Hi Roger,Thats a good outline.I agree with you that the company...

Hi Roger,

Thats a good outline.

I agree with you that the company appears very cheap.

I think the vast majority of investors have just about had enough.

Clearly there is some disappointment in the way EPY dealt with the Euronet offer.

I would point out though, that given the value of the company, the buy back is probably a positive for investors who do not sell their shares. In fact, all you would need is a ~6% stake, and you would suddenly find yourself with enough shares to block a full takeover.

The obvious risk is that you'd still be trapped as a share holder, and reliant on Simon to do the right thing by minority holders.

I suspect EPY falls into the 'too hard basket' for most small holders.