoumidis says the technology firm is experiencing “significant” interest in the UK. He adds: “We expect to be continuing to announce significant new client sign-ups in the near future.”
Praemium will be announcing the rights issue within seven day
If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing
