Bravura proposing $75.3m return of capital

Publicly-listed financial services software provider, Bravura Solutions, is proposing to return capital to shareholders in the wake of a capital management strategy review.

The company has told the Australian Securities Exchange (ASX) that its annual general meeting will be asked to approve a distribution to shareholders.

It said the distribution would be subject to receipt of waivers from the ASX and a favourable draft class ruling from the Australian Taxation Office (ATO).

Bravura said that as a result of its March capital raising and the scale and pace of Bravura’s transformation, the Board had determined the business is over-capitalised.

It said that it was being proposed to return up to $75.3 million to shareholders.

“The company has commenced the process of engaging with the ATO on the proposed distribution, and will be seeking a Class Ruling from the ATO to confirm the Australian tax implications of the proposed distribution for shareholders,” the Bravura announcement said.