iSoft extends share suspension

Isoft Group has extended its voluntary suspension on the Australian Stock Exchange for a further week, until 4 April.

On Thursday 24 March the company requested a suspension of trading pending an announcement regarding an update on the company’s strategic review process.

In a statement this morning the company said: “The directors consider that the current status of the strategic review process and the proposals received as part of this process, including relating to potential change of control, are not sufficiently advanced to permit the disclosure of complete information to the market.”

The statement added: “Given the nature of the proposals received, in the absence of a detailed announcement there is potential for trading to take place in a speculative or uninformed market.

Sources following the company suggest that although discussions about a takeover are underway, with CSC most often mentioned as an alleged suitor, no detailed proposal is currently on the table.

Today’s iSoft statement concluded: “The company expects it will be in a position to make an announcement on this matter in the next week and requests that the voluntary suspension remain in place until the commencement of trading on Monday 4 April, 2011.