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<p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'>Hmmm.. the NBN comments are interesting..... certainly worth
pondering.<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 thought Vocus had bought back all its shares from Pipe or
something and Pipe didn’t own any of it now... could be wrong... James?<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'>...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>
<div>
<p class=MsoNormal><span style='font-size:10.0pt;font-family:"Calibri","sans-serif";
color:#002060'>--<o:p></o:p></span></p>
<p class=MsoNormal><span 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 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 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 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 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 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 style='font-size:10.0pt;font-family:"Calibri","sans-serif";
color:#002060'>--<o:p></o:p></span></p>
<p class=MsoNormal><span style='font-size:10.0pt;font-family:"Calibri","sans-serif";
color:#002060'>NOC, NOC, who's there?<o:p></o:p></span></p>
</div>
<p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'><o:p> </o:p></span></p>
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<p class=MsoNormal><b><span lang=EN-US style='font-size:10.0pt;font-family:
"Tahoma","sans-serif"'>From:</span></b><span lang=EN-US style='font-size:10.0pt;
font-family:"Tahoma","sans-serif"'> Jai McAulay
[mailto:Jmcaulay@business-continuity.com.au] <br>
<b>Sent:</b> Thursday, 12 November 2009 1:30 AM<br>
<b>To:</b> Skeeve Stevens; 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-US style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'>Hey Skeeve,<o:p></o:p></span></p>
<p class=MsoNormal><span lang=EN-US style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'><o:p> </o:p></span></p>
<p class=MsoNormal><span lang=EN-US 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 lang=EN-US style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'><o:p> </o:p></span></p>
<p class=MsoNormal><span lang=EN-US 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'>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></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'>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 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 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 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'>Interesting times ahead. <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'>What does this mean for Vocus with TPG as a major shareholder?</span><span
lang=EN-US style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'><o:p></o:p></span></p>
<p class=MsoNormal><span lang=EN-US style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'><o:p> </o:p></span></p>
<p><strong><span lang=EN-US style='font-size:9.0pt;font-family:"Verdana","sans-serif";
color:#365E91'>Jai McAulay</span></strong><span lang=EN-US style='font-size:
9.0pt;font-family:"Verdana","sans-serif";color:#417BAB'><o:p></o:p></span></p>
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style='font-size:8.5pt;font-family:"Verdana","sans-serif";color:black'>ABN (15
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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 lang=EN-US style='font-size:10.0pt;font-family:
"Tahoma","sans-serif"'>From:</span></b><span lang=EN-US 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><span lang=EN-US><o:p> </o:p></span></p>
<p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'>Brent,<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'>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 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 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 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 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 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 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 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'>...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:10.0pt;font-family:"Calibri","sans-serif";
color:#002060'>--<o:p></o:p></span></p>
<p class=MsoNormal><span 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 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 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 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 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 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 style='font-size:10.0pt;font-family:"Calibri","sans-serif";
color:#002060'>--<o:p></o:p></span></p>
<p class=MsoNormal><span 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 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 lang=EN-US style='font-size:10.0pt;font-family:
"Tahoma","sans-serif"'>From:</span></b><span lang=EN-US 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><o:p> </o:p></p>
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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></p>
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<p class=MsoNormal>Skeeve,<o:p></o:p></p>
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<p class=MsoNormal>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></p>
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<p class=MsoNormal>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></p>
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<p class=MsoNormal>Brent<o:p></o:p></p>
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<p class=MsoNormal>-- <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></p>
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