Bravura Solutions Limited · ASX:BVS
Bravura Solutions — Investor Presentation (July 2009)
15 slides from Bravura Solutions's investor presentation, Jul 27, 2009
Slide 1: 2009 Rights Issue Investor Presentation
2009 Rights Issue Investor Presentation 27 July 2009 Not for distribution or release in the United States (US) or to, or for the account or benefit of, U.S. persons.
Slide 2: Important Information
Important Information This Presentation contains summary information about Bravura Solutions Limited ACN 111 148 826 (Bravura) and its activities and is dated 27 July 2009. This Presentation does not purport to contain all the information that a prospective investor may require in evaluating a possi
Slide 3: Background
Background Deteriorating global economic conditions have significantly impacted the financial services industry, resulting in: longer sales cycle times sales revenue being deferred not foregone Although Bravura is complying with all of its financial covenants, debt must be restructured and reduced P
Slide 4: Overview
Overview Recapitalisation Proposal announced on 18 May 2009 Shareholder approval obtained at General Meeting on 24 July 2009 Non-renounceable pro-rata Rights Issue 1.57 shares for every 1 share Issue price of $0.15 per share Fully underwritten by entities associated with Ironbridge Capital Net proce
Slide 5: Independent Expert's Report
Independent Expert’s Report Independent Expert estimated the fair market value of Bravura shares on a fully diluted control basis to be between $0.20 - $0.31 Incorporates a control premium assuming 100% ownership Since Independent Expert’s Report was completed, Bravura has signed its largest contrac
Slide 6: Key dates
Key dates* Event Date Bravura shares trade ‘Ex-Rights’ Wednesday, 29 July 2009 Record date for the Rights Issue Wednesday, 5 August 2009 Mailing of Entitlement Acceptance Form to Eligible Shareholders Completed Thursday, 6 August 2009 Opening Date Monday, 10 August 2009 Closing Date 5.00 pm Monday,
Slide 7: Offer details
Offer details Issue of 222,953,593 million New Shares to raise $33.4 million before costs 1.57 for 1 non-renounceable pro-rata Rights Issue Offer price of $0.15 per share Fully underwritten by entities associated with Ironbridge Capital Eligible shareholders can subscribe for all or part of their ri
Slide 8: What are your options now?
What are your options now? Take up all your Take up part of Do nothing rights your rights Complete and return the Complete and return the You will not be Entitlement and Entitlement and allocated any New Acceptance Form Acceptance Form Shares. Your rights (unless paying by (unless paying by will lap
Slide 9: FY09 forecast financials
FY09 forecast financials Revenue (A$m) 136.2 135.0 - 140.0 Revenue Year to 30 June 100.1 Revenue remaining stable over prior year FY09 forecast: 30.0 A$135.0 million to A$140.0 million 9.6 Sales cycle taking longer FY05A FY06A FY07A FY08A FY09F Reflecting market conditions EBITDA (A$m) Year to 30 Ju
Slide 10: Debt position post Rights Issue
Debt position post Rights Issue Bravura currently complies with all debt covenants Net proceeds of the Rights Issue will be used to repay debt Net debt, including forward exchange contract, will be reduced from current position by the net proceeds of $27.7 million 60.0 55.0 5.4 55.7 50.0 50.3 45.0 4
Slide 11: Bravura Solutions funding profile
Bravura Solutions funding profile Debt Profile as at July 2009 Drawn down Facility Limit value ($'000) ($'000) Due Working capital facility 24,430 21,709 Aug-09 Amortising term facility 35,000 33,250 Dec-11 Total debt facilities 59,430 54,959 Hedge contracts 7,192 Aug-09 Total funding liabilities 62
Slide 12: Leverage position post Rights Issue
Leverage position post Rights Issue Continued compliance with all banking covenants Rights Issue will immediately reduce gearing and interest expense Compliance with all banking covenants will continue Expected pro-forma impact of the Rights Issue on key covenants is as follows: Pro-forma post Coven
Slide 13: Business position and outlook
Business position and outlook Australia & New Zealand • Continue to grow and support existing customer base • Expand life and pensions/superannuation market share • Invest R&D by completing development of corporate superannuation functionality in the Sonata Suite • Win new opportunities with the uni
Slide 14: Key investment highlights
Key investment highlights Reduced debt post the Rights Issue provides comfortable headroom within Strengthened capital banking covenants position Helps de-leverage and substantially strengthens balance sheet position Should eliminate perceived uncertainty by existing and prospective customers Leadin
Slide 15: Key risks
Key risks Number of risks that may materially and adversely impact future performance of Bravura and value of shares General risk factors Company specific risk factors See Section 3 of the Offer Document for complete details of key risks 15
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