Praemium Limited entered into an agreement to acquire WealthCraft Systems Limited from Wealthcraft Systems, Inc. for AUD 0.76 million.

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.