Aer Lingus shares: althought I own the share, I have not the right to sell them.

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evelynn

Registered User
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I took a redundancy package from Aer Lingus 2 years ago, and I have some shares in the company still. I wanted to sell my shares, but have been told, althought I own the shares and will for life, I have not the right to sell them. Can someone please explain this to me??
 
Re: Aer Lingus shares

Your shares are probably held collectively by the Aer Lingus Employee Share Ownership Trust (ESOT). You should have documentation on this this from the time the trust was setup. I assume a vote would have to be taken before any disposal of shares could take place. Presumably the proceeds of any disposal (e.g. to Ryanair) would be shared equally among the members of the trust.
 
Re: Aer Lingus shares

That sounds about right. I wasn't to sure how it worked. No quick cash for me then!
 
not necessarily. You shoudl get voting papers in due course and if a majority of staff vote in favour of selling to Ryan air, then you are in the money.
 
would that mean, that no matter what price the shares were, we would just recieve the 2.10 per share being offered by (Ryanair) or whoever?
 
The Ryanair offer was/is €2.80 per share. If such a takeover offer was approved by the required majority of shareholders as per the rules of the company then the price offered would be what you get for shares.
 
I am puzzled by this post Evelynn as I too took redundancy from Aer Lingus in 2002 and had to surrender my share certificates before leaving and 'volunteer' to sell when there were in-house share auctions. I still had some remaining when the last auction before privitisation was held, and I refused to sign the paperwork sent to me and sent it back saying I wanted to hold onto them. The only response I got was a cheque in the post!

Does this mean that all departing staff were not treated equitably or was this an enhancement of the package offered to more recently departing staff?
 
As far as I know, you could hold on to your shares for a maximum of three years after leaving. After that time you had no option but to sell when the next auction came up. Your time was up.

Rgds
Billo
 
Billo said:
As far as I know, you could hold on to your shares for a maximum of three years after leaving. After that time you had no option but to sell when the next auction came up. Your time was up.
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Correct, as Lucille left over your years ago she no longer had the option to retain her shares. Evelynn only left two years ago and so still has hers.
 
Lucille said:
I am puzzled by this post Evelynn as I too took redundancy from Aer Lingus in 2002 and had to surrender my share certificates before leaving and 'volunteer' to sell when there were in-house share auctions. I still had some remaining when the last auction before privitisation was held, and I refused to sign the paperwork sent to me and sent it back saying I wanted to hold onto them. The only response I got was a cheque in the post!

Does this mean that all departing staff were not treated equitably or was this an enhancement of the package offered to more recently departing staff?
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Hi Lucille,
I too thought After 3 years they had to be returned, but as you said ,I think it was part of the package I took that I can keep mine for life.
Evelynn
 
evelynn said:
Hi Lucille,
I too thought After 3 years they had to be returned, but as you said ,I think it was part of the package I took that I can keep mine for life.
Evelynn
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Evelynn, You seem to be talking about notional shares here. You should get a communication about these in the near future(in the next few months anyway). These notional shares will be held and maybe distributed by the ESOT. You will have to wait an see what happens.

Rgds
Billo
 
Billo said:
Evelynn, You seem to be talking about notional shares here. You should get a communication about these in the near future(in the next few months anyway). These notional shares will be held and maybe distributed by the ESOT. You will have to wait an see what happens.

Rgds
Billo
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Billo
Is this likely to happen?
I after 2 weeks of trying at last got the person(stockbroker) dealing with it and thats what they said aswell, but it was explained to me as if I knew what they were talking about??
How do they decide? a staff vote, or is it in the hands of the board(ESOT)?
Evelynn
 
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Evelynn,
I do'nt think anyone knows for sure what will happen.

There will probably be a vote on whether the ESOT should buy shares in the airline or not.

The government would like the existing staff (and eligable retired staff) to buy as many shares as possible to prevent a Ryanair takeover.

If you know anyone still working in Aer Lingus who is entitled to the notional shares, you should keep in contact with them, to ensure that if they get any communication about the shares that you get the same.

Rgds
Billo
 
Be sure to keep the Trustees of the Scheme updated with your correct address details to ensure that you receive any communications you are entitled to.
BTW - Notional shares through the AL ESOT do not have any voting rights so this is why you did not receive anything.
Your friend probably has APSS shares through the old Cahill plan and this is why she would receive documentation in relation to the AGM etc.
Now that the Airline has floated the three year rule of leaving the company ceases to exist. If you have APSS shares then you can sell them through a stockbroker of your choice. ESOT shares cannot be sold or transferred at this stage.
Hope this helps
 
Mrs Mac said:
Be sure to keep the Trustees of the Scheme updated with your correct address details to ensure that you receive any communications you are entitled to.
BTW - Notional shares through the AL ESOT do not have any voting rights so this is why you did not receive anything.
Your friend probably has APSS shares through the old Cahill plan and this is why she would receive documentation in relation to the AGM etc.
Now that the Airline has floated the three year rule of leaving the company ceases to exist. If you have APSS shares then you can sell them through a stockbroker of your choice. ESOT shares cannot be sold or transferred at this stage.
Hope this helps
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Mrs Mac,
Many Thanks! I understand now! So as it stands, the shares are mine and will be for life, but I can't do anything with them at present, untill the ESOT decide to sell or not to sell
Evelynn
 
Thats correct Evelynn. I would work with this until you hear from the Trustees in writing as to what will happen
 
Hi Just wondering if anybody know's if there is a chance at selling your ESOT share's this year?
 
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