It’s touch and go for financial services software group Bravura Solutions, with investors needing time to get their heads around how much money the company will lose this year before deciding whether to tip into an emergency equity raising.spent the weekend in talks with fund managers, with new CEO Libby Roy pitching a heavy round of cost cuts that would be a key part of her wider organisational change program.
Investors reckon Bravura was talking about an $80 million-odd raising, with formal price and terms still under negotiation as of late Sunday. MacCap was bringing the deal to a head on Sunday night, although the situation was fluid.Fund managers said it would be a tough deal. Some struggled to get past the sticker shock from an earnings downgrade, revealed in talks with investors over the weekend, and declined to participate.
Bravura declined to comment on the investor talks on Sunday. The company’s shares were suspended from trading last week.