Lift trouble for Bravura

Shares of software company tied up in crisis

By Darin Tyson-Chan
Wed 16 Apr 2008

Bravura Solutions is the latest financial services company to involved in the near collapse of Lift Capital Partners.

Shockwaves from the near collapse of stock broking house Lift Capital Partners are just beginning to be felt with Bravura Solutions revealing close to one third of its issued capital is caught up in the events.

In a recent letter to the Australian Securities Exchange (ASX), Bravura disclosed group managing director Iain Dunstain had 28,889,996 shares company shares caught up in margin lending arrangements with Lift, which represents 20.34 per cent of the firm's issued capital.

In addition Bravura group director operations Simon Woodfull has 14,830,693 shares also tied up in margin lending facilities with Lift. This parcel represents 10.23 per cent of the administration software provider's total capital issued.

Bravura is currently trying to clarify whether it has ownership of these share bundles or whether the ownership has been transferred to major creditor Merrill Lynch as a result of having administrators appointed to the failed stockbroking firm.

Despite almost a third of the ownership of its issued capital being in doubt at this stage Bravura stated it remained confident that the operations of the company would not be effected. The organisation was also convinced that the situation would not impact on its clients or its staff.

Neither Iain Dunstan nor Simon Woodfull was available for comment.

Lift Capital Partners had corporate recovery and advisory firm McGarthNicol appointed as its voluntary administrators on April 10.

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