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No. of Recommendations: 4
I am sending off a letter today.

Main points:

1. Offer price too low and unfair to minority shareholders not participating in proposed buyout

2. Long time share holder and intend to hold for long time to come

3. Market price and buyout offer severely undervalues company

3a. MSPEA is a member of the Buyer Parties and invested several years ago. Conversion price is $8.80 and YONG is surpassing all targets related to this conversion price. Therefore, MSPEA would value the company at AT LEAST $8.80/sh

3b. Management believe the market price has and continues to severely undervalue the true value of the Company. Company has for several years through various public releases attempted to get the market price to reflect the true value. Therefore, management, BoD, Buyer Parties, and long term investors like me know the true value is much higher than the buyout offer.

4. Buyout would be unfair to minority shareholders not participating in the buyout. Special committee should require a majority of minority shareholders approve the buyout to avoid unfairness and a breach of fiduiary responsibility.
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