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To: Ian Burton who wrote (927)	6/28/1998 2:30:00 PM
From: Mike Healy	Read Replies (1) \| Respond to of 1069

Respectfully, Ian, yes. ISLI deserves a higher price, as those of us who are quite familiar with the company are well aware. Please do not assume that those of us who are considering a vote against the MIFGY acquisition (under current terms) are either uninformed or lacking in sophistication. I will do you the same service by assuming you are aware that some volatility in past earnings is not necessarily the best indication of a company's value today. BTW, it is not uncommon for companies whose stock has been blessed by an overexuberant market or investor fan-club to take advantage of that situation by attempting to use its rich currency to purchase the stock of more reasonably valued companies. WorldCom, Cisco and other U.S. companies have kept their valuations high doing just that. I suspect ISLI management was a bit naive in their leap at what appeared to be a good price...and I think their advisors were borderline-negligent for not insisting on a collar-price for MIFGY shares (beyond which the exchange rate would have to be adjusted). This is a fairly typical arrangement in similar situations. Just curious, are you a Micro Focus shareholder or employee ? If so, please send our regards to their shrewd management -- I'm genuinely impressed.

To: Ian Burton who wrote (927)	6/29/1998 12:42:00 PM
From: fyi	Read Replies (2) \| Respond to of 1069

Unconditionally yes. ISLI's results have been on the upturn with what appeared to be management's new found ability to focus. If one takes a slice out of the latest results, revenues and income are greater for ISLI than MIFGY. If one takes a look at ISLI product revenue engines and growth, they stack up very nicely in a comparison. So it is a bit unsettling to think that ISLI management would buy off on any deal that would not get its owners a better return than that projected by the current deal.