Eircom ESOP: when's our next windfall?
- Thread starter luckylou
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Re: eircom esop when's our next windfall?
There was a lot of talk about it in the latter half of last year both in work and in the papers. I think it came from the fact that the esop have to explore the fact that the co. could be split and sold. The esop is not allowed hold excess cash so they might have to use the "big payment clause" sooner rather than later. They are allowed to give us €38,100 in one year tax free. This is a one time deal so the esop were holding on to it in case they had to wind the esop down (2014) or something like this happened. If they company don't sell retail and meteor it may not happen. The papers said that B&B plan to use this to their advantage when they try to sell the staff on the breakup - agree and get your money now etc. They seem to think giving us our money in return for a crappier future is a good thing. We are going to get this money in the next few years anyway so why let them pillage the company any further!
The latest rumour is that we are getting a payout in Feb/Mar (probably around the 5k/6k mark).
Who knows what is true as the esop don't tell us anything.
There was a lot of talk about it in the latter half of last year both in work and in the papers. I think it came from the fact that the esop have to explore the fact that the co. could be split and sold. The esop is not allowed hold excess cash so they might have to use the "big payment clause" sooner rather than later. They are allowed to give us €38,100 in one year tax free. This is a one time deal so the esop were holding on to it in case they had to wind the esop down (2014) or something like this happened. If they company don't sell retail and meteor it may not happen. The papers said that B&B plan to use this to their advantage when they try to sell the staff on the breakup - agree and get your money now etc. They seem to think giving us our money in return for a crappier future is a good thing. We are going to get this money in the next few years anyway so why let them pillage the company any further!
The latest rumour is that we are getting a payout in Feb/Mar (probably around the 5k/6k mark).
Who knows what is true as the esop don't tell us anything.
Re: eircom esop when's our next windfall?
Hey MB50,
where did you get the max figure of 38,100? ESOP are fantasic at keeping us in the dark,but I do hope B&B sell off the retail and mobile section and give us a proper payout! Where did you hear a payout maybe made FEB/MARCH??????
You seam to know much more than me! But, who am I! Only a ESOP member, lol
Thanks Lou
Hey MB50,
where did you get the max figure of 38,100? ESOP are fantasic at keeping us in the dark,but I do hope B&B sell off the retail and mobile section and give us a proper payout! Where did you hear a payout maybe made FEB/MARCH??????
You seam to know much more than me! But, who am I! Only a ESOP member, lol
Thanks Lou
Re: eircom esop when's our next windfall?
The €38,100 is equivelent to IR£30,000. There is a provision in the original esop documentation for a once off tax free payment of IR£30,000 (3 times the normal annual .
I heard it from a few different sources but I'll believe it when I see it as it is a bit early in the year for them to be paying out. Anyone who told me didn't hear it first hand. All it takes is one person to say it and it whips round the company within days.
If B&B get their way and sell retail etc how safe will our jobs be? Most of the staff currently have a contract with eircom, a pretty secure job etc. If you are in retail (or to a lesser extent meteor) will you get the option to stay with eircom or will you be forced to go with another owner whose terms and conditions could be worse? At least at the moment all they can do to us is put us in the RBU but a new company could sack you etc. If an earlier payout of my money is a bribe for this I for one will tell them where to stuff it. I will get the payout anyway so whether it is this year or in 3 years I don't care. I will not be bought by B&B! At this point if they say left I'll go right. I can't stand the way they treat the staff and how bad the atmosphere has got in the time they have been here.
Having said that all donations are gratefully received!!
The €38,100 is equivelent to IR£30,000. There is a provision in the original esop documentation for a once off tax free payment of IR£30,000 (3 times the normal annual .
I heard it from a few different sources but I'll believe it when I see it as it is a bit early in the year for them to be paying out. Anyone who told me didn't hear it first hand. All it takes is one person to say it and it whips round the company within days.
If B&B get their way and sell retail etc how safe will our jobs be? Most of the staff currently have a contract with eircom, a pretty secure job etc. If you are in retail (or to a lesser extent meteor) will you get the option to stay with eircom or will you be forced to go with another owner whose terms and conditions could be worse? At least at the moment all they can do to us is put us in the RBU but a new company could sack you etc. If an earlier payout of my money is a bribe for this I for one will tell them where to stuff it. I will get the payout anyway so whether it is this year or in 3 years I don't care. I will not be bought by B&B! At this point if they say left I'll go right. I can't stand the way they treat the staff and how bad the atmosphere has got in the time they have been here.
Having said that all donations are gratefully received!!
Re: eircom esop when's our next windfall?
Looks like it. Rumours are rife in HSQ but that could just be wishful thinking. I did hear month's ago that the ESOT had extra cash on hand and they planned to give it to us in December but with the credit crunch who knows if that money is still available. They might need it to bail out B & B!
Looks like it. Rumours are rife in HSQ but that could just be wishful thinking. I did hear month's ago that the ESOT had extra cash on hand and they planned to give it to us in December but with the credit crunch who knows if that money is still available. They might need it to bail out B & B!
Re: eircom esop when's our next windfall?
HSQ is the new building at Heuston- Eircom have moved out of Cumberland and Stephen's Green.
Having been out of the loop for over 10 years ( and of late becoming extremely financially stretched ) I am quite interested in this, so just a quick question.
What is the HSQ?
And surely if B&B having trying to get rid of the ESOP surely they won't be looking for a dig out ( unless one of the Bs is ....)
HSQ is the new building at Heuston- Eircom have moved out of Cumberland and Stephen's Green.
GeneralZod
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Re: eircom esop when's our next windfall?
There was an indo article a month or so ago that indirectly suggested that the ESOT might try to buy up some of BCM since they're in trouble and own 57% of eircom compared to the ESOT's 35%. If they try that it would hit any cash payout in December. As far as I can tell it doesn't make any sense to give out any cash at the moment as the ESOT's realisable assets are all at depressed prices. e.g. The <insert well known mobile company> shares are worth even less than they used to be.
And surely if B&B having trying to get rid of the ESOP surely they won't be looking for a dig out ( unless one of the Bs is ....
There was an indo article a month or so ago that indirectly suggested that the ESOT might try to buy up some of BCM since they're in trouble and own 57% of eircom compared to the ESOT's 35%. If they try that it would hit any cash payout in December. As far as I can tell it doesn't make any sense to give out any cash at the moment as the ESOT's realisable assets are all at depressed prices. e.g. The <insert well known mobile company> shares are worth even less than they used to be.
D
Dave W
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Re: eircom esop when's our next windfall?
I heard the rumour this morning from a source that's never been wrong before. Letters 24th Nov and cheques before Christmas, €5.3k for full allocation. have emailed the ESOP to ask for confirmation...reason for €5.3k I assume is to bring us in under the tax radar for 2008...YAAAAAAAAAAAAAAAYYYYYYYYYYYYYYYY!!!!! Timing is everything!!
I heard the rumour this morning from a source that's never been wrong before. Letters 24th Nov and cheques before Christmas, €5.3k for full allocation. have emailed the ESOP to ask for confirmation...reason for €5.3k I assume is to bring us in under the tax radar for 2008...YAAAAAAAAAAAAAAAYYYYYYYYYYYYYYYY!!!!! Timing is everything!!
ubiquitous
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Re: eircom esop when's our next windfall?
Fiasco? I think scandal is a more apt description for what was probably the nadir of the Celtic Tiger era.
Fiasco? I think scandal is a more apt description for what was probably the nadir of the Celtic Tiger era.
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