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Bravura shareholders approve recapitalisation proposal

Bravura shareholders have approved the recapitalisation proposal presented to them last month by its independent directors.

In an Australian Securities Exchange alert today, the Australian technology provider announced that last month’s proposal, which included an underwritten non-renounceable rights issue, a grant of options to the underwriter and the resolution of Lift Capital margin lending and security arrangements, has been successful.

Bravura chairman Chris Ryan says: “Today’s approval will substantially strengthen Bravura’s balance sheet, provide operational stability and resolve the long-standing uncertainty associated with Lift Capital.”

He adds: “A successful recapitalisation is crucial to re-establishing Bravura on sound financial footing.”

The first initiation of the recapitalisation proposal will be implemented on July 27.

Bravura has now announced a trading halt until July 28, pending a company announcement in relation to the proposal.

Bravura currently powers the Aviva Wrap and the Nucleus wrap.

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