We wrote a third open letter in response to the Board of Golfzon Holdings' recent clarification statement regarding the 2nd tender offer bid. We view the Board's opinion as completely inadequate; it describes the meetings it held rather than providing substance or concrete evidence why 6,700 KRW per share, or 0.35x book value and 0.22x our assessed fair value, is appropriate. Additionally, the Board made no mention of the amendment which had passed the plenary session on August 20. Considering that a delisting tender offer is ongoing and a future comprehensive share exchange is intended (as disclosed in the Board's statement of opinion), the amendment should have been reviewed at this board meeting. We want it to be known that resolving a comprehensive share exchange in favor of the controlling shareholder prior to the enforcement of the amended Act would, in our view, be a further breach of the Board's duty of loyalty to shareholders. We are also sending this letter to the FSS, which reviews tender offers. We will not tender and we will pursue minutes, records, regulators and the courts until minority shareholders obtain fair value. LINK BELOW ->