Bravura Solutions Limited Renounceable Rights Issue: Close of Rights Issue and Shortfall Amount
Sydney, 10 June 2010 (ASX: BVA) – Bravura Solutions Limited (Bravura) – On 10 May 2010, Bravura announced that it would conduct a fully-underwritten renounceable rights issue to raise approximately A$23 million (Rights Issue).
The Rights Issue closed at 5pm on Monday 7 June 2010. At the close of the Rights Issue, valid acceptances had been received by Bravura for 204,714,112 shares out of the total new shares offered as part of the Rights Issue (New Shares), raising approximately A$20,471,411 and representing approximately 88 per cent of the New Shares offered. The level of the valid acceptances which have not been received (Shortfall) is 25,117,751 (Shortfall Shares), equating to approximately A$2,511,775. 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 institutions on which they have been drawn.
The Shortfall is to be subscribed for pursuant to the underwriting agreement between the Ironbridge affiliated underwriters and Bravura, details of which are set out in section 6.1 of the Rights Issue Offer Document.
The New Shares (including the Shortfall Shares) will be issued on 15 June 2010, with holding statements to be despatched the following day.
The net proceeds from the Rights Issue, including the funds to be received from the Ironbridge affiliated underwriters for the Shortfall Shares will be used to assist in the purchase of Mutual Funds Technology (MFT). MFT is the provider of a transfer agency software solution, Global Fund Administration System.