Wealth management software provider Bravura Solutions has proposed a recapitalisation plan that could see private equity company Ironbridge take control of the company.

"Ironbridge's collective relevant interest in Bravura may increase to a point where it acquires effective control of Bravura," the software provider said yesterday.

Bravura has proposed a rights issue that will raise $33.4 million and it will use the money to reduce its loan obligations by half.

Ironbridge has fully underwritten the rights issue and has also been granted options that enable it to buy $13 million of Bravura shares at 15 cents a share.

The plan also proposes that Ironbridge will take over the margin loans of chief executive and managing director Iain Dunstan and group chief executive and director of operations Simon Woodfull, which are currently held by collapsed financial services firm Lift Capital.

This transaction would resolve a long-standing conflict over the ownership of a share parcel that represents a 30.5 per cent interest in Bravura.

Lift was part owner of the parcel, as it formed a security for a repayment of the margin loans.

The plan proposes to transfer Lift's entitlements to the shares to Ironbridge, along with the margin loans.

If the plan is approved by shareholders, the change of control by Ironbridge will still depend on how many shareholders decided to participate in the rights issue, whether Ironbridge will exercise its options, and whether it will enforce its rights to the 30.5 per cent interest in Bravura.

IronBridge initially launched a takeover bid for Bravura in May last year.

It offered $272 million in cash at the time, which represented an offer of $1.73 a share. Bravura traded at just 17.5 cent a share when trading was halted on 14 May.

Shareholders will be asked to vote on the proposals before 30 June this year.