Control of financial services software provider Bravura Solutions has shifted to the company’s senior executives backed by private equity company Ironbridge Capital.

Bravura announced to the Australian Securities Exchange (ASX) this morning that Ironbridge and the companies it advises along with senior management of Bravura would acquire 100 per cent of the issued shares in Bravura.

It said the acquisition would be implemented by way of a scheme of arrangement between Bravura and its shareholders.

However, in circumstances where some shares owned by Bravura senior executives Iain Dunstan and Simon Woodfull are tied up in the Lift Capital collapse, the ASX announcement said there would be two separate schemes of arrangement.

It said that under the terms of the share scheme, Bravura shareholders (others than Dunstan and Woodfull) would receive $1.73 in cash per Bravura share while the terms of the executive directors’ scheme provide for Dunstan and Woodfull exchanging a combined shareholding in Bravura of approximately 30.57 per cent for a combination of cash and shares in a special purpose vehicle established by Ironbridge that will hold Bravura as a standalone investment.

The statement said the Ironbridge proposal was subject to a number of conditions, including Dunstan and Woodfull having full title and ownership in at least 43,420,689 of the company’s shares.