Eircom ESOP: when's our next windfall?

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Re: eircom esop when's our next windfall?

lots of talk at the moment of e----- going bust,also ways of avoiding this,one being esop ,who own one third of e----,getting together with another buyer,to keep the company going.still a question on people paying civil service stamp,they are not entitled to the dole,but work for a private company.looking bad for any esop money at the minute.
 
Re: eircom esop when's our next windfall?

Is all hope gone of a windfall in june/july. was really bankin on the money to pay a few bills ,
 
Re: eircom esop when's our next windfall?

All the unions have been asked to meet with the company tomorrow. Apparently there is some big announcement being made on Friday. I have no idea what it is as the unions haven't been told what to expect but it doesn't sound good.
 
Re: eircom esop when's our next windfall?

Anyone hear what happened at this meeting?
 
Re: eircom esop when's our next windfall?

rumours of a 4 day week or reduced hours but then hopefully that's not true
 
Re: eircom esop when's our next windfall?

Only heard tid bits but it wasn't as bad as those rumours (4 day week etc) so far. I heard it was mainly centred around reducing travel and sub, time in lieu, not paying bonuses etc. I did hear that it emerged in this meeting that the top exec's were still going to get their bonuses but the unions put a stop to that. I don't know if these things were agreed etc. I suppose we will have to wait for the news to filter out tomorrow.
 
Re: eircom esop when's our next windfall?

Hi MB05,
Have u any update on Eircom announcement on Friday-did it actually happen as it wasn't reported in papers/rte website as far as I can see?
 
Re: eircom esop when's our next windfall?

Okay.......still no definitive word on this? Most frustrating, have taken enough knocks this year already, not getting this payment really would put the icing on my cake of my despair!
 
Re: eircom esop when's our next windfall?

Hi there
I just rang Esop and the lady advised me that the board have not yet reached a decision on anything yet and if we are to have a payout we will receive the letter mid june....
:confused:
 
Re: eircom esop when's our next windfall?

macbri said:
Hi MB05,
Have u any update on Eircom announcement on Friday-did it actually happen as it wasn't reported in papers/rte website as far as I can see?
Click to expand...

Was in the Irish times. See [broken link removed]
 
Re: eircom esop when's our next windfall?

No major announcements that I saw. It was actually a very quiet news week for eircom other than the regulator taking another stab at cutting the LLU charge.

I think the unions were expecting something other than what they got on Thursday. A lot of it was stuff previously leaked in the newspapers and within the company itself. It looks like that was the first of many meetings. I think they are finally embracing the partnership process again.

As I said before I take everything with a grain of salt these days as half of what comes out is rubbish.
 
Re: eircom esop when's our next windfall?

[broken link removed]
The employee Esot, which owns 34 per cent of Eircom, will also be a key player in determining the Irish company’s future.
Mr Fitzpatrick was blunt in his assessment of what needs to happen next.
“I think we need a new owner, preferably from the industry,” he said. “We need the new owner and the Esot to put money on the table to invest in a new fibre network.”
Click to expand...
 
Re: eircom esop when's our next windfall?

Looks like the news came out a little later than first antiscipated. It doesn't make for pretty reading! It looks like the unions are pretty week as the company seem to have got it all their own way. I realise the company is in trouble and needs to cut costs but they didn't even manage to stop them asking for voluntary pay cuts. With the pay freeze and cuts in all other bonuses and expenses etc + 1200 voluntary job cuts they should have been able to get the pay cuts off the table at least for a set timescale so that they can see if the current batch of cuts was enough to sustain the company going forward. It's easy to hit the pay costs but they need to cut spending radically too.
 
Re: eircom esop when's our next windfall?

Since the unions have agreed 25% cut in mileage & substistance rates (along with pay freeze / cuts etc) will they now offer their members a 25% reduction on their union dues ????
 
Re: eircom esop when's our next windfall?

It will more than likely go up seeing as they are actually speaking to management these days. I was going to say negotiating but I don't think they know the meaning of the word!!
 
Re: eircom esop when's our next windfall?

I left eircom in 2001. Reduced pension is due to be paid when I reach 60yrs in 2012.Does anyone know if this is still guaranteed or where i could get definite information on same.
 
Re: eircom esop when's our next windfall?

Any updates on the shares this June/July. Come on MB50, you always have info hehe!
 
Re: eircom esop when's our next windfall?

I hve my fingrs crossed for a June/Julu allocation ....it makes it bery BERY difficult to type proporly
 
Re: eircom esop when's our next windfall?

I know nothin! The union boys are preoccupied these days. There were rumours a while back that the ESOT were going to hold on to the money and buy more of the company (as part of a possible management buyout). This rumour surfaced around the time of the Taemasbridge offer! We that all but dead in the water who knows especially seeing as Cathal lost out on the top job. Bet that hurts!
 
Re: eircom esop when's our next windfall?

Plenty of speculation in papers about BCM selling their stake.

Apparently,Eircom are doing a presentation to interested parties this week and BCM have extended their deadline beyond 30th June.

Government have also come out and stated that no interest in renationalising Eircom but would try and facilitate takeover by outside party-by this I hope they mean will relax current regulatory environment which to me has been pretty extreme.

I hope ESOP partake in takeover offer as its' critical that they maintain stake in Eircom(can't see distribution happening this year).

Results are out on 27th May so might get further updates then.
 
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