Praemium Limited (ASX:PPS) entered into an agreement to acquire WealthCraft Systems Limited from Wealthcraft Systems, Inc. (OTCPK:WCSY) for AUD 0.76 million on September 18, 2012. Praemium will pay AUD 0.23 million in cash, AUD 0.4 million has been provided as a secured loan and will issue of 2 million fully paid ordinary shares in Praemium Limited. The transaction will be funded by an institutional share placement and a rights issue to cumulatively raise AUD 4.46 million. An amount of AUD 0.10 million of cash and cash equivalent of WealthCraft Systems Limited was acquired. The acquisition is subject to approval of Praemium's shareholders. The resolutions were passed by the shareholders on November 9, 2012. The transaction is expected to be completed by October 2012.

Praemium Limited (ASX:PPS) completed the acquisition of WealthCraft Systems Limited from Wealthcraft Systems, Inc. (OTCPK:WCSY) on September 30, 2012. The consideration shares were issued on October 24, 2012 and will be held in escrow till September 29, 2013. All employees of WealthCraft joined Praemium. Kelly Tallas joined Praemium as Managing Director – Asia. The cash consideration including payment of secured loan was AUD 0.2 million in June 2012 quarter, AUD 0.35 million in September 2012 quarter and AUD 0.075 million in December 2012 quarter.