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.