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<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>
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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"'> 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>
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<p class=MsoNormal><o:p> </o:p></p>
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<p class=MsoNormal style='margin-bottom:12.0pt'><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></p>
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<p class=MsoNormal><o:p> </o:p></p>
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<p class=MsoNormal><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><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><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><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><o:p> </o:p></p>
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<p class=MsoNormal><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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