Eircom ESOP: when's our next windfall?

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Well today was the last day for sending in votes so that should be announced tomorrow. I think if there is a distribution it will be announced next week so if we hear nothing next week that will be that. I do think they should put up a notice to say one way or the other
 
Once the yes vote is in ESOP will issue a statement to say a distribution will be reviewed in early 2010 .
 
we have as much chance of getting a payout before christmas , as ireland have of being admitted to play in the world cup
 
ex-union said:
Once the yes vote is in ESOP will issue a statement to say a distribution will be reviewed in early 2010 .
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Why wait until results are in? It doesn't make sense. What you appear to be saying is that if its a YEs vote we might stand a chance of getting a payment "early" next year. But if it's a NO vote we can go *@!^ ourselves.
 
ex-union said:
yes burman thats exactly what i'm saying.
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I hope you'll excuse me, but given the number of predictions you've made so far, all of which were supposedly definite, I'll take this current prediction with a grain of salt.
 
ex-union said:
Once the yes vote is in ESOP will issue a statement to say a distribution will be reviewed in early 2010 .
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I cannot believe how much information you have been fed throughout this thread, would love to know where you getting it from, i cannot understand two things.

1. if you information is coming from a union source - how would cwu condone a vote yes or no money stance or (threat - ok threat might not be the right word but you get the gist)

2. if info is coming from a esop source - how do you get info out of them and none of the rest of us can?

nothing changes for me, i voted no to the takeover due to the possibility that in the future esop would have to invest more funds into eircom


Neonitrix
 
A lot of people including myself were being given information from the cwu and credit union. I have seen documentation from the cu to a member telling him they were aware he would be in receipt of an esop payment before xmas.I only relayed information as a contribution to this forum just like everybody else.A national exec meeting was held three weeks ago and the NE were told by an esop person there would be no payout this year.Dont blame the messenger.It is my opinion that the esop were treating the cwu like the esop members with utter contempt.The union are condoning a yes vote to save jobs and pensions,lump sum payments can come after that.Just for your information I was an active member with the union for 30 years and still have contacts.
 
My issue is that they gave this information to CWU and credit union before us and as an esop member that includes you. - and it appears that they are giving them conflicting information as well
 
is this not a point i have made time and time again ? the cwu or anybody else have absolutly no right to ANY information before esop members . why do people on this forum keep looking to them to deliver news to us ? its NONE OF THEIR BUSINESS
 
"the terms of the esop were agreed between the union coalition,the company and the satate in 1998."
"4 directors including the chairman were nomimated by the union coalition"
are you seriously trying to tell me its none of their business,wake up and smell the coffee lads.
 
96.5% yes 3.5% no
8,732 ballots returned ( a return of 61.2%) a lot of people don't seem to be bothered.
 
Result of Ballot of ESOP Participants - 2 December 2009​

The Board of the eircom ESOP Trustee is pleased to announce the result of the Ballot of ESOP Participants on the Acquisition by Emerald Communications (Cayman) SPC of eircom Holdings Limited and the ESOP Proposal as follows:

The number of ballot papers returned was 8,732 (a return of 61.2%).

Resolution on the Acquisition by Emerald Communications (Cayman) SPC of eircom Holdings Limited and the ESOP Proposal

· The total number of valid ballots cast was 8,672

· The number of valid ballots cast in favour was 8,371 (96.5% of valid ballots)

· The number of valid ballots cast against was 301 (3.5% of valid ballots)
 
Having being on a roller coaster like everyone else that has read this thread I am glad to hear that the vote has been passed and maybe it will leave the ESOP with some flexibility.
The thing that bugs me most was the use of the word "windfall" often used by the press. I prefer to look at it as an interest free loan which I will be paying back until the day I die, let me explain.
Before the esop there used to be a bonus scheme which realised a bonus of at least €600 to €700 a year, that stopped and we began to pay a percentage of our wages into the pension fund which in my case is now over €2,000 a year over 20 years works out at €40,000.There were some pay rises which we did not get and as all pay rises are bases on a percentage of existing wages that gap has increased over the years and as the pension is based on earning our pension will be less than it would be had the esop not been established, points that the press for some reason never seen to mention.
So as we race towards 2014 and the end of the esop (at which point half of the existing staff will have retired and maybe depending on the money that they have saved from the esop) just remember just like the puppy this loan is not just for Christmas its for life.
 
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