okay, this time i sent him email, page-11

Hi Viva,

The announcement of 23/12/02, foreshadowed the NZ data services acquisition and advised of an exclusive negotiating arrangement until 31/01/03. The earliest that this would occur would be by 28/02/03.

On 15/01/03, TNY confirmed both the prospect, and the identity of the Vendor. TNY then made some forward looking statements of a prospective company making nature (ie: assuming completion of the acquisition).

The announcement pointed out that the target was high volume, and profitable. It was also international in its focus, citing "Poland's national telecommunications company" as a "blue chip customer. This presumably is
Telekomunikacja Polska S.A. which has ~90% of the fixed telecom services in Poland.

The Polish telecommunications market is the largest communications market in, what is termed, the CEE (or Central eastern Europe) area.

The Polish market is currently growing at an annualised rate >11.0% per annumand is expected to "reach $14.4bn by 2007, second only to Russia" (source: Pyramid Research 12/02). In Australian dollar terms, that approximates a market of $24m+ in aggregate size.

Growth in the Polish market is "expected to grow significantly over the next five years, fuelled mainly by ongoing mobile market expansion and growth of local fixed voice revenue" (Pyramid research 12/02).

There is, however, significant growth occurring in the CEE markets as they try to catapult the twin peaks of modernising their networks, and playing catch-up to the West. In terms of size or measurement, however, they are typically coming off a much smaller base than is otherwise the case for many of the Western European markets.

Back, however, to the announcements.

On 15/01/03, TNY also pointed to a number of parallel activities that were also taking place and which would need to be signed (or approvals, obtained). Unlike the HoA which represented more a roadmap of where the parties wanted to go, the finally completed transaction is likely to involve a suite of documents being signed given that you are talking about assets, people, intellectual property, international customers, trans-Tasman operations, a continuing NZ presence, a backdated transaction which (once completed, would be adjusted back to 101/01/03), assignments, novations, etc.

By way of contrast, if a typical house purchase can take from 60 -90 days to complete (ie: by the time all the conveyancing is carried out, finance approvals obtained, documents prepared, etc, just how much more detailed and complex will a multi-faceted, internationally focussed business transaction be?

Business in an international setting (like with buying or selling a property) is typified by the simplified nature in which the headline statements can be made, but complicated by the detail that it required to back up those statements.