Eircom ESOP: when's our next windfall?

Status
Not open for further replies.
Sorry. Hi all. Got news from a union rep today that there is definitely no payment until at least March. I'll only believe notice of any payment until I receive the notification by letter. Sorry. I know you are all only giving the information you are being told but this has my head done in.....
 
I think we can safely say with just over 5 weeks to xmas that there will not be a payout. If there was it would be linked to this ballot...
 
and yet again we have a yes, no, maybe situation - this is just f**king sickening - even if we werent getting an allocation, I think it would be high time that ESOP actually announced it on the site
 
ex union i think you are missing the point i was making, of course there are members of the union that are members of esop , and of course there are members of the credit union that are members of esop also , but these are individuals just like you and i . the respective bodies of the c w u , and the credit union , [as two orginizations ] are there for the primary purposes of the protection of workers rights, and financial affairs of staff respectively . they have no involvement in the internal affairs of the esop , which is a company independent of both of these bodies . for this reason it is unrealistic to expect ether one of them to have first hand knowledge of the situation regarding any payout . they may speculate as to what they think is the likely outcome , but they have no difinitive knowledge of such outcome . if they have , and it proves that they are aware of the situation before the members , then i suggest that there is something radicely wrong with the system . as far as i am concerned nether body the cwu , nor the cu , are representitive of the esop board
 
No one is saying cwu/cu are reps of the esop board,but these people are in contact with each other with regard to what's going on in the company/union and the finances of the members.
 
yes i understand that , but there is no way that the esop as a [ presumably ] responsable board could realease sensitive information to any orginisation BEFORE the membership have been informed
 
just recieved esop 21,it is 48 pages any other issue contained 13,the ballot paper directs you to page 24.
 
last years Xmas payout - the shares were appropriated on Nov 17 and the cheques arrived within a week.

The ballot closes on Dec 1st, still time enough for a payout before Xmas, or at least the announcement of one in the new year, but who knows... (I try not to rely on these payouts, they are by their nature unreliable).

I can't see any compelling reason to vote against this takeover, the company is currently in limbo and in a bad way financially. The long term value of our share of the company is best served by having it the hands of an actual telco rather than a bunch of disinterested and bankrupt venture capitalists.
 
shweeney said:
last years Xmas payout - the shares were appropriated on Nov 17 and the cheques arrived within a week.

The ballot closes on Dec 1st, still time enough for a payout before Xmas, or at least the announcement of one in the new year, but who knows... (I try not to rely on these payouts, they are by their nature unreliable).

I can't see any compelling reason to vote against this takeover, the company is currently in limbo and in a bad way financially. The long term value of our share of the company is best served by having it the hands of an actual telco rather than a bunch of disinterested and bankrupt venture capitalists.
Click to expand...
 
There shouldn't be any need for allocation or redemption for the shares that were redeemed in June and withheld. Surely it's just a case of issuing a cheque for our money which was held back in the summer?
 
I see that Con Scanlon is General manager and Company Secretary of the ESOP Trustee....How is that? I thought he works for An Post now having walked away with a fortune from the CWU. There was always only one beneficiery when he was involved.
 
Right on, Penpusher, where is the money that was redeemed in our names in June. I understood that once the 'nominal' shares were redeemed for cash then it became 'our' money and as such how can they hold it back at all??
 
I tried to ring the helpline just now, and it rang out. Looking back through the original contract there seemed to be a provision that allowed us to direct ESOP to sell any shares held in our name provided we take an income tax hit. Anyone know if that still remains? If so, it might be the best option, since the running costs of ESOP seem to be through the roof.
 
your right there longone , i spoke to richard bruton some time ago , and explained to him that we are only allowed to receive an amount of 12, 700 euro per year in order to remain tax compliant . he explained to me that while that is correct it is the ESOP BOARD who will not allow us to exceed that amount , that the revenue would have no problem with it as long as tax was paid on the amount in excess of 12,700 . surely any individual wishing to avail of such an arrangement should have been given the choice , even if it does not make economic sense , instead of having these decisions made for them by the same people who will eventually invest YOUR money to increase the stake in eircom anainst your wishes
 
I'm as wise now having read ESOP extra as I was before I started. All I know is they want us to vote yes. I hope that glossy brouchure wasn't paid for out of our money :confused:
 
Question. If we vote no, are we really better off with a company who is practically bankrupt in Australia than with the new owners???
 
I give up,forget about any payout,if we get one it will be a surprise,what we are now talking about is job security and pension fund,I no longer work there and my concious would favour a yes vote for existing employees.There is no doubt in my mind money is in the kitty.We gave these esop people a free hand years ago and we never questioned them until now, maybe we created the monster we have lost control of.
 
Firstly, STT is not a Telco but an investment arm of Singapore Government. I would urge a NO vote until such time that he ESOP outlines clearly it's plans for our moneyj
 
hmm con scanlon, one of those overpaid union chiefs if i remember, who sent his henchmen out to make sure we voted for the company to be sold,.(orig.)standing over us saying it was the only way to go.gangsters!
 
Status
Not open for further replies.
Back
Top