Executives with Bravura Solutions are close to reaching an in-principle agreement with the administrator of Lift Capital Partners, for the full repayment of their margin loans and return of their Bravura shares.
In a company statement late yesterday, Bravura chief executive and managing director Iain Dunstan and group chief executive and director - operations Simon Woodfull said they were confident of reaching an agreement with the embattled financial services firm.
If an agreement is reached, it would enable Dunstan and Woodfull to regain ownership of shares representing 30.5 per cent of Bravura's issued share capital.
The return of the 30.5 per cent parcel of shares could then be used to participate fully in any revised proposal that may be put to Bravura by Ironbridge Capital, Bravura said.
If the share parcel is not used in this way, the shares could be used for the repayment in full of the margin loans taken out by Dunstan and Woodfull's associated entities, and the parcel of shares returned to them.
Alternately, parts or the entire parcel may be available for sale to a third party.
"There is no definite agreement between ... Dunstan and Woodfull and Lift Capital, however, an in-principle agreement with the voluntary administrators of Lift Capital would assist in removing the existing uncertainty surrounding the legal status of the ownership and control of the 30.5 per cent parcel," the company said.
Bravura's discussions with Ironbridge, in relation to its scheme proposal, are continuing and expected to conclude in the near-term, the company said.
