Eircom ESOP: when's our next windfall?

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You're not the only one there twinnie :(. What about the money held 'in trust'? Correct me if I'm wrong, but I am under the impression that once shares have been redeemed, they are redeemed in the name of the esop member, are no longer notional and therefore must be distributed to the beneficiary. Are they (the board) availing of some loophole which enables them to withhold this money? Or are they just robbing us blind? Any legal brains out there who can shed some light?
 
doughnut said:
When negotations are ongoing, we do not tend to get any share money.This happened before.
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forget about negotations,if we vote against the eircom take over,there will be no negotations.there is also a clause allowing esop to buy up to 50% of the new company.
 
i rang esop today and was told that there are absolutely no plans to buy into the company , i for one dont believe them but time will tell . i have said all along that i really believe that the reason they are dragging the whole thing out is to keep themselves in a job . i have seen nothing to change that view
 
All we can do is sit tight and see what happens. The clowns in charge at ESOP are a law onto themselves, Their statement THE ESOP WILL BE MAKING NO FURTHER COMMENT AT THIS TIME sums them up in other words go away and dont ask us any more questions about YOUR money. They are a disgrace and as paul ob says its all designed to keep themselves in their cushy little jobs.
 
I'm looking forward to seeing the new esop extra.
If they propose to build their stake upto 50% in eircom, I will vote NO, If it means us loosing out on share money. 50% of WHAT? It's a joke.
 
i will definitely vote no too. they should be paying out the money to us not putting money back into the company!
 
i have just emailed esop asking them to confirm or deny the reports of them seeking to increase the stake to 50% i await their reply
 
just got word back from them to say all the clarification i require will be contained in esop extra 21
 
paul o b said:
just got word back from them to say all the clarification i require will be contained in esop extra 21
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I think this is the stock reply. To be honest, I marvel at their ability to release a statement which rambles on and on and still says nothing. The ministry of non-information!

When asked, over the phone, what would happen if the membership voted against the sale, a representative of esop said that it would then remain with B&B, statement of the bloody obvious, as usual.

It was also implied that our pensions would be in danger if we didn't vote in the positive. So, they are now using thinly veiled threats as well as withholding information to further confound the membership.

It was pointed out to a very snotty young female representative of the esop, during a phone conversation, that a large proportion of the membership (who are mainly now ex-eircom people) are extremely disgruntled. She insisted "we get nothing but positive feedback from the membership here". Could this be true?

They are so defensive about their position as 'guardians' of the esop that I think these people have forgotten exactly who they are there to represent.

It will be interesting indeed to see what is contained in the next esop extra and whether it will clarify anything at all or just be another glossy magazine which says absolutely nothing, but takes several chapters to do so. I wouldn't hold my breath.
 
Is this not the time to get a petetion together? When we potentailly have some power....
I firmly believe that they know when they will make more payments to us and surely that is all we want to know. We should be threatening to say no to the STT takeover unless ESOP board start giving us some more concrete information on what is happening.
 
it is now law( couple of months ago) for companies to be more transparent to it's shareholders.
 
Here's what they say in the article mentioned above...sounds like a sweet deal for someone but I'll bet it won't be us. Does anyone else feel like we're being royally screwed??

"The Esot and STT have signed a "co-operation agreement" that will involve the trust rolling over its 35% stake in Eircom into a new entity, a Cayman Islands-based vehicle called Emerald Communications (ECC)."
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we are being conned again . this is just a case of them closing down and opening up under another name , thats what it amounts to , and why , i believe for the very reasons i have always said , TO KEEP THEMSELVES IN A JOB . they are always looking at ways to prolong the life of esop . this is not for our benifit this is for their benifit . if you remember at the inseption of esop they told us there would be regular meetings to keep us up to speed with whats happening , we have not had a meeting with them in years . another thing that annoys me is the c w u , every time things are going well they cant get the info out there quick enough , and try to portray that they were instrumental in bringing about the situation , but when things are bad they distance themselfs from it as if to say , nothing to do with us
 
i personally have had enough of their bul**** and their ridicilous statement every time you ask them about a payout . you get the same answer time and time again , we dont know " you will know before us , the trustee dont tell us untill a day or two beforehand , if it is the case [as they say ] ,that they dont know how come there are some people getting info before the rest of us and they are esop employees who tell their mates on the side and mostly the info turns out to be correct . when will these people realise THIS IS OUR MONEY and we have an absolute right to know if we are getting a payout for christmas or not . are they seriously expecting us to believe they dont know well in advance of it ?
 
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