Bravura’s exposure to Lift still in limbo
Financial Services technology provider Bravura Solutions has admitted that the legal status of shares owned by two of its most senior executives and subject to margin lending arrangements with Lift Capital remains unclear.
The margin lending arrangements pertain to shares held by Bravura chief executive Iain Dunstan and the company’s director of operations, Simon Woodfall, and the company’s announcement to the Australian Securities Exchange today said that both men had confirmed the margin loans over their shares were taken out at a loan to value ratio of 30 per cent.
The announcement said Dunstan and Woodfall had at all times understood and continue to understand that, under the terms of the margin lending arrangements with Lift Capital, they retain beneficial title to their Bravura shares and that if a margin call was made, they would be required to satisfy that margin call or repay the loan in full.
It said that Dunstan and Woodfall and their advisers had held discussions with the voluntary administrators of Lift Capital regarding repayment of their margin loans and the return of legal title to their Bravura shares.
“In the meantime, the company wishes to reiterate that the discussions that the company has been involved in with various parties regarding a potential change in control, including with Ironbridge Capital, commenced long before the appointment of voluntary administrators to Lift Capital.”
It said the discussions were not and never were in any way prompted by the recent events affecting Lift Capital.
AUTHOR
Mike Taylor
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