NSW court dismisses iSoft founder
- 23 May, 2011 10:50
- Comments 1
The NSW Supreme Court has dismissed litigation by RJL Investments against investor Oceania Healthcare Technology Investments (OHT) relating to a Pre-Emption Deed on shares held in iSoft.
RJL is owned by former executive chairman and CEO of iSoft, Gary Cohen, who commenced legal proceedings against OHT, which is a subsidiary of Oceania Capital Partners (OCP).
RJL claimed circumstances had arisen in the CSC proposal to purchase iSoft, which required OHT to provide a transfer notice of approximately 15 business days to acquire a portion of the shares in iSoft held by OHT.
The proceedings were heard in court on May 20. After hearing evidence and submissions, the NSW Supreme Court found RJL’s propositions relating to Pre-emption Deed were without foundation and the court dismissed RJL’s proceedings with costs.
The court found CSC’s proposal doesn’t activate the provisions of the Pre-emption Deed.
In a statement to the ASX, Oceania Capital Partners said it still remained open to deals superior to CSC’s proposal.
CSC made an offer to purchase healthcare software provider iSoft in April, via a court-approved scheme of arrangement. The deal, which is subject shareholder approval, offers $0.17 per share in cash to shareholders.
Cohen served as the executive chairman and CEO of iSoft, until the August last year. He resigned as a director in September.
Nominations for the 2012 ARN IT Industry Awards open on Tuesday, June 12.
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Comments
Ex Isoft Investor
I lost over $100k of my proposed retirement money by following the stock ISF, which listed as IBA, and was originally backed by a number of institutions, who recommended it highly.
The company has a record over many years under Cohens previous leadership of making claims and then not being able to keep them.
One only has to look at the current proposal to buy shares at 15c when they have traded over $1.80 a share and as low as 3 cents a share. If I were a shareholder still, I would take the money and run fast.(I sold out at nearly 60c and still lost a packet).
If Gary Cohen said it was raining outside, I would go and check, just to make sure. It reminds me of the old joke 'How do you make a small amount of money ? The answer , 'Give Gary Cohen a large amount of money.'
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