corporate ethics

M2U and others whose EPS applications were rejected.

Accessing mail on Sunday is one of the many advantages of living in a small town. Today I actally got my cheques back from Epsilon, 17 days after the offer closed. The applications had been received by Security Transfer Registrars on the morning of Nov 24. The fact that they didn't bank the cheques straight away tells me that Epsilon management had already decided to reject my applications.

The IPO was very poorly handled in my opinion. A large number of potential shareholders have been alienated by the process and this can only have a negative impact on the sp.

I have taken up M2Us suggestion and lodged a complaint with ASIC. There needs to be clear and unambiguous guidelines regarding the fair distribution of shares in an IPO. EPS shares do not appear to have been fairly distributed and as the body charged with the governance of public companies, ASIC needs to be informed of unethical management decisions.

I still like the potential for at least some of Epsilon's tenements to host significant uranium deposits. The Balladonia project in particular has the potential to contain large reserves amenable to ISL extraction. The existence of significant carnotite mineralisation at Mt Phillips is very positive for the possibility of near term resource delineation. The inclusion of a spectrum of projects from states besides WA provides a measure of insurance if WA continues the ban on uranium mining.

I've bought in to EPS and will consider increasing my holdings if the sp remains around 25c.