Bravura Solutions Limited to raise up to $42.94 million through non-renounceable entitlement issue.

07 March 2007 Bravura Solutions Limited to raise up to $42.94 million through non-renounceable entitlement issue.

Sydney, 7 March 2007 (ASX: BVA) – Bravura Solutions Limited (Bravura) – a leading global supplier of wealth management applications and professional services – today announced a one
for six non-renounceable entitlement offer (“Entitlement Offer”), at an issue price of $2.10 per share to raise up to $42.94 million. Management shareholders intend to take up their full entitlement under the Entitlement Offer, which represents $15.70 million or 37% of the capital being sought.

Since the IPO, Bravura has rapidly grown its UK and European presence in line with its business objectives and growth strategy. In December 2006, Bravura successfully completed the acquisitions of Rufus and AB Prodata in the UK and Luxembourg respectively. These acquisitions have given Bravura access to 24 new global clients, an additional 227 experienced staff, three more offices and complementary wealth management applications.

Concurrently with these acquisitions, the underlying business has performed strongly, winning contracts for the development of wrap platforms for both Friends Provident and Nucleus Financial Group in the UK. Bravura has also signed a Letter of Engagement with New York Life International (NYLI) for the provision of certain interim services in relation to the proposed implementation of Bravura’s Talisman suite of application software into NYLI’s Asian operations.

Bravura has also continued to invest in the development of its Wealth Management Applications in partnership with clients, upgrading Talisman and continuing the development of Sonata. In
February 2007, Bravura’s accomplishments in the UK market were recognised as the Company won the UK Adnitor Award in the ‘Industry Achievement for Administration Technology’ category.

Bravura is now established as a major participant in both the Asia Pacific and European Wealth Management Industries, with over 550 staff and 150 clients. The company is also well placed to take advantage of future growth opportunities in Asia.

As a result, Bravura’s working capital requirements have also grown significantly since the IPO. The increase in scale and scope of Bravura’s operations in Europe and Asia has required a significant increase in the number of administrative and corporate staff. In addition, new contracts with large global clients have required allocating greater resources and staff to support larger
implementation projects and professional services.

Additional funds are now being sought to ensure Bravura’s growth continues. The proceeds of the Offer will be used to provide financial flexibility for Bravura Solutions, following increases in
debt as a result of the recent acquisitions and new contract wins. The proceeds will be applied to reduce debt, enabling Bravura to pursue its growth strategy through future acquisitions and growth opportunities. Bravura’s debt facilities will remain in place and will provide capacity for further acquisitions in accordance with Bravura’s growth strategy.

Mr Iain Dunstan, Group CEO and Managing Director of Bravura, said: “Bravura is now established as a major supplier of financial applications in all three of our target geographic markets; Europe, Asia and Australia/New Zealand. This additional funding will allow us to capitalise on the strong market position we have built up over the last eight months since listing.”

The Entitlement Offer is being made pursuant to a Prospectus that was lodged with ASIC today. A copy of the Prospectus is available on Bravura's website and is expected to be despatched, together with entitlement and acceptance forms, to all entitled shareholders on or about, Wednesday 21 March 2007. To be eligible to participate in the Entitlement Offer, shareholders must be holders of Bravura shares at the Record Date, which is Friday 16 March 2007, with registered addresses in Australia or New Zealand. Eligible Shareholders wishing to acquire shares under the Entitlement Offer will need to complete the entitlement and acceptance form that will accompany the Prospectus. In addition, Eligible Shareholders can apply for more than their entitlement by completing the oversubscription section of their entitlement and acceptance form.

Timetable

The anticipated timetable in relation to the Entitlement Offer is as follows: