FW: Recommended Offer by ICE for IPE Holdings

Does our less than 1% get us more relavent info than if we just pulled from publically available?

GP

-----Original Message-----
From: Boyd, Justin
Sent: Thursday, May 24, 2001 1:03 PM
To: Piper, Greg
Subject: RE: Recommended Offer by ICE for IPE Holdings

Greg

We would hold less than 1% of the equity in ICE - so no control at all

Justin

-----Original Message-----
From: Piper, Greg
Sent: 24 May 2001 17:55
To: Boyd, Justin
Subject: RE: Recommended Offer by ICE for IPE Holdings

How much would we own and how much control would we have, if any?

Thanks.

GP

-----Original Message-----
From: Boyd, Justin
Sent: Thursday, May 24, 2001 10:13 AM
To: Piper, Greg; Zipper, Andy
Cc: Brown, Michael
Subject: RE: Recommended Offer by ICE for IPE Holdings

Greg, Andy

If we accept the Offer, and assuming the Offer receives sufficient acceptances from the other IPE shareholders, then we would hold equity in ICE (in the form of A and B Shares)

Justin

-----Original Message-----
From: Piper, Greg
Sent: 24 May 2001 15:28
To: Zipper, Andy
Cc: Boyd, Justin; Brown, Michael
Subject: FW: Recommended Offer by ICE for IPE Holdings

Your thoughts on this?

Also, assuming we accept, then what? Are we an owner in ICE?

GP

-----Original Message-----
From: Boyd, Justin
Sent: Thursday, May 24, 2001 3:57 AM
To: Whalley, Greg; Sherriff, John; Brown, Michael; Piper, Greg; Zipper, Andy
Subject: Recommended Offer by ICE for IPE Holdings

This is to point out to you the approaching deadline for accepting ICE's Offer for IPE Holdings. If we wish to accept this Offer, we must do so no later than 3 pm on Tuesday 29 May.

In the meantime, Michael has received calls from Richard Ward (IPE's CEO) inquiring as to our position, and it would be my view that we should accept the Offer. (Note that if ICE receives acceptances of 90% or more, then our shares in IPE Holdings will in any event be mandatorily acquired. And assuming that such level of acceptances will be received, there is no reason for not accepting the Offer).

Please would you let me know whether you wish to accept the Offer. Ideally, if we are to do so, I would plan to send the acceptance by close of business on Friday 25 May.

Thanks
Justin