euronet letter to shareholders

I have received a circular letter from Euronet to EPY shareholders dated 02 August 2011.

Euronet indicate in this letter the apparent reluctance of EPY (Lo?) to treat with Euronet even though it is obviously, imho, in we shareholders best interests.

Euronets letter states that EPY did not seek a competitive bid from Euronet after receiving Simon Lo's "Tabriki" offer, even though Euronet is a leading global electronic payments provider. This omission to act by the EPY board causes me real concern.

Euronet's letter also indicates that EPY (Lo?)is playing hardball on Euronet's due diligence enquiries.

Euronet suggests we shareholders encourage the "independent" directors (ie. those other than Simon Lo) to treat with Euronet in a meaningful way.

Euronet indicate they are serious about their offer of $11.5m and intend to proceed with it if they can get sufficient co-operation from EPY in the conduct of due diligence and the findings are satisfactory.

This indicates to me that the announcements on the ASX by EPY concerning these matters are potentially misleading to the point of deceit because they do not mention these issues.

I hope ASIC has a good look at the situation to see that the price paid is not just "fair and reasonable" but that the "independent" directors of EPY take reasonable steps to ensure it is the BEST PRICE AVAILABLE IN THE MARKETPLACE so that the best interests of shareholders is realized, not just the best interests of Simon Lo.

Thankfully, Euronet has already forced Tabiriki's offer up c.15%, no doubt to the chagrin of Lo.