Can someone please tell me why the esop cannot advise how many shares an indiviual is entitled to. Documentation sent out says how much is held in the esop but have no way of knowing how much of that is yours. Originally we could see how many shares we held so why can they not provide that anymore??
Eircom ESOP: when's our next windfall?
- Thread starter luckylou
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miley
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I spoke to the esop people today and got the usual response "we dont know anything everybody is busy putting together the esop extra and have had no time to discuss any Christmas payout"
Information is power, no wonder esop are keeping schtum. Sharing the knowledge would mean weakening their power base. Of course their reluctance to share information also makes me fearful that they may have something to hide.
...well they've certainly been doing a good job of hiding our money!
lol @ dr1nky ................sad but true 
have read this all with interest the only thing i can add is currently having gotten a regular cheque twice a year i have almost come to depend on it. and with wage cuts etc this year there wont be much of a crimbo if there isnt a distribution.
my situation was i worked for eircom bounced from eircom / eircell / vodafone for 7 years in a badly paid job which the only thing going for it was the shares. i am only entitled to 4/10ths of a full distribution each time they are distributed it dosnt amount to much ie approx 1100 euros but its enough to make a difference in the current times.
i wish esop would take the views of its members both current eircom employees and those who have since left the company and at least give us valid info rather than no info.
my situation was i worked for eircom bounced from eircom / eircell / vodafone for 7 years in a badly paid job which the only thing going for it was the shares. i am only entitled to 4/10ths of a full distribution each time they are distributed it dosnt amount to much ie approx 1100 euros but its enough to make a difference in the current times.
i wish esop would take the views of its members both current eircom employees and those who have since left the company and at least give us valid info rather than no info.
Also heard the rumour about 10,700. Seemingly revenue are a bit ****ed off that the arrangement had been broken. Having said that i was speaking to a founder of esop who was probably the largest beneficiary and the disdain with which he spoke about the members expectations of a payout this year was alarming. i mentioned the fact the vodafone shares are worth nearly 50m. His reply was this was needed to run the ESOP. More like line the pockets again.
I think the disdain in which the esop members are held by the board is self-evident in their absolute stone-wall attitude to requests for information, never mind the actual money!
I find it personally extremely alarming that these people are more interested, or rather feel it is their right, to prolong the esop as a self-perpetuating entity which exists solely to support those who work directly for the esop. Next time you speak to your 'friend' you can tell him/her that from me.
This is, I suppose, nothing we didn't already know but it's good to know that what we suspected is actually true and not the product of group paranoia based on being treated like the great unwashed.
The esop served notice of Redemption of the November 08 allocation to the company on the 13th October08 this information was leaked within a few days through the so called grapevine.No leaks this time,even the press normally have an inkling to whats going on.
past history has been that a payout was not made till the final conclusion of the sale of eircom . that has been the case in all previous sales of the company . in this case the sale to stt will not officially completed till early next year , so on that basis i would suggest that no payment will be forthcoming till then , if at all
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vincentj
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No paul i dont think that has anything to do with it this time. Dont forget they need our approval through a ballot to buy in this time. It would be in their own interest to give us some sort of payout this christmas otherwise they know what the result of the ballot would be a big NO.I would say we will receive esop 21 in november along with news of a payout to secure a yes vote. Thats my thoughts on it anyway.
The sale of eircom will be finalised on december 6th,no vote is neccessary.the only reason a vote will be taken is if the esop want to invest money in to a bigger share of the new company.As I see it STT dont need the esop/union to buy more shares.As I said in a previous message there is a split between esop and cwu.
CWU want esop wound up SOONER RATHER THAN LATER.
CWU want esop wound up SOONER RATHER THAN LATER.
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vincentj
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Yes ex union exatly right, we know eircom is going to be sold anyway it is the esop we are talking about. If they want to have a bigger stake in the new company they have to ballot us on it, they need a yes vote from us before they can go ahead and buy a bigger stake with our money. This is where we hold the upper hand
this should NOT be a case of who has the upper hand . these people from esop are supposed to be acting on our behalf and have OUR interest at heart . this has not been the case up to now , they have acted , and continue to act to further their OWN interest , this is evident by the fact they have an obvious desire to increase the stake in eircom , which is completely against the wishes of the vast majority of members , and ultimitely the aim is to prolong the life of esop in order to keep themselves in employment . i have to say i feel we are partly to blame for allow this to happen
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