take over speculation, page-14

At 40 cents the Isoft is capitalised at approx. $400 million and OCP have 25%.

OCP would need $300 million cash or a combination of scrip and cash. They already have over $50 million cash and no debt. A combination of crip and cash might be acceptable to investors in that they get rid of Cohen and spread the risk with OCP's other businesses.

I don't think OCP will take it over but they might do a JV with other PE firms and privatise it. OCP will not sell out at 40 cents. They want to be there for the upside which is what they are all about. They sell at 40 cents they will be selling at the bottom to some other PE firm who will end up making all the money in a couple of years when it gets refloated in the UK.

Its all upside from here for new investors.