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Enron Mail |
FYI -=20
Also, Mike and I are working with Tim to integrate the MG DPR into ours. Regards ---------------------- Forwarded by Shona Wilson/NA/Enron on 07/07/2000 07:= 47=20 AM --------------------------- Tim Poullain-Patterson@ECT 07/07/2000 02:50 AM To: ECT European Middle Office cc: Richard Sage/LON/ECT@ECT, Phil Redman/LON/ECT@ECT, Beth=20 Apollo/LON/ECT@ECT, Stephen Wood/LON/ECT@ECT, Michael Heap/LON/ECT@ECT, Ale= x=20 Holland/LON/ECT@ECT, Andrew Cornfield/LON/ECT@ECT, Naomi Connell/LON/ECT@EC= T,=20 Fernley Dyson/LON/ECT@ECT, Eric Gadd/LON/ECT@ECT, Scott Earnest/HOU/ECT@ECT= ,=20 Bruce Garner/Corp/Enron@ENRON, Amita Gosalia/LON/ECT@ECT, Lara=20 Fields/HOU/ECT@ECT, Fiona Grant/LON/ECT@ECT, Tani Nath/LON/ECT@ECT, Janine= =20 Juggins/LON/ECT@ECT, Andrea M Kerch/LON/ECT@ECT, Lloyd Fleming/LON/ECT@ECT,= =20 Barry Sangster/LON/ECT@ECT, Shona Wilson/NA/Enron@Enron, Brent A=20 Price/HOU/ECT@ECT=20 Subject: MG Middle Office Integration : Weekly Newsletter Hi, Welcome to the first of a series of weekly MG bulletins informing you of=20 progress with the integration. So, what=01,s happening? 1) Status of Acquisition : two days ago Enron reached a key threshold of 90% acceptances for our=20 previously announced "conditional" cash offer. under take-over rules, this means that we can now nominate the date from=20 which our offer goes "unconditional" and from which we will have "effective= =20 control" - for legal, tax and treasury reasons that date will probably be= =20 sometime during the week 17th-21st July. the "effective control" date should not be confused with the date from whic= h=20 MG plc results will be "consolidated" with those of Enron Europe - for=20 practical reasons we actually have some discretion which date we chose to= =20 consolidate from, within the range 1st July to 1st August. various groups of Enron personnel are engaged in the integration effort and= =20 Richard Sage is co-ordinating on behalf of Fernley Dyson - the reason I am= =20 sending out this bulletin is that Mike has asked me to co-ordinate the=20 integration of the Middle Office! 2) This Week EnronOnline initiative - coincidently, at around the same time that Enron= =20 launched EOL, MG launched their own internet trading platform for base meta= l=20 products. There has been a lot of discussion about how we move MG's interne= t=20 based business over to EnronOnline in order to be able to offer our=20 burgeoning EOL client base a fuller range of products. However, as a first= =20 step this week we launched three new base metals products, not previously= =20 traded by MG, on EnronOnline and so on Monday we did our first base metals= =20 trades!=20 using the "Doorstep" format, Brent Price is leading a controls review to he= lp=20 us assess operational risks, and generally focus on the areas that we need = to=20 think about as we get nearer to consolidating MG's business with our own. a detailed valuation review was kicked-off yesterday to ensure that MG's=20 valuation and reserving methodology is consistent with our own. today a project team is being assembled to figure out how to migrate MG to= =20 SAP. Given our experience of 1st October and 1st July go-lives this should = be=20 a piece of cake!! 3) Next Week on Monday we will be presenting the Enron Model to MG to help them understa= nd=20 where we are coming from! This will involve stepping them through our=20 definition of Roles & Responsibilities for each of the functional groups th= at=20 make up the front, middle and back office, and introduce them to the variou= s=20 Enron people who will be responsible for helping MG to transition to this= =20 model over the coming months. 4) Out there somewhere... The plan is still to move the entire London based MG business into Enron=20 House in mid-September though we may find some MG staff joining us before= =20 then. MG run a fairly lean operation and the integration effort will requir= e=20 Enron people on the ground to ensure that the ongoing business is not=20 adversely hampered as certain business processes are adapted to our model.= =20 This will inevitably lead to new opportunities for people to move across to= =20 the base metals business and visa versa... The above is a fairly concise summary so if you'd like more information=20 please feel free to call me directly on x 34264. Regards, Tim
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