Bravura execs closer to regaining shares
The chief executive and managing director of Bravura Solutions, Iain Dunstan and Simon Woodfull, have moved a step closer to clarifying and regaining control of key Bravura shareholdings tied up as a result of last year’s collapse of Lift Capital.
Bravura announced to the Australian Securities Exchange that the NSW Supreme Court had delivered a judgement that found the interests of companies controlled by Dunstan and Woodfull in the Bravura shares had not been defeated or eliminated.
It said, accordingly, the two companies controlled by Dunstan and Woodfull retained beneficial title to all of their Bravura shares.
The company announcement said Dunstan and Woodfull had informed Bravura they were exploring all options in light of the judgement and their discussions with the liquidator of Lift Capital were continuing.
Dunstan and Woodfull have been seeking to establish their title to the shares in circumstances where the voluntary administrators of Lift Capital had filed an application in the NSW Supreme Court with respect to a parcel of around 30.5 per cent of Bravura shares held by Merrill Lynch as a secured creditor of Lift Capital.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.