email to co not happy jan, page-12

Veecat

We are not questioning IBA's business and magnificant work by management thus far. No doubt that its a undervalued company. However, 72 cents is not justified (16% discount). Helping the big boys and cohen to the detriment off smaller more loyal shareholders... not even a tech company lossing millions would provide that much of a discount as an incentive.. Had the price been even 85 cents (as was originally planned) it would have been snapped up without a problem and oversubscribed... it is wrong...