Tuesday, 16 September 2008

More Lehman repercussions

Misys shares fell 11% on Tuesday. In part this was because Lehman's used Misys' Loan IQ and Summit products. But mainly because Lehman's had been the provider of the $305m debt facility required to pay Allscipt's shareholders in a few weeks time. After the markets closed, Misys issued a statement saying that all this uncertainty meant it has had to adjourn the EGM to approve the merger set for 22nd Sept 08. It has been reconvened on 6th Oct.

Quite where? - and more significantly at what price? - that facility will now be forthcoming in these difficult markets is clearly giving investors jitters.

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