Eircom ESOP: when's our next windfall?

Discussion in 'Investments' started by luckylou, Jan 27, 2008.

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  1. ph3n0m

    ph3n0m Frequent Poster

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    Re: eircom esop when's our next windfall?

    Hi all

    Does anyone know when the next payment is being made? Is it still aimed at May/June?
     
  2. dr1nky

    dr1nky Frequent Poster

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    Re: eircom esop when's our next windfall?

    Hi there,

    I heard that it'll be a normal allocation in May/June and that there's zero possibility of a tripple allocation -any additional funds are to be pumped back into the company.

    ....just what I've heard, somebody might want to verify this!

    Cheers,

    Dr1nky
     
  3. jdwex

    jdwex Frequent Poster

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    Re: eircom esop when's our next windfall?

    8k or so redeemable preference
    after that esot has 35% of a value of 0+ , and some vod shares....
     
  4. luckylou

    luckylou Frequent Poster

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    Re: eircom esop when's our next windfall?

    Article in yeaterday's Sunday Times- from what I can gather, ESOP want to buy more share in the company!
    Where will that leave us with regards to cash shares and also the company is worth less now.
    I also taught ESOP had to sell off all the shares by 2012 and disperes the 35% stake it had in the company!? I can't make sense it if.
     
  5. MB05

    MB05 Frequent Poster

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    Re: eircom esop when's our next windfall?

    luckylou, the story is coming from the fact that the last of the guaranteed payments is this summer. After that the only way to sell the eircom shares is to either refloat eircom on the stock exchange or come to an agreement with BCM to exchange eircom shares for a stake in BCM. As the BCM shares are quoted on the Austrailian stock exchange the ESOT can make distributions.

    The real question is who in their right mind would want BCM shares?
     
  6. macbri

    macbri Frequent Poster

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    Re: eircom esop when's our next windfall?

    There is another option if ESOP wants more shares and thats' to buy out BCMs' 57% stake.

    ESOP has available resources in cash/vodafone shares & preference shares and exchange rate is very favourable at moment- 1 euro= 2 aud,
    they could mount a viable bid to buy out BCMs' eircom stake.

    This would be a great option for both BCM & ESOP members as employees would now own 100% of Eircom and BCM would have an exit strategy.

    Can someone post a link to Sunday Times article as I would like to read it.
     
  7. bilic04

    bilic04 Registered User

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    Re: eircom esop when's our next windfall?

    is the next windfall date end of may/june has anyone heard anymore.
    my husbad is an exemploee and has shares and love gettin that little surprise in the post, but very sad to read this is our last guarantee one
     
  8. MB05

    MB05 Frequent Poster

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    Re: eircom esop when's our next windfall?

    It's usually end of June/early July I think. Rumours are doing the rounds that it might not be as guaranteed as we thought. People are saying that the ESOT are looking at buying some of BCM's shareholding. Who knows whats true anymore.
     
  9. macbri

    macbri Frequent Poster

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    Re: eircom esop when's our next windfall?

    Proposal announced today to take over BCM for $1.05 per share( cash value).
    Proposal is coming from ex executives of Babcock & Brown including Reg Comb which basically are trying to take BCM private.

    Further details will be forthcoming at meeting in sydney on 27th April which I intend to attend.
     
  10. jdwex

    jdwex Frequent Poster

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    Re: eircom esop when's our next windfall?

    This is getting ridiculous, and frankly not in eircom or Ireland's interst. Whatever about esot payouts, Knopfer and Comb have zero interest in running eircom as a telco- I think the term used in the Australia media is "a lolly shop". If I were the esot I'f be looking for a partner to take over BCM and buy out Babcock and Brown's stake
     
  11. jdwex

    jdwex Frequent Poster

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    Re: eircom esop when's our next windfall?

    So BCM has cash of $180 million, and the Esot is sitting on cash of 150million + euros.

    Unless I'm mistaken, Topfer et al. are not actually putting up any cash to buy BCM. The esot should be able to offer something like $250 million plus to BCM's shareholders, funded by BCM's own cash reserves and Esot's own resources.
     
  12. dr1nky

    dr1nky Frequent Poster

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    Re: eircom esop when's our next windfall?

    Hi there,

    So.... I'm presuming that our June/July allocation will be on hold then, pending the outcome of the offer on the table?

    ::::::::::: Looks like the shiney new car will be on hold then! Ahhhh well, at least there's no chance of a GIANT magpie flying off with the not so shiney, bucket on wheels that I'm driving at present!! :::::::::::

    Dr1nky
     
  13. macbri

    macbri Frequent Poster

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    Re: eircom esop when's our next windfall?

    Yes you are right,Topler and company are not offering any premium to current BCM cash value.

    I can't see any value in offer for BCM shareholders of which I'm 1 and Esop(again which I'm a member)

    To me its' pure opportunisic play to takeover BCM and hopefully BCM shareholders will reject it(I certainly will be voicing my opinion at meeting on 27th April)

    Per report on rte website,BCM management have also rejected proposal which is heartening but ultimately it will be BCM shareholders who decide.

    As I said before,Esop should make offer for BCMs' 57% shareholding.

    They have resources with cash/vodafone shares and perhaps borrowing potential and if Eircom is owned by its' employees then there would be a greater employee incentive to manage costs and hence debt.
     
  14. macbri

    macbri Frequent Poster

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    Re: eircom esop when's our next windfall?

    Good meeting 2day in sydney.

    BCM passed resolution to change name from BCM to 'Eircom holding' and also to internalise management from Babcock and Brown for a fee of $5m aud.

    Motions were rejected on Andrew Days' performance bonus package and termination payments.

    Things seem to be moving pretty fast and BCM indicated that they are talking to various interested parties on their eircom stake and should provide further update by next meeting which I think is July.

    BCM also stated that there going to return 80 cent per share to BCM shareholders which is the bulk of cash that is lying on their balance sheet-think that clarifies that there definately not going to invest any more equity into eircom.

    BCM share price up 10% today-yippee
     
  15. MB05

    MB05 Frequent Poster

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    Re: eircom esop when's our next windfall?

    That should see of Taemasbridge too which is good for eircom and Ireland in general. If they had got their hands on eircom they would have let it rot and picked at the carcas.
     
  16. penpusher

    penpusher Registered User

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    Re: eircom esop when's our next windfall?

    So........does anyone have the bottom line on the June payout? I am told it's still on track. Anyone care to refute/confirm?
     
  17. kdoc

    kdoc Frequent Poster

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    Re: eircom esop when's our next windfall?

     
  18. kdoc

    kdoc Frequent Poster

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    Re: eircom esop when's our next windfall?

    All the talk that I hear is quite the opposite: a June payout is highly unlikely.
     
  19. macbri

    macbri Frequent Poster

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    Re: eircom esop when's our next windfall?

    Agree with u MB05 on keeping Topler & co out of Eircom is in Eircom/Ireland best interests

    My preference would be for either Esot to increase its' Eircom stake or Eircom/government to come up with a funding alternative.

    Eircoms' future/telecoms investment is fundamental to Irelands' future especially given Irelands' current predicament.
     
  20. MB05

    MB05 Frequent Poster

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    Re: eircom esop when's our next windfall?

    If we get it, €7k for someone with a full allocation of shares.
     
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