Financial services technology provider, Bravura has struck another hurdle in the takeover proposal launched by private equity firm, Ironbridge Capital, announcing today that a key condition of the transaction had not been met.
In an announcement released on the Australian Securities Exchange, Bravura said that the condition that had not been mete was confirmation that Bravura’s consolidated earnings before interest tax depreciation and amortization for the finance year ended 30 June, 2008, would be at least $23.5 million, subject to various agreed adjustments.
It said that as a result of negotiations over the weekend leading up to and including 30 June, some of the revenue expected to be derived was not closed and, as a result, the EBITDA 08 Scheme Condition had not been satisfied.
Bravura said the updated guidance for earnings before interest, tax, depreciation and amortization was now expected to be in the range of $19 million to $20 million.
It said Bravura remained in discussions with Ironbridge which had indicated that it remained positive about the transaction but it was expected the discussions would take several weeks.
