Query: Eircom ESOP Payout 2009

D

dr1nky

Registered User
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66
Hi there,

I am a past employee of Eircom and I have 8/11ths of a full ESOP share allocation.

I heard a rumour from a current Eircom employee that we are to receive a payout for ALL of our remaining shares (Babcock & Brown) in 2009. Does anybody know if this is true or not? What figure will we be looking at and will we still receive our share appropriations in the mean time every 6 months?

Also, how much (if anything!) will we be receiving this coming December (2007)?

Any help on this would be greatly appreciated!

Thanks in advance,

Dr1nky
 
Your union will be able to tell you everything straight from the horse's mouth as it were.
 
The latest I heard is ESOP committee is meeting on Tuesday to discuss the December payout. It will be in the region of 4k for a full entitlement.

The rest of it is only rumours. I heard they were thinking of opening an ESOP II so that current employees could benefit but who knows. The latest owners are unreal. They are selling everything off, increasing the debt and they are only investing the bare minimum in capital spending. We will be lucky to see another 2 years out at this rate! Think about it - they have sold most of the decent land/buildings eircom own's. The new HQ was sold and leased back. They sold the masts, and now they want to sell Retail and Meteor. If it is not pinned down they'll sell it. We will own 35% of nothing in 2 years. This may be where the rumours are coming from. The ESOP is only allowed hold a certain amount of cash and everytime the company sell off something we are entitled to 35% of it. If the money is not reinvested into the network, meteor etc the ESOP is left with cash on hand. With all the talk of breaking up the company and the new owners aversion to reinvesting it in the company it makes sense that the ESOP are excellerating the payouts.
 
Hi Sherman & MB05,

Thanks for the prompt response ...much appreciated!

I've still got quite a lot of shares and will still have 'quite a lot' left come 2009. I'm guessing that they will have to give all the ESOP shareholders a final 'payout' as such when the time comes -something to look forward to I guess!

Anyway, thanks again and best of luck,

Dr1nky
 
Just curious, but if this is freely available on the esop web site, isnt it silly to state :

"This bulletin is not for distribution in the United States, Canada or any territory or possessions thereof. Neither shall it be distributed to Australia, New Zealand, The Netherlands, Spain or Japan." ?
 
I think that is just a tax disclaimer they have to put in. It's on all distribution letters etc. It's a bit like the peanut packet with the warning label "this product contains nuts".
 
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