Brief: Netwealth Submits Non-Binding Proposal To Merge With Praemium

Praemium

02/11/2021 01:01

Nov 2 (Reuters) - Netwealth Group Ltd  NWL.AX :
    * SUBMITTED NON-BINDING PROPOSAL TO MERGE WITH PRAEMIUM
    * PROPOSED TRANSACTION EQUITY VALUE A$785 MILLION
    * DEAL FOR CASH CONSIDERATION IN EXCESS OF AN ATTRIBUTED
VALUATION
OF A$50 MILLION LESS TAX AND TRANSACTION COSTS
    * UNDER TERMS OF PROPOSED TRANSACTION, PRAEMIUM SHAREHOLDERS
TO
RECEIVE 1 NWL SHARE FOR EVERY 11.96 PRAEMIUM SHARES PLUS CASH
    * BASED ON CO'S OCT 27 CLOSE, BASE CONSIDERATION IMPLIED A
VALUE
OF A$1.5PER SHARE OF PRAEMIUM
    * PRAEMIUM SHAREHOLDERS TO RETAIN MEANINGFUL EQUITY POSITION
IN
COMBINED GROUP

Source text for Eikon:  ID:nASX7Q1CRP 
Further company coverage:  NWL.AX 

 ((Reuters.Briefs@thomsonreuters.com;))