The directors of Bravura Solutions have accepted an offer from Ironbridge Capital to purchase all the remaining stock of Bravura at a premium of 0.28 cents per share and have entered into a Scheme Implementation Agreement.
Ironbridge, which already holds a stake in Bravura, had already made an indicative, non-binding and conditional proposal on 27 June to acquire all the remaining Bravura stock not held by the private-equity group and to cancel all outstanding options.
In a statement released to the Australian Stock Exchange Bravura stated that Ironbridge had completed its due diligence and Bravura’s two independent directors would unanimously recommend that Bravura shareholders vote in favour of all resolutions required to implement the Scheme Proposal.
The statement also said that Bravura’s executive directors would, alongside the independent directors, cause all shares held or controlled by them to be voted in favour of the resolutions in the absence of a superior proposal and subject to an positive report from an independent expert.
The offer of $0.28 cash per Bravura share represents a 65 per cent premium to Bravura’s last trading price which closed at $0.17 on June 27, the day prior to the offer being received.
Bravura’s other stake-holder, Fisher Funds, which holds 14.3 per cent of Bravura shares, has indicated that it will also sell its stake to Ironbridge with the deal set to be completed by October.
