Hurdle removed in CSC iSoft buy

Topics

legal, isoft, csc, e-health

The NSW Supreme Court last week removed an obstacle to CSC's purchase of iSoft, according to iSoft investor Oceania Capital Partners.

Oceania Capital Partners said a month ago that RJL Investments, a company controlled by former iSoft executive chairman and founder Gary Cohen, had filed legal proceedings against Oceania subsidiary Oceania Healthcare Technology Investments (OHT). Cohen left iSoft in August last year.

Cohen's firm claimed that the circumstances of the CSC proposal forced OHT to serve a transfer notice to RJT, providing it with 15 business days to acquire 15 per cent of the shares. Oceania had control of 24.5 per cent of issued iSoft shares.

Cohen has been reported as saying previously that he'd been approached with better offers for the firm than that put forward by CSC. The transfer notice would allow him to make use of the alleged offers, delaying the CSC takeover.

However, Oceania said that the court ruled on Friday that RJL's propositions were without foundation, dismissing the proceedings.

Oceania again said that it supported CSC's proposal to buy iSoft.

Talkback

I lost over $100k of my proposed retirement money by following the stock ISF, which listed as IBA, and was originally backed by a number of institutions, who recommended it highly.

One only has to look at the current proposal to buy shares at 15c when they have traded over $1.80 a share and as low as 3 cents a share. If I were a shareholder still, I would take the money and run fast.(I sold out at nearly 60c and still lost a packet).

If Gary Cohen said it was raining outside, I would go and check, just to make sure. It reminds me of the old joke 'How do you make a small amount of money ? The answer , 'Give Gary Cohen a large amount of money.'

Ex Isoft InvestorEx Isoft Investor May 23rd, 2011
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