mg middle office integration : weekly newsletter fyi -
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
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
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
subject : mg middle office integration : weekly newsletter
hi ,
welcome to the first of a series of weekly mg bulletins informing you of
progress with the integration .
so , what  , s happening ?
1 ) status of acquisition :
two days ago enron reached a key threshold of 90 % acceptances for our
previously announced " conditional " cash offer .
under take - over rules , this means that we can now nominate the date from
which our offer goes " unconditional " and from which we will have " effective
control " - for legal , tax and treasury reasons that date will probably be
sometime during the week 17 th - 21 st july .
the " effective control " date should not be confused with the date from which
mg plc results will be " consolidated " with those of enron europe - for
practical reasons we actually have some discretion which date we chose to
consolidate from , within the range lst july to lst august .
various groups of enron personnel are engaged in the integration effort and
richard sage is co - ordinating on behalf of fernley dyson - the reason i am
sending out this bulletin is that mike has asked me to co - ordinate the
integration of the middle office !
2 ) this week
enrononline initiative - coincidently , at around the same time that enron
launched eol , mg launched their own internet trading platform for base metal
products . there has been a lot of discussion about how we move mg ' s internet
based business over to enrononline in order to be able to offer our
burgeoning eol client base a fuller range of products . however , as a first
step this week we launched three new base metals products , not previously
traded by mg , on enrononline and so on monday we did our first base metals
trades !
using the " doorstep " format , brent price is leading a controls review to help
us assess operational risks , and generally focus on the areas that we need to
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
valuation and reserving methodology is consistent with our own .
today a project team is being assembled to figure out how to migrate mg to
sap . given our experience of lst october and lst july go - lives this should be
a piece of cake ! !
3 ) next week
on monday we will be presenting the enron model to mg to help them understand
where we are coming from ! this will involve stepping them through our
definition of roles & responsibilities for each of the functional groups that
make up the front , middle and back office , and introduce them to the various
enron people who will be responsible for helping mg to transition to this
model over the coming months .
4 ) out there somewhere . . .
the plan is still to move the entire london based mg business into enron
house in mid - september though we may find some mg staff joining us before
then . mg run a fairly lean operation and the integration effort will require
enron people on the ground to ensure that the ongoing business is not
adversely hampered as certain business processes are adapted to our model .
this will inevitably lead to new opportunities for people to move across to
the base metals business and visa versa . . .
the above is a fairly concise summary so if you ' d like more information
please feel free to call me directly on x 34264 .
regards ,
tim
mg middle office integration : weekly newsletter
fyi -
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
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
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
subject : mg middle office integration : weekly newsletter
hi ,
welcome to the first of a series of weekly mg bulletins informing you of
progress with the integration .
so , what  , s happening ?
1 ) status of acquisition :
two days ago enron reached a key threshold of 90 % acceptances for our
previously announced " conditional " cash offer .
under take - over rules , this means that we can now nominate the date from
which our offer goes " unconditional " and from which we will have " effective
control " - for legal , tax and treasury reasons that date will probably be
sometime during the week 17 th - 21 st july .
the " effective control " date should not be confused with the date from which
mg plc results will be " consolidated " with those of enron europe - for
practical reasons we actually have some discretion which date we chose to
consolidate from , within the range lst july to lst august .
various groups of enron personnel are engaged in the integration effort and
richard sage is co - ordinating on behalf of fernley dyson - the reason i am
sending out this bulletin is that mike has asked me to co - ordinate the
integration of the middle office !
2 ) this week
enrononline initiative - coincidently , at around the same time that enron
launched eol , mg launched their own internet trading platform for base metal
products . there has been a lot of discussion about how we move mg ' s internet
based business over to enrononline in order to be able to offer our
burgeoning eol client base a fuller range of products . however , as a first
step this week we launched three new base metals products , not previously
traded by mg , on enrononline and so on monday we did our first base metals
trades !
using the " doorstep " format , brent price is leading a controls review to help
us assess operational risks , and generally focus on the areas that we need to
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
valuation and reserving methodology is consistent with our own .
today a project team is being assembled to figure out how to migrate mg to
sap . given our experience of lst october and lst july go - lives this should be
a piece of cake ! !
3 ) next week
on monday we will be presenting the enron model to mg to help them understand
where we are coming from ! this will involve stepping them through our
definition of roles & responsibilities for each of the functional groups that
make up the front , middle and back office , and introduce them to the various
enron people who will be responsible for helping mg to transition to this
model over the coming months .
4 ) out there somewhere . . .
the plan is still to move the entire london based mg business into enron
house in mid - september though we may find some mg staff joining us before
then . mg run a fairly lean operation and the integration effort will require
enron people on the ground to ensure that the ongoing business is not
adversely hampered as certain business processes are adapted to our model .
this will inevitably lead to new opportunities for people to move across to
the base metals business and visa versa . . .
the above is a fairly concise summary so if you ' d like more information
please feel free to call me directly on x 34264 .
regards ,
tim