Ironbridge Capital Management (Ironbridge) is set to acquire all the shares of Bravura Solutions (Bravura), after Bravura shareholders voted in favor of the proposal.
Bravura shareholders have passed the resolutions required to implement the proposal whereby Stockholm Solutions Pty, an entity owned by funds managed by Ironbridge Capital Management Pty, or its affiliates, will acquire 100% shares in Bravura, including by way of scheme of arrangement (Proposal).
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Ironbridge already owns a significant number of Bravura shares and it has offered to purchase the rest for $0.28 cash per share less the amount of any dividend declared by Bravura prior to the implementation of the scheme proposal.
At the meeting 99.12% of the votes were cast in favor of the resolution, with 91.28% of Bravura shareholders, in person or proxy, voting in favor of the resolution.
Bravura will now seek orders from the Federal Court of Australia for the approval of the scheme at a hearing scheduled for later this week.
If the Federal Court of Australia approves the Scheme, Bravura will propose to lodge the court orders with Australia Securities and Investments Commission (ASIC) so that the Scheme becomes effective on 26 September 2013, after which Bravura’s shares will be suspended from trading on ASX.
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By GlobalDataThe Proposal is more fully described in the Explanatory Memorandum released to the ASX dated 20 August 2013.
