BVS - Bravura Solutions

[Jaa]

Ironbridge (currently with 67%) have finally made their move, with a a now confirmed merger agreement at 28c. They have been creeping for a couple of years so this was expected. Guess they saw the recent market and BVA share price weakness and the falling AUD as an opportunity to pounce.

Fishers who have about 14% have accepted and the independent directors have recommended approval so it looks all over for Bravura.

Happy enough with the price but not the 3 months of waiting and uncertainty till they pay up!

[Toulouse - Luzern]

A good win for FFM.

[Stranger_Danger]

Is it? I have them as losing a fortune on the investment, overall.

[Toulouse - Luzern]

Hi Stranger Danger,

A fair question.

Depends how you look at it.

Contingent on how much information you have on when FFM bought, and if they traded BVA at all, and what % of the FFM AU Growth portfolio was in BVA.

My view was/is that immediately before the offer, the share price was 17 cents over a four day period, and after the offer closed it was 28 cents.

FFM I assess will get 11 cents on the pre offer share price of 17 cents = 65%.

The offer was contingent, it could have fallen over.

I wanted to see it go through, rather than lapse and the price decline to 17 or below, so I saw it as a win.

Now, if FFM bought in 5 years ago at circa 70 cents then record my agreement, it is agreed, it was a disaster.

My face value, simple view was that compared to what BVA value we had 3 - 4 weeks ago, we are much better off.

BVA current NTA according to Direct Broking detailed view is -1cent, PE is 63, and dividend yield is 0%.

At face value BVA appeared unable to realise any value for shareholders in SP over last few years.

So agreed BVA was not a good investment but IMHO if you still held it at the time of the offer then an exit at 28 cents is a win.

Best outcome for me as a FFM Au Growth holder is for FFM to accept the offer which I gather has happened.

However I don't think FFM had a great value invested in BVA at the time of the offer as the positive effect on BVA price was immediate, the impact on the FFM daily share price immediately following the offer was low. The gain I see for for FFM is that they no longer have to consider BVA at all, they can look at the other "dogs" they may have. With the Tower Investment related changes it may be the FFM Au team are probably more than busy.

PS: I follow FFM Au Growth fund fairly closely.

On 11 July 2013 the FFM Au Growth price reached 2.7993 a recent high after a run up of a week or so (according to my records E&OE) the prior recent high was in March 2013 at 2.7176. I don't record the prices every day (holidays /other things to do etc).

Good luck to the new owners.

[Snow Leopard]

So I came across a company called Bravura Solutions which listed on 16-Nov-16 under the code BVS which it turns out is the very same Bravura Solutions whose sorry tale is partially documented here.

The Q is: does one buy some and hope the $1.30 to $3.00 to $0.10 to $0.27 story does not repeat.

The A is: maybe, or maybe not.

Best Wishes
Paper Tiger

[Snow Leopard]

So to follow on from the previous one:

I did in the end buy the minimum amount I am willing to initially invest in a stock and so far not much as happened !

Best Wishes
Paper Tiger

[Snow Leopard]

So to follow on from the follow on:

It, whatever it is, seems to be happening now.

Best Wishes
Paper Tiger

[Snow Leopard]

20180322-ASX-BVS.jpg

Well, it took a while to really happen.

But it did, in the end, happen.

Probably will not happen much more though.

But I could live with it if it did.

Best Wishes
Paper Tiger

[percy]

20180322-ASX-BVS.jpg

Well, it took a while to really happen.

But it did, in the end, happen.

Probably will not happen much more though.

But I could live with it if it did.

Best Wishes
Paper Tiger

So could I..lol.

[Snow Leopard]

...Probably will not happen much more though...

How wrong can you be?

Not only has it continued to happen, but the market has been surprised by just how much it has been happening and will, hopefully, continue to happen.

Song time: