Good morning Paul,

Does Sage have a poison pill in place? Also even if they do, can it be 'legally' bypassed? If insiders and those just under the wire 'suddenly' decide to sell all their shares to a group or institution is it possible that a majority of shares could wind up in 'unfriendly hands'? All this is of course premature but we are only making conversation here so why not discuss it. While I never asked them about the poison pill, I am sure that Nigel can count and he must have thought about this topic before and took some measures to avoid any surprises at future round table takeover discussions.

Take care,

Jerry