Specialist financial services IT platform provider Bravura will today initiate a rights issues on the Australian Securities Exchange following shareholder sign-off of a recapitalisation proposal.
The recapitalisation was approved by shareholders at a meeting on Friday and effectively resolves issues surrounding the status of shares affected by the collapse of Lift Capital.
Commenting on the recapitalisation, Bravura chairman Chris Ryan said the strategy would substantially strengthen Bravura’s balance sheet, provide operational stability and resolve long-standing uncertainty associated with Lift Capital.
Bravura shares owned by joint chief executives Iain Dunstan and Ian Woodfull were affected by the collapse of Lift Capital and the recapitalisation arrangements have helped clarify the beneficial ownership of those shares.
