This bug has been copied from bug #545682 and has been proposed to be backported to 4.7 z-stream (EUS).
Problematic iLO2 firmware is v1.70+; I was able to test rhcs 4.7 against ilo2 v1.78 - and it works. Reason why it is not working in 4.8 that there is different implementation based on standard fencing library.