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Praemium completes capital raising and announces rights issue plans

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

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