Bravura chiefs closer to clarity on Lift Capital issue
Iain Dunstan
Bravura Solutions has provided an update in relation to the 30 per cent shareholding of the company’s group chief executives, which is currently caught up in the Lift Capital collapse.
Bravura chief executive and managing director, Iain Dunstan, and chief executive and director of operations, Simon Woodfull, jointly own around 30 per cent of Bravura’s issued share capital.
Dunstan and Woodfull are currently in discussion with voluntary administrators of Lift Capital regarding their margin lending arrangements with Lift Capital Partners over Bravura shares.
Dunstan and Woodfull have now informed Bravura that they are “confident that an in-principle agreement will be reached with Lift Capital shortly in relation to the repayment of their margin loans in full and the return of their Bravura shares”.
A statement from Bravura said while the discussions don’t represent a definite agreement, the in-principle agreement should assist in removing the existing uncertainty around the ownership of the share parcels. The company also said that no reassurances can be given that the discussions will result in any proposal from Ironbridge Capital.
Bravura said its discussions with Ironbridge in relation to its scheme proposal are continuing, and expect to be concluded in the near term.
Dunstan and Woodfull’s discussions with Lift Capital were held with a number of possible agreements in mind. These include: that the 30.5 per cent parcel of shares could participate in any revised proposal put to Bravura by Ironbridge Capital; that Dunstan and Woodfull could have their margin loans fully repaid and their Bravura shares returned to them; or that some or all of the parcel of shares might be made available for sale to a third party.
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