Status of Bravura shares still in limbo
Iain Dunstan
Control of a key block of shares in publicly-listed financial services software provider Bravura Solutions remains in doubt as a result of the legal and administrative arrangements surrounding the administration of Lift Capital.
Bravura yesterday informed the Australian Securities Exchange that Bravura shares of its chief executive, Iain Dunstan, and its director of operations, Simon Woodfull, remained subject to further clarification.
It said that Bravura understood that Merrill Lynch International (Australia) still retained all of the Bravura shares over which Dunstan and Woodfull claimed beneficial ownership and while Merrill Lynch had received full repayment of the debt owed to it by Lift Capital several weeks ago without having to sell the Bravura parcel, Merrill Lynch had retained the Bravura parcel pending resolution of the legal status of the ownership of that parcel.
The announcement said that late on Wednesday, the voluntary administrators of Lift Capital filed an application with the NSW Supreme Court seeking various declarations with respect to the Bravura parcel held by Merrill Lynch and other matters relevant to the administration.
Bravura said the timing of the hearing was uncertain but was likely to be within the next four weeks and that Dunstan and Woodfull would be making submissions and seeking declarations confirming their beneficial interest in the Bravura parcel.
AUTHOR
Mike Taylor
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