NEWS UPDATE: Bravura shareholdings uncertainty resolved
Wealth management software provider Bravura Solutions has announced an in-principle agreement for the repayment of margin loans and the return of the company’s shares has been reached following the collapse of Lift capital.
In an Australian Securities Exchange announcement, Bravura stated that the 30 per cent shareholdings held by the company’s group chief executives had reached a resolution after becoming tied up when Life Capital went into voluntary administration.
Bravura group chief executive officer — managing director Iain Dunstan and group chief executive officer — director of operations Simon Woodfull confirmed the in-principle agreement had now been executed with Lift Capital.
The in-principle agreement provides for the shares, which were previously mortgaged by Dunstan and Woodfull, to be transferred back on the repayment of their margin loans to Lift Capital.
Bravura said a further update would be provided once a definitive agreement with the voluntary administrator was finalised.
The in-principle agreements are not legally binding and are subject to the finalisation of documentation.
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