Praemium takes control of Powerwrap
Leading global platform Praemium has successfully taken control of Powerwrap following its off-market take-over. Payment of the 94% in acceptances received during the take-over was completed on 2 October 2020. The remaining 6% of Powerwrap shares are now being acquired under compulsory acquisition, with this process to be finalised in early November.
Powerwrap Limited (ASX: PWL) was de-listed from the Australian Stock Exchange on 6 October 2020. Upon this completion, Powerwrap’s CEO Will Davidson agreed to step down from his role by mutual agreement. Powerwrap’s non-executive directors have also stepped down from the Board, with Powerwrap now an unlisted subsidiary of Praemium.
Powerwrap CEO Will Davidson said, “The business is in a great position and the bringing together of technology and transactional capability really 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.”
Praemium CEO Michael Ohanessian said, “I would like to thank Will 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.”