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Enron Mail |
FYI
---------------------- Forwarded by Scott Earnest/HOU/ECT on 07/18/2000 09:27 AM --------------------------- Tim Poullain-Patterson 07/18/2000 04:11 AM To: ECT European Middle Office cc: Richard Sage/LON/ECT@ECT, Phil Redman/LON/ECT@ECT, Beth Apollo/LON/ECT@ECT, Stephen Wood/LON/ECT@ECT, Michael Heap/LON/ECT@ECT, Alex Holland/LON/ECT@ECT, Andrew Cornfield/LON/ECT@ECT, Naomi Connell/LON/ECT@ECT, Fernley Dyson/LON/ECT@ECT, Eric Gadd/LON/ECT@ECT, Scott Earnest/HOU/ECT@ECT, Bruce Garner/Corp/Enron@ENRON, Amita Gosalia/LON/ECT@ECT, Lara Fields/HOU/ECT@ECT, Fiona Grant/LON/ECT@ECT, Tani Nath/LON/ECT@ECT, Janine Juggins/LON/ECT@ECT, Andrea M Kerch/LON/ECT@ECT, Lloyd Fleming/LON/ECT@ECT, Barry Sangster/LON/ECT@ECT, Shona Wilson/NA/Enron@Enron, Brent A Price/HOU/ECT@ECT, Claire Wright/LON/ECT@ECT Subject: MG Middle Office Integration : Fortnightly Newsletter Hi, As you will have seen today in an announcement is to be made on the London Stock Exchange this afternoon stating we have gone wholly unconditional on our offer to acquire MG plc. Though the accounting consolidation date will be the end of the month, we will effectively "own" the trading positions as of close of business yesterday (if anyone wants clarification on the distinction between these two dates please call). Therefore, as far as possible we need to have a recognisable "middle office" in place to ensure transparency of trading positions and results, efficient and controlled operational processes, segregation of duties; in a nutshell, no accidents! So, where are we... 1) Last Week ... Valuation Review - Andy Cornfield and I completed a detailed review of trading positions and associated valuations to ensure that from cob yesterday, all positions were correctly valued in line with Enron's valuation methodology. SAP - Wayne Andrews (Project Apollo Director) was over from Houston to kick-off the "MG migration to SAP" project. Michael Heap will be leading this project from London with a focus on establishing a project plan over the next few weeks. Remote Offices - MG have offices all over the world and it is important to distinguish between "trading" offices, that are permitted to "commit" the firm, and origination and representative offices that service the "trading" offices. Enron staff have been visiting all of MG's offices over the past few weeks so we can ensure that appropriate controls are established around the different types of office. 2) This Week DPR - yesterday Sheila Foo produced a DPR for the entire MG operation, sub-divided into five distinct business units for onward reporting to Enron and MG senior management. Mary Thambiah will be consolidating the results with those of Enron Europe from cob today - the first day we "own" MG's trading results. Doorstep and Process Review - a "Doorstep" controls review was performed by Brent Price two weeks ago, and provisional findings noted. However, a deal test is still outstanding and we are inviting AA back to this week to complete it. We are also asking AA to document work flow and systems processes so we have a better understanding of the integration points as we move the MG business on to the Enron Middle Office model. 3) Lastly, attention model train enthusiasts... MG have about eight meters of LGB standard gauge track, a couple of locomotives and an array of rolling stock - problem is that the network fell over a couple of weeks ago (I blame it on Gerald Corbett!). Are there any model train enthusiasts out there prepared to give up some of there time to fix it? Any offers for help will be accepted on a confidential basis - anonymity assured!! Please don't hesitate to call if you have any questions on any of the above x 34264. Regards, Tim
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