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Enron Mail |
Please call to set up a meeting. We should include Michael Anerson in the call. There are updates that I need to provide you with.
-----Original Message----- From: Lisa Hobbs <lisa.hobbs@wessexwater.co.uk<@ENRON On Behalf Of Colin Skellett <colin.skellett@wessexwater.co.uk< Sent: Monday, December 10, 2001 2:31 AM To: John L Garrison (E-mail); Michael Anderson (E-mail); Detmering, Tim; Muller, Mark S. Cc: Horton, Stanley; McMahon, Jeffrey; Keith Harris Subject: Wessex Sale As you know, I have been expressing concern about the need for momentum with the sale. I understand we still don't have a bank in place and I know that at least two of the bidders are beginning to feel that they are being used simply to encourage others. We have on the table three serious bids at or around RAB value - which is better than we might have expected. I understand RBS are now considering talking to Barclays to bring them into a single bid which would not be good for the competitive process. We need to move quickly for a number of reasons:- 1 Keeping these guys interested. 2 There is an opportunity now to take out the high yield bond. 3 We need to get the deal done well before AEL refinancing is required. It seems to me we have three ways forward:- 1 Find an independent bank - there are UK banks such as Close Brothers who are smaller but do not have any Enron issues. They would be more than capable of carrying out the sale process and we could leave the high yield bonds with SSSB or CSFB. 2 Proceed without a bank - this carries the risk that we won't have a fairness opinion. 3 Satisfy ourselves that one or maybe a combination of banks can carry out the process without claims of undue influence. I propose to arrange the first management presentations on Friday of this week and Monday and Tuesday of next week because I believe it is essential that we maintain momentum. Let's sort out the bank issues before then. Colin ********************************************************************** This email and any files transmitted with it are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the Wessex Water IT Support Centre on: 44-1225-528888 or email support@wessexwater.co.uk This footnote also confirms that this email message has been swept by MIMEsweeper for the presence of computer viruses. www.mimesweeper.com ********************************************************************** _____________________________________________________________________ This message has been checked for all known viruses by the MessageLabs Virus Scanning Service. For further information visit http://www.messagelabs.com/stats.asp
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