agm chairmans address, page-5

Seems an extraordinary step to take - the placement wasn't (publicly) offered to anyone else, there was no talk of any synergy or strategic alliance with GBST along the lines of "GBST will bring a wealth of experience and contacts to the IT&e business, etc." - it was right out of the blue. According to their last reports they had all this revenue lined up for 2007-8 (more than their recurrent costs), so if they wanted to increase their marketing effort, one would have thought that they'd go out to the market again for another organised rights issue.