Eircom ESOP: when's our next windfall?
- Thread starter luckylou
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Re: eircom esop when's our next windfall?
macbri, not sure of the part you require but there is a chart showing before and after "redemption & rights issue"
Before Redemption & Rights Issue (June)
115.4m BCMIE SPC Ordinary Shares (35%)
49.2m BCMIE SPC Preference Shares
135.8m BCMIH Preference Shares
36.1m Vodafone Shares
After Redemption & Rights Issue (July)
115.4m BCMIE SPC Ordinary Shares (35%)
98.8m BCMIE SPC Preference Shares
None
36.1m Vodafone Shares
Hopefully this means more to you than it does to me. The current distribution is €19.7m = €2k each per full allocation member.
macbri, not sure of the part you require but there is a chart showing before and after "redemption & rights issue"
Before Redemption & Rights Issue (June)
115.4m BCMIE SPC Ordinary Shares (35%)
49.2m BCMIE SPC Preference Shares
135.8m BCMIH Preference Shares
36.1m Vodafone Shares
After Redemption & Rights Issue (July)
115.4m BCMIE SPC Ordinary Shares (35%)
98.8m BCMIE SPC Preference Shares
None
36.1m Vodafone Shares
Hopefully this means more to you than it does to me. The current distribution is €19.7m = €2k each per full allocation member.
Re: eircom esop when's our next windfall?
Thanks MB05,
It looks like Esop have increased their investment of BCMIH Preference shares by 50m.
Vodafone stake is worth just under 50 m euros given current vodafone share price/exchange rate which is a lot more than I thought it would be and would equate to 5k per member assuming full allocation.
It looks like all excess cash in Esop is now tied into Eircom or vodafone shares.
I left Eircom in late 2000 so have 30% approx allocation but bought 50000 BCM shares in Australia in early 2009 as they were trading below cash value (ie assuming no valuation for Eircom).
Any word yet on how takeover bids are progressing?
Thanks MB05,
It looks like Esop have increased their investment of BCMIH Preference shares by 50m.
Vodafone stake is worth just under 50 m euros given current vodafone share price/exchange rate which is a lot more than I thought it would be and would equate to 5k per member assuming full allocation.
It looks like all excess cash in Esop is now tied into Eircom or vodafone shares.
I left Eircom in late 2000 so have 30% approx allocation but bought 50000 BCM shares in Australia in early 2009 as they were trading below cash value (ie assuming no valuation for Eircom).
Any word yet on how takeover bids are progressing?
Re: eircom esop when's our next windfall?
i also have sent an e mail to them . my understanding of when esop started was they were going to have regular meetings with the staff to keep us informed of what was happening . i understood these meetings were going to take place at least twice a year . we have not had a meeting with them for years now . they are a law onto themselfs . they also did not tell us at the time that we could only get so much per year till the esop was up and running , and even then they decided to break that in to two payments instead of 1 payment for euro 12,700 , now they have decided to only give 2 k what next nothing at all ? there is a believe out there that these people are prolonging the esop just to keep themselfs in a job i, now subscribe to that view also
i also have sent an e mail to them . my understanding of when esop started was they were going to have regular meetings with the staff to keep us informed of what was happening . i understood these meetings were going to take place at least twice a year . we have not had a meeting with them for years now . they are a law onto themselfs . they also did not tell us at the time that we could only get so much per year till the esop was up and running , and even then they decided to break that in to two payments instead of 1 payment for euro 12,700 , now they have decided to only give 2 k what next nothing at all ? there is a believe out there that these people are prolonging the esop just to keep themselfs in a job i, now subscribe to that view also
Re: eircom esop when's our next windfall?
i just find it galling that 11 people whose pockets have been well lined are controlling the finances concerning 14,000 plus without any consultation whatsoever. The reason for no consultation is probably because the vast majority of the 14000 are now outside of eircom and would recommend the wrapping up of their gravy train. I have emailed esop to this effect but to date have had no reply.
i just find it galling that 11 people whose pockets have been well lined are controlling the finances concerning 14,000 plus without any consultation whatsoever. The reason for no consultation is probably because the vast majority of the 14000 are now outside of eircom and would recommend the wrapping up of their gravy train. I have emailed esop to this effect but to date have had no reply.
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Evertondub
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Re: eircom esop when's our next windfall?
If there was ever any doubt that the ESOP now exists for the benefit of the board only, have a read of one of the reasons they give for the reduced allocation...
That says it all as far as I'm concerned....What does that erstwhile friend of the working man, Scanlon's 's puppet Fitzpatrick have to say about this???
I'm out of the company a few years now and I don't understand why those in there aren't raising blue murder. Remember the union campaign before privatisation 'Don't let the fat cats get their hands on Eirocom'...Looks like they did after all. And the fattest cat of all is big Con. It was all a big con..
and we're the ones getting screwed.
If there was ever any doubt that the ESOP now exists for the benefit of the board only, have a read of one of the reasons they give for the reduced allocation...
That says it all as far as I'm concerned....What does that erstwhile friend of the working man, Scanlon's 's puppet Fitzpatrick have to say about this???
I'm out of the company a few years now and I don't understand why those in there aren't raising blue murder. Remember the union campaign before privatisation 'Don't let the fat cats get their hands on Eirocom'...Looks like they did after all. And the fattest cat of all is big Con. It was all a big con..
and we're the ones getting screwed.Re: eircom esop when's our next windfall?
Evertondub is spot on with his comments. Maybe the time has come for a show of strength. Anyone interested in a peaceful protest outside ESOP HQ on an appointed day for 1 hour. Before this protest if people in eircom buildings around the country could get their colleagues to sign a petition expressing their dismay at this allocation and what is happening to our funds without our consent. The petition could be handed in on the day of the protest. If something is not done now there is every possibility that future allocations (if any) will be of a reduced nature with the rest of the money paying the inflated salaries of people who have lost touch with reality.
Evertondub is spot on with his comments. Maybe the time has come for a show of strength. Anyone interested in a peaceful protest outside ESOP HQ on an appointed day for 1 hour. Before this protest if people in eircom buildings around the country could get their colleagues to sign a petition expressing their dismay at this allocation and what is happening to our funds without our consent. The petition could be handed in on the day of the protest. If something is not done now there is every possibility that future allocations (if any) will be of a reduced nature with the rest of the money paying the inflated salaries of people who have lost touch with reality.
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fossilwatch
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Re: eircom esop when's our next windfall?
Is an online petition possible?
Is an online petition possible?
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Evertondub
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Re: eircom esop when's our next windfall?
Agree with AlphaPhil and everyone else re protest. Definitely worth doing. Also think the idea of an online petition is a good one. The difficulty will be organising and mobilising people. Most of us are now out of the company. Any ideas?
Agree with AlphaPhil and everyone else re protest. Definitely worth doing. Also think the idea of an online petition is a good one. The difficulty will be organising and mobilising people. Most of us are now out of the company. Any ideas?
Re: eircom esop when's our next windfall?
The media might be interested in this?? A bit of coverage would make all the diffrence. I know that joe public couldn't give a dame about us winging because we only received 2k, but it would look very bad for Eircom.......ripping off customers..........ripping off staff.
Also the new bidder/buyer may think twice about how friendly the ESOP unit really are to work with.
The media might be interested in this?? A bit of coverage would make all the diffrence. I know that joe public couldn't give a dame about us winging because we only received 2k, but it would look very bad for Eircom.......ripping off customers..........ripping off staff.
Also the new bidder/buyer may think twice about how friendly the ESOP unit really are to work with.
Re: eircom esop when's our next windfall?
Outside HSQ on a day a possible bidder is due in maybe!!! Maximum impact.
macbri, no white smoke yet.
Article in the Irish indo today about them withholding the 50m. it mentions some of the potential bidders.
http://www.independent.ie/business/...450m-as--eircom-bid-war-heats-up-1775701.html
Outside HSQ on a day a possible bidder is due in maybe!!! Maximum impact.
macbri, no white smoke yet.
Article in the Irish indo today about them withholding the 50m. it mentions some of the potential bidders.
http://www.independent.ie/business/...450m-as--eircom-bid-war-heats-up-1775701.html
Re: eircom esop when's our next windfall?
Anyone in the company that can guide us on a online petition ??. Those of you who work in the company see if numbers can be added to peaceful protest. It can be a dual protest. One outside ESOP HQ and one outside Eircom's spanking new HQ.
Anyone in the company that can guide us on a online petition ??. Those of you who work in the company see if numbers can be added to peaceful protest. It can be a dual protest. One outside ESOP HQ and one outside Eircom's spanking new HQ.
Re: eircom esop when's our next windfall?
Further to this, why don't we start a new thread here called 'ESOP Members - Online Petition' (or something similar) and use this as the petition? We can direct people from this Post (30,000+ views here thus far) to the new thread to sign...
....just a thought!
Further to this, why don't we start a new thread here called 'ESOP Members - Online Petition' (or something similar) and use this as the petition? We can direct people from this Post (30,000+ views here thus far) to the new thread to sign...
....just a thought!
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Evertondub
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Re: eircom esop when's our next windfall?
Good idea Drinky....We could do this straight away too. Are you still in the company? Does anyone know what the feeling on the ground is in there and do people have any forum for expressing their views.....Someone mentioned the Intranet in Eircom on here....
Good idea Drinky....We could do this straight away too. Are you still in the company? Does anyone know what the feeling on the ground is in there and do people have any forum for expressing their views.....Someone mentioned the Intranet in Eircom on here....
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