Ann: Recapitalisation Proposal , page-12

Revised EBITDA and revenue figures is a drop in expectations. I particularly did not like the wording of "there can be no guarantee that such contracts will be finalised on or before this date". I do not believe many companies use companies that are in trouble. This may be a reason why they went to market for more capital (in a nutshell, it may be unlikely that Bravura wins these contracts).

BVA's current half year revenue is $75+ Million. In theory doubles to $150 Million if earnings are staying constant.

BVA's current half year is $11 Million, so they should hit above $22 Million (all things going well).

After all of the company standard charges and foreign currency exposure write offs, the profit reduced to $2.6 Million in the half year to December 2008.

The interest bill will be reduced from now on by $1.3 Million, which is a positive for the company.

If profit reduces from $11 Million to $2.6 Million in a half year, I wonder whether they will break even for the year, particularly with the Australian Currency increases this year. They had a few very large foreign currency losses and gains reported in the December 2008 half.

Please do you own research on this one.

Best of Luck
Lost