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<p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'>Hey Skeeve,<o:p></o:p></span></p>
<p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'><o:p> </o:p></span></p>
<p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'>I don’t know that PIPE was in trouble financially but with
the uncertainty that the impending NBN creates for telco assets now may have
been a good time. Perhaps also there weren’t too many opportunities of
any significance in the near term for the international business, given their isn’t
a diverse route and they weren’t likely to fund further build/spurs
themselves.<o:p></o:p></span></p>
<p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'><o:p> </o:p></span></p>
<p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'>></span><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'> <span lang=EN-AU>something not mentioned much here yet is that
Bevan has signed a 12 month contract to work for SP Telemedia.... probably
meaning he can’t take any >major role in the NBN (unless that was the
TV channel which I think they own ;-). So even before the merger/takeover
is approved – Bevan has left Pipe >(Pipe International I think) for
Soul.<o:p></o:p></span></span></p>
<p class=MsoNormal><span lang=EN-AU style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'><o:p> </o:p></span></p>
<p class=MsoNormal><span lang=EN-AU style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'>Maybe the new entity will look to position themselves to vend
assets into the NBN. They are at least looking to strengthen their position at
a time when the framework of the NBN is still to be decided. If you were TPG
who would you put in charge of that?<o:p></o:p></span></p>
<p class=MsoNormal><span lang=EN-AU style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'><o:p> </o:p></span></p>
<p class=MsoNormal><span lang=EN-AU style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'>I haven’t had a good read of the release but I would have
thought the contract would take effect once the transaction had occurred in
March/April. Perhaps this is the biggest positive to come out of it. Maybe the
new entity will approach the wholesale market with some foresight and
positivity. <o:p></o:p></span></p>
<p class=MsoNormal><span lang=EN-AU style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'><o:p> </o:p></span></p>
<p class=MsoNormal><span lang=EN-AU style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'>Interesting times ahead. <o:p></o:p></span></p>
<p class=MsoNormal><span lang=EN-AU style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'><o:p> </o:p></span></p>
<p class=MsoNormal><span lang=EN-AU style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'>What does this mean for Vocus with TPG as a major shareholder?</span><span
style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'><o:p></o:p></span></p>
<p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'><o:p> </o:p></span></p>
<P
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<div style='border:none;border-top:solid #B5C4DF 1.0pt;padding:3.0pt 0cm 0cm 0cm'>
<p class=MsoNormal><b><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'>From:</span></b><span
style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'>
ausnog-bounces@lists.ausnog.net [mailto:ausnog-bounces@lists.ausnog.net] <b>On
Behalf Of </b>Skeeve Stevens<br>
<b>Sent:</b> Wednesday, November 11, 2009 11:02 PM<br>
<b>To:</b> Brent Paddon<br>
<b>Cc:</b> ausnog@ausnog.net<br>
<b>Subject:</b> Re: [AusNOG] Soul/TPG buying Pipe ...<o:p></o:p></span></p>
</div>
</div>
<p class=MsoNormal><o:p> </o:p></p>
<p class=MsoNormal><span lang=EN-AU style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'>Brent,<o:p></o:p></span></p>
<p class=MsoNormal><span lang=EN-AU style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'><o:p> </o:p></span></p>
<p class=MsoNormal><span lang=EN-AU style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'>Am I missing something? Was Pipe in trouble and had to
sell? Was there a downward forecast or something?<o:p></o:p></span></p>
<p class=MsoNormal><span lang=EN-AU style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'><o:p> </o:p></span></p>
<p class=MsoNormal><span lang=EN-AU style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'>I will state upfront that I know little about publically listed
companies... but with the offer, did they have no choice but to consider and accept
it?<o:p></o:p></span></p>
<p class=MsoNormal><span lang=EN-AU style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'><o:p> </o:p></span></p>
<p class=MsoNormal><span lang=EN-AU style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'>I suppose that by being on the market in the first place, a
company could be considered to already have been ‘sold’ –
just with no majority holder. But then again, I don’t know what
percentage the other board members held/major shareholders – apart from
Bevan and Steve’s 27% - but if it was more than 50%, as far as I guess,
they didn’t have to do anything.<o:p></o:p></span></p>
<p class=MsoNormal><span lang=EN-AU style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'><o:p> </o:p></span></p>
<p class=MsoNormal><span lang=EN-AU style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'>I was under the impression that the market was coming back quite
well and business was on the rise.... but I am sure there could be
myriad of reasons that they have decided to go in this direction.<o:p></o:p></span></p>
<p class=MsoNormal><span lang=EN-AU style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'><o:p> </o:p></span></p>
<p class=MsoNormal><span lang=EN-AU style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'>...Skeeve<o:p></o:p></span></p>
<p class=MsoNormal><span lang=EN-AU style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'><o:p> </o:p></span></p>
<p class=MsoNormal><span lang=EN-AU style='font-size:10.0pt;font-family:"Calibri","sans-serif";
color:#002060'>--<o:p></o:p></span></p>
<p class=MsoNormal><span lang=EN-AU style='font-size:10.0pt;font-family:"Calibri","sans-serif";
color:#002060'>Skeeve Stevens, CEO/Technical Director<o:p></o:p></span></p>
<p class=MsoNormal><span lang=EN-AU style='font-size:10.0pt;font-family:"Calibri","sans-serif";
color:#002060'>eintellego Pty Ltd - The Networking Specialists<o:p></o:p></span></p>
<p class=MsoNormal><span lang=EN-AU style='font-size:10.0pt;font-family:"Calibri","sans-serif";
color:#002060'>skeeve@eintellego.net / www.eintellego.net<o:p></o:p></span></p>
<p class=MsoNormal><span lang=EN-AU style='font-size:10.0pt;font-family:"Calibri","sans-serif";
color:#002060'>Phone: 1300 753 383, Fax: (+612) 8572 9954<o:p></o:p></span></p>
<p class=MsoNormal><span lang=EN-AU style='font-size:10.0pt;font-family:"Calibri","sans-serif";
color:#002060'>Cell +61 (0)414 753 383 / skype://skeeve<o:p></o:p></span></p>
<p class=MsoNormal><span lang=EN-AU style='font-size:10.0pt;font-family:"Calibri","sans-serif";
color:#002060'>www.linkedin.com/in/skeeve ; facebook.com/eintellego<o:p></o:p></span></p>
<p class=MsoNormal><span lang=EN-AU style='font-size:10.0pt;font-family:"Calibri","sans-serif";
color:#002060'>--<o:p></o:p></span></p>
<p class=MsoNormal><span lang=EN-AU style='font-size:10.0pt;font-family:"Calibri","sans-serif";
color:#002060'>NOC, NOC, who's there?<o:p></o:p></span></p>
<p class=MsoNormal><span lang=EN-AU style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'><o:p> </o:p></span></p>
<div style='border:none;border-left:solid blue 1.5pt;padding:0cm 0cm 0cm 4.0pt'>
<div>
<div style='border:none;border-top:solid #B5C4DF 1.0pt;padding:3.0pt 0cm 0cm 0cm'>
<p class=MsoNormal><b><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'>From:</span></b><span
style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'> Brent Paddon
[mailto:brent@overthewire.com.au] <br>
<b>Sent:</b> Wednesday, 11 November 2009 6:33 PM<br>
<b>To:</b> Skeeve Stevens<br>
<b>Cc:</b> ausnog@ausnog.net<br>
<b>Subject:</b> Re: [AusNOG] Soul/TPG buying Pipe ...<o:p></o:p></span></p>
</div>
</div>
<p class=MsoNormal><span lang=EN-AU><o:p> </o:p></span></p>
<div>
<blockquote style='border:none;border-left:solid #CCCCCC 1.0pt;padding:0cm 0cm 0cm 6.0pt;
margin-left:4.8pt;margin-top:5.0pt;margin-right:0cm;margin-bottom:5.0pt'>
<p class=MsoNormal style='margin-bottom:12.0pt'><span lang=EN-AU><br>
<br>
One question I would really like to ask is 'Why Bevan why?'... I realise you
guys together only had 27% - but did you have no choice? I am sure I am
not the only one asking 'How could you do this to us?' Is it just about the
money?<o:p></o:p></span></p>
</blockquote>
<div>
<p class=MsoNormal><span lang=EN-AU><o:p> </o:p></span></p>
</div>
<div>
<p class=MsoNormal><span lang=EN-AU><o:p> </o:p></span></p>
</div>
<div>
<p class=MsoNormal><span lang=EN-AU>Skeeve,<o:p></o:p></span></p>
</div>
<div>
<p class=MsoNormal><span lang=EN-AU><o:p> </o:p></span></p>
</div>
<div>
<p class=MsoNormal><span lang=EN-AU>Just bear in mind here that as a board of a
company that is listed on a public exchange, the directors have to act in the
interests of all shareholders. In the absence of another suitor, their
only other choice was to dismiss the bid as being undervalued - probably a bit
dangerous given that most brokers had them valued at around the bid price
(roughly).<o:p></o:p></span></p>
</div>
<div>
<p class=MsoNormal><span lang=EN-AU><o:p> </o:p></span></p>
</div>
<div>
<p class=MsoNormal><span lang=EN-AU>The shareholders would have eaten them for
lunch had they chosen to dismiss the Soul bid and things had gone south
[remember MS and Yahoo :) ]...<o:p></o:p></span></p>
</div>
<div>
<p class=MsoNormal><span lang=EN-AU><o:p> </o:p></span></p>
</div>
<div>
<p class=MsoNormal><span lang=EN-AU>Brent<o:p></o:p></span></p>
</div>
<div>
<p class=MsoNormal><span lang=EN-AU><o:p> </o:p></span></p>
</div>
<div>
<p class=MsoNormal><span lang=EN-AU><o:p> </o:p></span></p>
</div>
</div>
<p class=MsoNormal><span lang=EN-AU>-- <br>
--<br>
Brent Paddon<br>
<br>
Director | Over the Wire Pty Ltd <a
href="mailto:brent.paddon@overthewire.com.au">brent.paddon@overthewire.com.au</a>
| <a href="http://www.overthewire.com.au">www.overthewire.com.au</a><br>
Phone: 07 3847 9292 | Fax: 07 3847 9696 | Mobile: 0400 2400 54<o:p></o:p></span></p>
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