Position opened: First purchase on January 14 2008, total average cost of $0.245 CAD

Position closed: Taken private in Q3 2008, total average proceeds of $0.330 CAD

Hold period: 0.52 years

Rates of return: 35% (simple) and 76.2% (annualized)

This was one of those investments that was like a speed bump – if you weren’t paying attention, you wouldn’t notice because it came and went so quickly. Isacsoft was another company that suffered due to the fact that it was Canadian (strike one), it was a technology company in Canada (strike two), and it was a technology company in Quebec, competing for capital in a mostly Anglophone world. The company itself was doing great – Quarterly financials at September 30th 2007 indicated a company that was seriously undervalued, as it was trading at ~ $0.25 while Q3 numbers indicated EPS to date of $0.07, cash flow per share of $0.13, and no real debt. I guess the company realized this as well, as the CEO took the company private soon afterwards.

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