Praemium Issues Second Earn Statement Related to Acquisition of OneVue Platform Business From Iress
MT Newswires Live
Nov 28
Praemium (ASX:PPS) said that the second earn out statement to Iress (ASX:IRE) in accordance with the terms of the acquisition of the OneVue Platform business, advising Iress that nil is owed for the period, because the retained funds under administration in the second earn out period was less than the AU$3 billion threshold, according to a Friday Australian bourse filing.
The statement relates to the second earn-out period, which is based on the funds under administration from OneVue clients as of Oct. 15.
The threshold was not met due to outflows from existing OneVue clients since the date of acquisition, and due to existing OneVue clients terminating contracts.
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