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Bravura directors urge shareholders to vote for recapitalisation

The independent directors of Australian technology provider Bravura have urged shareholders to approve all five proposals needed to proceed with its recapitalisation proposal.

Last month<a href=" http://www.moneymarketing.co.uk/cgi-bin/item.cgi?id=186861&d=pnd2&h=pndh2&f=
pndf2 “> Money Marketing revealed that Bravura is underwriting a capital raising exercise on the Australian Securities Exchange. A general meeting to vote on the recapitalisation proposal is to be held on July 24, 2009.

Bravura chairman Chris Ryan says: ““If the recapitalisation proposal proceeds, shareholders will have an opportunity to increase their investment in Bravura at a price of $0.15 per share. The Independent Expert has recognised the inherent value of our business and concluded that on a fully-diluted control basis, the fair market value of Bravura shares is in the range of $0.20 to $0.31.

“The successful recapitalisation will enable Bravura to eliminate uncertainty surrounding the Lift Capital margin loans to Messrs Dunstan and Woodfull, which relate to 30.3 per cent of the Company’s shares, reduce the Company’s indebtedness and focus on delivering its long-term potential for shareholders.”

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