Fund manager Jasmine Holdco raised its stake to 1,967,464 shares (14.17%), 13.99% more than it reported owning on Sept. 27.

Jasmine Holdco is evaluating possible transactions with the Israel-based information-security company. Jasmine's representative met briefly with Aladdin's management recently to inquire about a sale of the company's software digital-management rights business and was told that the company had no interest in a sale. Aladdin is evaluating whether to encourage the company to maximize shareholder value through a possible merger, sale of assets, or business combination, which may include a transaction with SafeNet, a Jasmine affiliate. Jasmine may also seek representation on the company's board. Jasmine Holdco reported ownership of 1,269,300 shares (9.14%).

It is at an all time low.I don't think it will be this low again & I hope to be able to by shares before it shoots up again.

Q: Let's turn to some emerging companies that have caught your interest.

A: A company called Aladdin Knowledge Systems [ALDN] has been overlooked by a lot of people. It is an Israeli company that develops enterprise-network security software used for application access. This company has been growing earnings at 20%-plus lately. Last year, earnings rose from 93 cents a share to $1.15, and this year they are probably going to go to $1.40 a share. They had a very good quarter recently, up over 21%. It's not too expensive, selling at 20 and earning, say, $1.40 a share this year and $1.60 next year.

Alladin Knowledge Sys
Posted 1/11/2004@9.81
Peaked 11/8/2004@31.3

Downgraded by Friedman Billings from Outperform to Mkt Perform

Downgraded by CIBC from Sector Outperform to Sector Perform

Downgraded by UBS from Buy to Neutral

EV / EBITDA = 10.4

loss