Bravura Solutions Limited · ASX:BVS
Bravura Solutions — Shareholder Meeting (November 2009)
23 slides from Bravura Solutions's shareholder meeting presentation, Nov 20, 2009
Slide 1: AGM speech FY2009 – Interim Chairman
AGM speech FY2009 Neil Broekhuizen – Interim Chairman I would like to begin today by first acknowledging the support of our shareholders and customers, as well as the effort of all our employees over the past year, which has proved to be difficult. However, I am pleased with the positive note that w
Slide 2: Corporate Governance and Board structure
[Corporate Governance] The global events over the past eighteen months have heightened the importance of sound corporate governance, transparency and stringent financial controls. Bravura recognises the importance of good corporate governance and is committed to complying with its established code o
Slide 3: Recapitalisation, Lift Capital and banking covenants
him for his contribution as both a founding member and Board participant over the years and wish him well. Following the resignation of Chris, I was appointed as Interim Chairman and will continue to perform this role until such time as a new Chairman is appointed. [Recapitalisation Proposal and Rig
Slide 4: Debt management and foreign exchange management
[Debt management] It is important to manage our business actively and prudently to ensure a continued stream of recurring revenue and a reduction in operating costs. Although as mentioned, Bravura continues to trade within its banking covenants, we are still taking measures to reduce net debt and ba
Slide 5: Thank you. I will now return to the formal business
Thank you. I will now return to the formal business at hand. Bravura Solutions Limited ABN 15 111 148 826 5 Level 2, 345 George Street, Sydney NSW 2000
Slide 6: 2009 Annual General Meeting Chairman's Address
2009 Annual General Meeting Chairman’s Address Presented by Neil Broekhuizen 20 November 2009
Slide 7: Members of the Board and CFO
Members of the Board and CFO Neil Broekhuizen Non-executive Director/Interim Chairman Iain Dunstan Group CEO and Managing Director Simon Woodfull Group CEO and Director – Operations Trevor Perry Non-executive Director Matthew McLellan Non-executive Director Rebecca Norton Chief Financial Officer 2
Slide 8: Voting cards
Voting cards Voting and Speaking No voting or speaking allowed allowed only speaking allowed 3
Slide 9: 2009 financial review
2009 financial review Bravura performed creditably and delivered a result comparable to last year 2% decrease in revenue 13% decrease in EBITDA NPAT same as FY2008 Focus on restoring Bravura to sound financial footing 4
Slide 10: Dividends
Dividends No dividend distributed for year ended FY2009 Dividend policy being considered in light of growth opportunities available Priority use of cash to pay outstanding amount to Citigroup for purchase of Warsaw transfer agency business 5
Slide 11: Corporate governance
Corporate governance Heightened importance of sound corporate governance, transparency and stringent financial controls Bravura is committed to complying with established code of conduct and other corporate governance policies 6
Slide 12: Board structure
Board structure Ongoing process of Board renewal Appointed Trevor Perry Appointed Matthew McLellan Appointed Neil Broekhuizen Chris Ryan resigned as Chairman of the Board Neil Broekhuizen appointed as Interim Chairman 7
Slide 13: Recapitalisation Proposal and Rights Issue
Recapitalisation Proposal and Rights Issue Recapitalistion Proposal approved with strong shareholder support Large number of shareholders took up their entitlements Share price increased from 15c at the time of the Rights Issue to 21 cents at the close of the market yesterday Increasing share price
Slide 14: Lift Capital
Lift Capital Issue has been completely resolved Parcels of shares returned to Iain Dunstan and Simon Woodfull 9
Slide 15: Banking covenants
Banking covenants Regular monitoring of banking covenants Remained within all covenants 10
Slide 16: Debt and foreign exchange management
Debt and foreign exchange management Taking measures to reduce net debt and balance sheet gearing Net debt is currently $30.9 million (end of October) Significant volatility in foreign exchange rates affecting approximately 70% of revenue generated overseas Exposure to foreign exchange translation r
Slide 17: Item 1 – Financial Statements and reports
Item 1 – Financial Statements and reports To receive and consider the Financial Report, Directors' Report and Auditor's Report of Bravura Solutions for the year ended 30 June 2009. 12
Slide 18: Item 2 – Remuneration Report
Item 2 – Remuneration Report That the Remuneration Report for the Company (included in the Directors' Report on pages 42 to 52 of the 2009 Annual Report) for the year ended 30 June 2009 be adopted. Voting For Against Undirected 188,239,191 10,556,045 1,491,295 The Chairman of the meeting was appoint
Slide 19: Item 3 – Election of Director, Trevor Perry
Item 3 – Election of Director, Trevor Perry That Mr Trevor Perry, a Director appointed in accordance with Rule 58.1 of the Constitution, and being eligible for election pursuant to Rule 58.2 of the Constitution, is elected as a Director of Bravura Solutions. Voting For Against Undirected 198,485,138
Slide 20: Item 4 – Election of Director, Matthew McLellan
Item 4 – Election of Director, Matthew McLellan That Mr Matthew McLellan, a Director appointed in accordance with Rule 58.1 of the Constitution, and being eligible for election pursuant to Rule 58.2 of the Constitution, is elected as a Director of Bravura Solutions. Voting For Against Undirected 189
Slide 21: Item 5 – Election of Director, Neil Broekhuizen
Item 5 – Election of Director, Neil Broekhuizen That Mr Neil Broekhuizen, a Director appointed in accordance with Rule 58.1 of the Constitution, and being eligible for election pursuant to Rule 58.2 of the Constitution, is elected as a Director of Bravura Solutions. Voting For Against Undirected 189
Slide 22: Item 6 – Other business brought before the meeting
Item 6 – Other business brought before the meeting Further items 17
Slide 23: Thank you
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