Ann: iSOFT Group and RJL Investments Pre-Emption , page-8

re: Ann: OCP: iSOFT Group and RJL Investments... Both Doudou and OCP are in the opinion that Mr Cohen will either have to come up with a better offer or shut up.

Well, if Cohen has to offer more than 17c to get the 15% stake off OCP, then that's hardly a right. If he has to pay up more than the 17c then that's 'out bidding'. If he has preemptive right, then it must mean that he is entitled to buy that 15% stake from OCP at whatever price OCP is willing to sell to CSC.

OCP stated on their separate announcement related to this proposal the following: 'OCP's present intention is to support the approval of the proposal'.

This reads like OCP is saying yeah we're happy to sell to CSC for 17c. My guess is that Mr Cohen is saying OK then transfer your shares to me (for 17c).

OCP is now saying they (haven't made up their mind and) would be open to consider a higher offer, and perhaps alluding to their other statement that said 'OCP remains free to deal with its shares in iSoft prior to the iSoft shareholder meeting'. In other words OCP is saying Cohen can't exercise his preemptive right until after OCP has formally cast their votes (in the shareholders meeting) in favour of the sale.

My thoughts are:

1. If Cohen hasn't already got something up his sleeves then why this haste and why waste time and money initiating legal proceeding? Considering he's already lost so much $$$.

2. If OCP is not convinced that Cohen has got something lined up, then why 'vigorously defend these proceedings'? Why not just take the $$$ from Cohen and be able to make use of it sooner?