Eircom ESOP: when's our next windfall?

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Re: eircom esop when's our next windfall?

I have spoken today with some eircom employees who are dismayed at the cuts being implemented in the company at the moment with no apparent backing from the union. With income levies, pension levies, loss of on call allowances, reduction in sub, and the loss of teleworking and the prospect of a further reduction in pay of approx 5% the staff are demoralised and dismayed at the unions position. Then along come the union in the form of ESOT and say the allocation is being cut also. All this has done is alienate the members even further from those supposedly representing them (shafting them more like).
 
Re: eircom esop when's our next windfall?

Nice one dr1nky! I think you speak for all 14000 ESOP members.

This is the last guaranteed payment. This was supposed to be the last one we could be sure about. What a joke! When is a guaranteed payment not a guaranteed payment - when eircom and the ESOP are involved.

We have a few Vodafone shares we can sell, after that we have no other way of extracting cash other than refloat on the stock exchange or take BCM shares instead which are worse than useless.

I don't necessarily want the ESOP to be wound up as I want to maximise my investment and now is not the time to sell anything. I am going to be paying for these shares by way of pension contributions etc for another 25 years so there is no way I want to sell my shares for a pittance. I would like to ride out the storm. That being said, the ESOP board need to consult us more, update their website now and again, and generally treat us with a bit of respect.


The latest rumour doing the rounds is that the company was sold in the past week. We know they made presentations to potential bidders last week so who knows. This could be why the ESOT and the unions are not very forthcoming about the next allocation.
 
Re: eircom esop when's our next windfall?

MB05 said:
Nice one dr1nky! I think you speak for all 14000 ESOP members.
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Cheers man!

I think you're right about the company being sold. I'd say they needed 'OUR' cash from ESOP as leverage to work a deal or something like that!

It certainly is a shame to see the last guaranteed allocation being plucked from our grasp like this, leaving a sour taste in our mouths and our opinion of Eircom & ESOP in general marred...

Looks like I'll be spending €1 on my new wheels instead of the amount I expected to be paying; only because it'll be a shopping trolley from a local Supermarket and not a new car!

Anyway, good luck to one and all and I'm sure I'll catch you all again next time that Eircom take us for a ride!

All the breast...

drinky

EMAIL SENT TO ESOP:
"I believe that we are only to receive 2k this allocation instead of the usual 7k -what is happening to the other 5k? If it is to be redeemed at a later date can you please tell me when this will be? DO NOT reply to me stating 'all the information that I require is contained within the Newsletter', soon to be posted to me! I am expecting that the answers that I am after will not be in it. I want to know when to expect the other part of my allocation (5k for full allocation holders) that is rightfully mine!"

ANSWER FROM ESOP:
Thank you for your comments. Notwithstanding these, I would recommend you read ESOP Extra 20 carefully which you can expect to receive within the next week.

HA HA - Feckers!!

Anyway, laters....
 
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Re: eircom esop when's our next windfall?

I agree with VincentJ....Surely having committed themselves to this payment they cannot simply pull the plug. And the idea that the current economic climate is a good reason to withold payment is ludicrous.....Surely, the payments are more important to everyone because of that!!.

But, it does seem like there is going to be some statement in the Newsletter....Best brace ourselves.
 
Re: eircom esop when's our next windfall?

There just seems to be a standard reply to all emails. I got the same. Lads as far as I know the newsletter said the shares would be redeemed. It did not guarantee the payout. Having said that i agree that the currect economic climate should guarantee a full pay out not the opposite as is the case.
 
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Re: eircom esop when's our next windfall?

Montreal said:
Here is the email I sent to Jerome Barrett, I expect most of you feel the same??
His reply is at the bottom, see if you think he'll listen to anyone....I don't think so.

Sir,
I have been told that we will not receive our full allocation and redemption of shares this month because the 'ESOP Board' does not want to be seen handing out money in case it causes a 'media storm'. If this is so, what has our pay-out to do with anyone but ESOP. I undersatnd that the Board wants to redeem the shares and then 'invest' it back in Eircom. I have left eircom and do NOT want my money put back into this dinosaur. The ESOP Board are supposed to work for the benefit of all ESOP members, it seems more interested in ignoring the majority of the members and going their own merry way.
If, as I have also heard we are given €2k, where is the other €5k going??
I don't think you understand the depth of feeling around this amongst the members. Many people, including myself, rely on this twice yearly pay-out to clear bills etc. and we would prefer to see the ESOP wound up and the outstanding monies distributed now ( as there is an agreement in place with the Revenue Dept to so do ) than have it re-invested in eircom to maintain the gravy train for a chosen few. I am, by the way,still a CWU paid up member for the last 30 years and I expect the union to work for my benefit even though I have left eircom.
Yours Sincerely, etc.


Seamus,
Note your comments. ESOP extra will be issued shortly. Please read it carefully. If you have further queries arising , please contact the ESOP Office.
Regards
Jerome
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Re: eircom esop when's our next windfall?

if the esop directors are worried about the media a good reply to them is that the money will be spent and goes back into the economy
 
Re: eircom esop when's our next windfall?

i sent an email to jerome barrett yesterday , pointing out to him that his remit is to act in the best interest of the general esop membership , and as the majority of that membership is now outside of eircom , for esop to do anything other then [firstly ] consult with , and aknowledge , the wishes of the members they have not acted in the best interest of the members . i also advised him that if the wishes of the majority were not considered in this matter then this whole issue would be more intensely ajudicated upon in another forum completely independent of eircom
 
Re: eircom esop when's our next windfall?

You are as bad as me - I figured it was this time ( actually Friday last ) in 2008 that the letters went out

I have a small sum from esop compared to the full alocation - but somehow its handy all the same.;)
 
Re: eircom esop when's our next windfall?

Its in the post - got mine today. Didn't read through it yet, just looked at the figure as I only have a part allocation.

Have been following this thread with interest so happy to contribute some info :)
 
Re: eircom esop when's our next windfall?

fossilwatch said:
Its in the post - got mine today. Didn't read through it yet, just looked at the figure as I only have a part allocation.

Have been following this thread with interest so happy to contribute some info :)
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how bad is the figure?
 
Re: eircom esop when's our next windfall?

You forgot the 29c!!! What are they playing at buying preference shares in that worthless shower's company. Nearly €50million. Based on recent bid's thats worth half of BCM's share. We should own 2/3's of the company by rights. These guys are playing silly buggers with our money. They don't even explain this Rights Issue/preference share thing in plain english. We need the financial regulator to break it down for us!! "I don't know what a right issue of BCMIE SPC Preference Shares is".
 
Re: eircom esop when's our next windfall?

Hi MBO5,
Can u give further detail on the 50 million in preference shares.
From last Esop circular,we had 85 million in preference shares,has Esop increased this to 135m.

BCM net market value is zero because their share price basically equals their cash balance.

I'm based in Australia(ex Eircom employee) so unfortunately can't view latest Esop Extra report until its' updated on website.

From memory,last Esop report had 330 million in assets broken down by 165m valuation on 35% stake in Eircom,85 m in pref shares,40m in vodafone and balance in cash.

If Esop has taken additional preference shares then looks like it has everything invested in Eircom and their will be no further distributions until this investment can be released either by takeover or relisting of Eircom on stock exchange.
 
Re: eircom esop when's our next windfall?

Personally I'm quite glad to be getting 700 euro from a company that I left in 2000! Wouldn't like to be there now, some of the stories from HSQ are frightening!
 
Re: eircom esop when's our next windfall?

Right on MB05! What I find particularly hilarious about this issue, apart from the scary pics of course, is that fact that the board of trustees state that they are not qualified to offer any financial advice to any of the members. Ironic, don't you think, when they have just made a decision regarding our shares to the tune of 50mil.

Another funny one was where they state that they are aware of how, (I paraphrase), members are depending on this allocation. So, my reading of this is that they just chose to ignore this fact, regardless of their so called awareness.

Does anyone know what credentials this bunch of gargoyles hold? It's not stated under their ugly mugs.
 
Re: eircom esop when's our next windfall?

amtc said:
Personally I'm quite glad to be getting 700 euro from a company that I left in 2000! Wouldn't like to be there now, some of the stories from HSQ are frightening!
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where did you get the 700 figure from?
 
Re: eircom esop when's our next windfall?

amtc is probably same as me - ex eircell\VF employee therefore not entitled to same payout as eircom and payment pro-rata depending on when you joined the company during the eligibility period.

My own payout was just over 700 - which is nice to get from a company I left 5 yrs ago but still a b*lls when I was expecting almost 3k.
 
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