Rights Issue outcome

Sydney, 27 August 2009 (ASX:BVA/OTCQX:BRVSY) – On 27 July 2009, Bravura Solutions Limited (Bravura) announced that it would conduct a fully-underwritten non-renounceable rights issue to raise approximately A$33.4 million (before expenses) (Rights Issue).

The Rights Issue closed at 5.00 pm on Monday, 24 August 2009. At the close of the Rights Issue, valid acceptances had been received by Bravura for 103,421,770 shares, raising approximately A$15.5 million and representing a take up of approximately 46 per cent of the new shares offered. The level of under-subscriptions is 119,531,836 shares, equating to approximately A$17.9 million. The figures specified above are indicative and subject to reconciliation, including confirmation that all payments made by participating shareholders have been cleared by the relevant financial institution on which they have been drawn.

Bravura intends to issue and allot shares for which Bravura shareholders subscribed under the Rights Issue on 1 September 2009. Shares for which Bravura shareholders subscribed under the Rights Issue will continue to trade on a deferred settlement basis until that date. Bravura will despatch holding statements to relevant shareholders following allotment of shares.

The Rights Issue is fully underwritten by wholly owned or affiliated subsidiaries of Ironbridge Fund II, a fund that is managed or advised by Ironbridge Capital Pty Ltd (Underwriter). The underwriting agreement between Bravura and the Underwriter is scheduled to complete on 11 September 2009 at which point Bravura will issue to the Underwriter the shares that were not taken up by Bravura shareholders under the Rights Issue.

The net proceeds from the Rights Issue, including the funds to be received from the Underwriter for the shortfall amount, will be available to reduce bank debt by mid-September 2009.

Based on the indicative shortfall of 119,531,836 shares and subject to the underwriting agreement completing on 11 September 2009, the Underwriter will emerge with a shareholding in Bravura of approximately 33 per cent and will be entitled to nominate two directors to the Bravura Board. The Underwriter’s shareholding in Bravura would increase to approximately 46 per cent if the Underwriter elects to exercise all of the 87 million options to be issued to it on completion of the underwriting agreement.

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