Bravura denies loss of confidentiality

Financial Services software provider Bravura Solutions has denied any knowledge of why its share price rose prior to the announcement of an in-principle revised agreement relating to a takeover by private equity firm Ironbridge Capital and the status of shares tied up in the Lift Capital collapse last month.

Responding to a request from the Australian Securities Exchange (ASX) relating to an increase in the share price before the announcement was made, Bravura denied that confidentiality might have been lost.

Its response said: “Bravura has no knowledge of confidentiality in relation to the revised proposal having been lost nor does Bravura know why the share price increased on 27 June, 2008.”

Bravura also used its response to the ASX query to insist that any earlier announcement regarding the revised arrangements with Ironbridge would have been inappropriate.

“The company believes that no reasonable person would expect the information to be disclosed at any earlier time,” it said. “It should be noted that, as set out in the announcement, the revised proposal is an ‘in principle’ agreement subject to definitive agreement and no assurance can be given that definitive documentation will be agreed [to].”