Just wondering is anyone following the Bravura saga and have any ideas where it is going?
On the 5may a takeover was announced and Bravura had certain conditions to meet for the proposal to continue at the price of $1.73. One of which being that they earn 23.5million by 30june. They fell short to about 20million, but said they have several contracts in advanced stages. They announced an extension of a contract on the 3july with a UK top50 company, Legal and General, till the end of 2011, having already been contracted to them since 1997. Apparently the takeover company, Ironbridge are still keen and new terms are being discussed. It said in the announcement 2july, re the takeover proposal, that the new discussions should take several weeks at least.
The price hit the low 80s this week and is hanging in the 90s now. But considering that they were over $2 at their high around november and the offer was $1.73, a new price could be still significantly higher than where it is now, and they already proved that they had new contracts coming, when they announced the Legal and general one 3july. It maybe worth a look, I would like to know anyones thoughts?? Of course do your own research on what I quoted, but I think all what I said is spot on.