Ann: P2ES Holdings Inc to Acquire ISS Group Ltd , page-5

re: Ann: P2ES Holdings Inc to Acquire ISS Gro... in today's The Australian....

ISS Group (ISS) 32c

MICROEQUITIES' Carlos Gil has a sense of deja vu as he saddles up to ward off a US takeover attempt at a local mining-focused house.

P2ES Holdings is offering 33c a share for ISS, which boasts a proprietary IT system for the oil and gas sector called BabelFish.

Microequities owns 9 per cent of ISS and Gil reckons the offer price (a 50 per cent premium on Tuesday's close) doesn't reflect the value of the "great little software". In 2011 Microequities fought in vain to prevent Triple Point from taking over QMastor, but not before the suitor improved its offer. This time around it's trickier because the offer is board-endorsed, but Gil reckons he can still get the 25.1 per cent support to stymie the scheme of arrangement.

We had ISS as a spec buy at 17c and now call the stock a hold. For the record, Gil would accept 40c a share. Given the Hitchhiker's Guide to the Galaxy allusion to BabelFish, let's make it 42.

http://www.theaustralian.com.au/business/opinion/give-credit-where-carbon-credits-due/story-e6frg9lo-1226658120074