the numbers, page-14

IBA closed the day yesterday at 0.535. One year ago, to the day, it closed at 1.125. It has shed over 50% of it's value in the past year thereby destroying a good deal of shareholder worth. Everyone can postulate of the future earnings etc with isoft but the indisputable fact is the market doesn't like it and has priced IBA accordingly. The fact that NONE of the directors took up ANY of their rights issue should have been a warning sign.

I feel that the market will want to see how well the isoft takeover/integration pans out in the longer term before the company is re-rated, so on the strength of that it seems reasonable to assume a depressed share price in the medium to long term.