Eircom ESOP: when's our next windfall?

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That was my understanding of Esop that there was no guarantee and transfer to members was at discretion of trustees.

Anyway on other matters,Eircom Holdings(formerly BCM) have just gone on a trading halt over here in Australia pending an announcement on update of takeover offers for it.

I think this is relevant to Esop holders as Esop own 35% of Eircom and takeover offer for Eircom holdings will put a market value on this stake-currently valued by sharemarket at zero.
 
To macbri and any ESOP shareholders else that mightn't see Union bumph re:sale of eircom.

The CWU issued a statement stating that they are disappointed with the luke warm response by the Aussies to STT's offer. They too see STT as the only viable suitor and do not want to see the company sold to venture capitalists again. They have issued a warning to the company stating that recent concessions by staff in relation to pay and other cost cutting measures were given to promote the long term financial viability of the company and to protect the future of the company/as many jobs as possible and not to bump up the sale price for them. All bets are off if the best interests of the company's future are not served.

The other unions circulated the statement so they seem to be rowing in with it.

The media stated recently that a lot of the prospective bidders only became interested after the cost cutting measures were agreed by the unions. Looks like the ESOP and the unions are turning the screws and saying saying STT or nothing!
 
Yes seen that MB05.

STT bid values Eircom at practically zero so assume Eircom holdings shareholders will not vote for takeover(thats' what board has recomended here in Australia)

Share price of Eircom Holdings is basically trading at cash value which company has stated will be returned to shareholders before end of September.

Eircom holdings has nothing to lose by holding onto Eircom unless a bid comes in which gives a return to shareholders.
 
Looks like they are at an impass. Doubt the sale will go ahead any time soon. Unions and ESOP have both come out strongly saying 'only an industry player will do' and will make life difficult for any prospective buyer they don't approve of and the Aussies have nothing to lose by holding on based on current offers.

I wonder if the ESOP and current management will try to stage a management buyout.
 
I don't think it would take that much for Esop/management to buy out Eircom Holdings stake.

They could then use this to bring in an industry player.

I was in Eircom when KPN/Telia were involved and worked with some talented people from both those companies.

Eircom holdings are suppose to issue a statement early in July about their future intentions re Eircom if Singapores bid is rejected.

To be honest,the whole bloody thing is a mess.
 
esop pack it in give us our money and let the greedy lot get on with it
 
Eircom Holdings just released statement on latest situation to its' shareholders.

Main Points

1-Returning cash equivalent to 80 cent per share to shareholders by end of September

2-Received 15m from Eircom for monies outstanding over previous 2 years

3-Not recommending STT offer in current format.

4-Will continue strategic review of Eircom investment over next 6-12 months.

So it looks like as MB05 previously stated, stalemate for forseeable future
 

So does point 1 have any relevance to the ESOP?
 
No relevance to Esop as this return will be made to Eircom Holdings shareholders(formerly BCM).

Eircom Holdings will retain a small cash holding for what they term working capital purposes.

It looks like stalemate for forseeable future
 
Hi folks im back sorry to anybody i offended i was so annoyed
with esop, i got a bit carried away.
 
I wonder how we owe them €15m!!! Probably for the wonderful management services they provide!

I fear the longer the stalemate goes on the longer the ESOP will hold on to our money!!
 
Hey Vincent,
No worries-I have been called worse than a plonker before so take no offence.
 
For anybody wondering why I haven't set up a website, re: a petition with regards to the ESOP board withholding information and their basic lack of communication to the members, I was waiting to see what would happen with regards to the STT situation...

....if people still think it's a good idea then I'll set it up. Can I have a show of hands please?

Cheers!
 
I certainly will sign it.

The lack of information on the website is appaling even trying to find out what the Esop currently owns is very hard to find(at least I can't find it)

I have used this thread to keep up to date with Esop as Esop website just doesn't keep me informed.
 

i agree with macbri.That is the main problem...not knowing where we currently stand or what the current work of our individual allocatoins is. I think it's a good idea to go ahead with a website if just to share information and allow other people a forum to express how they feel. Not sure too many know about this thread.
 
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