Ironbridge Bravura acquisition closer
Iain Dunstan
Despite some initial reports to the contrary, Ironbridge Capital’s acquisition of financial services software provider Bravura Solutions looks set to go ahead following an agreement regarding the status of shares in the company owned by its joint managing directors Iain Dunstan and Simon Woodfull that were tied up in the Lift Capital collapse.
The company issued an announcement on the Australian Securities Exchange late last week that in-principle agreement had been reached on the commercial terms of a revised and simplified transaction structure for the acquisition, which included the administrator of Lift Capital arranging for the conditional sale of 18.65 per cent of the Bravura shares to Ironbridge.
The arrangement then involves the remaining 11.85 per cent of the Director Entities Shares, under the control of Lift Capital, voting and participating in the acquisition scheme.
The ASX announcement said the revised proposal had been developed in response to uncertainty that had arisen as to the ownership of the 43,420,689 Bravura shares following the appointment of voluntary administrators to Lift Capital in April.
Commenting on the development, Bravura joint managing director Iain Dunstan said that he and Woodfull were pleased to have reached a mutually acceptable position regarding their stock, which would assist in removing the uncertainty for all stakeholders in Bravura.
AUTHOR
Mike Taylor
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