Eircom ESOP: when's our next windfall?

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dr1nky

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I think I'll hibrinate until June and resurface after all my nuts and berries are gone -HOPEFULLY by this stage, I'll have a big novelty cheque from ESOP waiting for me to buy more nuts and berries....















.....ahhh, what a wonderful dream I was having!
 

paul o b

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83
i think if it is the case where esop have to invest funds if a buyer is not found for 18 months and i believe that is the case , then i would say there is NO possibility of a payout any time soon . look at it this way if you believe [as i do ] that their stratagy all along has been to prolong the life of esop to keep themselves in a job , they wont be rushing out to find a buyer what better way to do that then making sure they DONT find a buyer for the 15 % or whatever amount it is
 

doughnut

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i don't think so , new eircom will be pushing for a third party,which will be a good thing for us.
 

neonitrix

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lots of rumers coming in.the big one being three drops of 10,000euros this year.

i would doubt that would happen as all the way along they have kept esop members out of the tax loophole if 3 x 10,000 was to happen you would loose alot to tax.
 

paul o b

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wrong there neonitrix . there is a provision whereby they can make a once off payment of up to 36k in any year after year 10 . year 10 came and went last year , in fact , and no such payment was forthcoming . the option to do this still remains . the problem is that it is highly unlikley that anything like that amount of money remains in the esop
 

ph3n0m

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I love Rumours - great Fleetwood Mac album - oh wait we still talking about ESOP :) well I heard a magical fairy will appear before us all, while we sleep and tell us that the next payout might be February, or March, or April, or May, etc, etc
 
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thescratcher

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hi all
im new to the forum so dont shoot me if i ask something stupid /so here goes,
as particapants of esop are we entitled to notification of end of year results/reports etc and if so who signs off same.
 

ex-union

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Hello scratcher,
ESOP don't have shareholders meetings(never did)any info is given in the esop booklets you recieve,our reps are put there by the unions and if a rep stands down he is automatically replaced by the unions.If the company don't get an investor within the next 18 months the esop will have to buy another 15% of the company. Got this info in reply to an e mail sent to esop.When asked about a payout in the near future the answer was, no decision has been made about any future payments.
Hope this is of some help in answer to your comments.
 
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thescratcher

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thank you EX UNION,
I get what you are saying that the unions appoint reps to the board and in turn these REPS would report back to their unions surely then these REPS are answerable to the participants of ESOP . (WOULD YOU AGREE ON THIS)
Regarding financial accounts etc who would sign off on these//THE UNION OR ?.


I AM A MEMBER OF A GOLF CLUB/SOCCER CLUB /CREDIT UNION/GOLF SOCIETY ALL OF WHICH REPORT BACK TO THEIR MEMBERS YEARLY ON THEIR ACTIVITIES, I FEEL THAT THE GROUP OF UNIONS SHOULD INSTRUCT THESE REPS TO REPORT AND EXPLAIN WHY THEY SIT ON SUCH BOARDS AND AS TO THE AGENDA THEY HAVE.
 

luckylou

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Now that the sale IS complete with STT (and has been for a number of weeks)...I would have taught ESOP would have at least posted the information on the website.

Has anyone more info on a payout this year. I'm broke!!!:(
 

paul o b

Frequent Poster
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83
the scratcher the old boys network is alive and well , you know , jobs for the boys when they finish in eircom . their function is to find a way to prolong the life of esop to keep themselves in a job
 
J

JerTheGrinch

Guest
Look I need my job lads, so I'll be giving no payouts this year either

Jerome B
 
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thescratcher

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P o b
im not quite sure on that, information is scarce regarding esop employees-
perhaps as esop is part of eircom they would be employed by eircom as such, this brings me to my earlier question of an annual report.????
 

IrlJidel

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113
lots of rumers coming in.the big one being three drops of 10,000euros this year.
I don't think this is possible. Last time I tried to work it out, the esop only have about 150M in reasonably liquid assets. ( ~ E100M in preference shares & ~ E50M in vodafone shares ). They still hold 35% of course but that cant be easy changed into cash even if it was worth something.

Based on previous payouts that equates to about 15k for each esop member with a full allocation. Kitty is empty after that.
 

brasstax

Registered User
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13
Hi my understanding is that there is about 15K per person in the Kitty so 3*10 is unlikely. Also, it is rumoured that STT will invest 500m and ESOP is being asked to contribute 35%. Also, our union rep told us today that no payout will released until late 2011. But thats just todays rumour!. LuckyLou, keep the faith.
 
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