IBA's Affair

I sold my entire IBA holding a few weeks ago, but still very interested to watch how this share's doing. IBA was one of my first investment on the ASX, and I was actually very happy with its performance prior to the iSoft merger business. Now I am out and was actually very relieved! (although I should have done better if I exited it few months back...)

Many things happened since the talk, and of course you aware of the falling of IBA's share prices since then. These are what happened after my exit:

• Share price went down as a result of the Renounceable Rights issue to buy new IBA shares at AUD $ 1.05 per share.
• Gary Cohen, a Director, sold more than 17 million of his entitlement rights just a day before the trading halt. Another Director, Amrit Chopra (Non Executive Director), dumped his entire holding on IBA (rights and shares alike). On the 1st of June 2007, he held nil.
• iSOFT received a letter from CSC Computer Sciences Limited (CSC) advising that CSC does not intend to consent to IBA’s acquisition of iSOFT. It is a condition of the acquisition that iSOFT obtains CSC’s consent to the change of control of iSOFT. CSC's contract with iSoft contains a "change of control" clause which gives the US firm the right to ditch iSoft if the business is sold.
• ...........

I guess it will be a long time for IBA to gain a positive momentum again. Meanwhile, I will be waiting at around $0.70, possibly, to reenter the market. We'll see!