Eircom ESOP: when's our next windfall?

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Re: eircom esop when's our next windfall?

Another question if one is to inherit one's partners' shares does the €12k non-taxed payment continue or do they give a one time payout that then is taxable inheritance yes?
 
Re: eircom esop when's our next windfall?

Lol at Penpusher. MB50 knows all the answers!

BQUEEN, Esop unit will be able to answer the tax question correctly, that's the kinda info they will be happy to answer. Let us know what they say!!
 
Re: eircom esop when's our next windfall?

ESOP says any non-relative who inherits these shares will receive a 1x "discretionary" payout based on the average five day price of the shares. This will be taxed like any other capital inheritance. They will not continue the non- taxed annual dividend.....hmph! So when I asked ESOP to give me an idea what such a pay-out would be if a person had the FULL allocation of ESOP shares she said it would take a month to get that info back to me ....... ??? huh???? Goodness.

I'm trying find away to pay the CGT on the property I may inherit from my partner. For example if the house is worth €300,000 ...after the circa €20k discount, the CGT could be (@ 20%) nearly €40k so either I get an insurance policy for this amount or pay it from my net (after CGTax) shares payout as I don't want to sell the home.....
hmm any other ideas or possible solutions out there?
 
Re: eircom esop when's our next windfall?

Thanks for the vote of confidence! I have heard nothing definite hence my silence to date. I have heard whispers of the triple payout but that happens every year. Someone I know said they heard that there will be 3 separate payments of €12.7k.

I would have thought that it was a bad time to sell shares and to pay out a triple payment this year it would take more than preference shares.

Maybe Babcock and Brown have found a buyer and the money is earmarked from that. But who would buy a company crippled with debt at a time like this?

If the rumours get stronger I'll let you know.
 
Re: eircom esop when's our next windfall?

Heard the same rumour too, 3x12k , feb, june,nov or something like that
 
Re: eircom esop when's our next windfall?

Did ANYone get their Eircom payout Nov-Dec 2008? Or did this get hit in the head in the last minute?
 
Re: eircom esop when's our next windfall?

Hi there,

I can confirm that we did receive a 'payout' mid/late November 2008. It was for the amount of €5,065 for full allocation holders.

Does anybody have further news on the possibility of a 'tripple appropriation' this year?

Thanks,

Drinky
 
Re: eircom esop when's our next windfall?

funny we didn't get a payout.....my partner is retired after 40 years in Eircom ... and yes he is a 'full allocation holder'. He said that perhaps some folks may have gotten a payment as they were in some other kind of 'status' such as they were hired after privitzation....hmmmm.... I think he's mistaken. It seems to me that EVERY full allocation holder would've been equally paid his/her dividend yes? ....hmmmmmm... couldn't get through to ESOP today....but does anyone else know if only SOME folks got their payout in November? thanks a bunch for letting me know.
 
Re: eircom esop when's our next windfall?

Could he be holding out on you? I know a lot of the men in work joke about it and curse the media for splattering it all over the front page. All joking aside everyone who had shares got it. The ESOP should be able to help you once you get through to them.
 
Re: eircom esop when's our next windfall?

Drinky,

The PSEU AGM was on last week and Eugene Quinn (who on board of ESOP) said that the triple payment is not happening. It will just be the normal one.

That being said the papers reported that Singapore Telecom were interesting in buying eircom. If that is true then maybe there will be funds for a triple payout. And now Rex is on his way it could be the start of the Austrailian's pulling out.
 
Re: eircom esop when's our next windfall?

....well then how am I going to buy a new car?

HA HA - just kidding ;)

Thanks for the info MB05 .....I guess we'll jusy have to wait and see what happens!

Cheers,

Drinky
 
Re: eircom esop when's our next windfall?

Dr1nky, did you attend the agm?

jdwex, have you heard anything?

Has anyone else heard what's going on????

Regards
Luckylou
 
Re: eircom esop when's our next windfall?

Hi,

I wasn't at the AGM, I left Eircom back in May 2003

I was in contact with a current Eircom employee today and they said that a 'tripple allocation' was not ruled out at the AGM (although it is unlikely).

I guess it's fingers crossed for another takeover (as mentioned by MB05 earlier ;)

Regards,

Drinky
 
Re: eircom esop when's our next windfall?

Some more interesting reading, particularly regarding implications for pensions.
[broken link removed]
 
Re: eircom esop when's our next windfall?

Hi there,
I am also ex employee of Eircom leaving in late 2000 so have approx 30% of full allocation.

I also own BCM shares(Babcock & Brown Capital Management) who own 57% of Eircom.
BCM have indicated there will be an impairment charge in relation to current carrying value of Eircom due to potential Eircom pension deficit & other factors.This will be communicated to Australian market in next couple of months.

From last ESOP circular Eircom has $350 million in assets with 50% of this in notional value of ESOPS' 35% stake in Eircom.
How attainable this is could be questionable given Eircoms' high debt levels to EBITDA,potential pension deficit & deep recession in Ireland
 
Re: eircom esop when's our next windfall?

From what I've heard the eircom pension fund is pretty healthy in comparison to most.

I know the pension fund was brought up at the union AGM too and they said that there was enough money to pay everyone for something like 70 years. I wasn't at the meeting so I am only going on what others said.

I noticed a few month's ago that the company had reduced their contribution from 10% to something like 7.1%. I thought it was B & B pulling a fast one so I rang up the pensions section and they said that every few years the actuaries review the rate and apparently they deemed that the company had over paid in the last few years so they recommended that they reduced it.

I don't think they would do this if the pension fund had a deficit especially with the current
state of stocks and shares.
 
Re: eircom esop when's our next windfall?

Babcockand Brown Capital issued a statement to Australian market last week on Eircom pension-look up their website [broken link removed] under news asx announcements(announcement made on 27th Jan).

They flag possible shortfall on pension which company will have to compensate-not surprising giving the tanking in Irish sharemarket/property market as well as possible impairment on carrying value of Eircom in Babcocks' books.

I hope your right on pension but any potential buyer of Eircom will need clarified on potential pension shortfall and Eircoms' future viability given its' massive borrowings in current Irish recession.
 
Re: eircom esop when's our next windfall?

Hi all,

Does anyone know when the payouts will stop?
 
Re: eircom esop when's our next windfall?

I think this year is the last guaranteed one. €7000 (for those with a full allocation) in June/July. After that it is in the lap of the God's.
 
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