Eircom ESOP: when's our next windfall?

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ex-union said:
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.
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A low return alright. Might this be evidence of members feeling disenfranchised and powerless in the face of an organisation which seems to care less about our views in any case? Dialogue costs nothing Esot.
 
penpusher said:
A low return alright. Might this be evidence of members feeling disenfranchised and powerless in the face of an organisation which seems to care less about our views in any case? Dialogue costs nothing Esot.
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I am sorry I am annoyed with the esop as well but the members vote is what gives us power and not using it (whether they vote yes or no) only gives members less power surely
 
Grover said:
I am sorry I am annoyed with the esop as well but the members vote is what gives us power and not using it (whether they vote yes or no) only gives members less power surely
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I agree Grover. Now all we have to do is harness that anger / dissatisfaction from 14,000 members and get everyone to phone or email ESOP and get an answer to a question We all want answered.
 
Grover said:
I am sorry I am annoyed with the esop as well but the members vote is what gives us power and not using it (whether they vote yes or no) only gives members less power surely
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I think you missed my point Grover and I wouldn't argue with yours. Perhaps I was being oblique. I would have thought a low turn-out would indicate that a high percentage of esop members believe that their vote is meaningless.

Whether it is or not is another argument altogether but there is obviously a lot of apathy out there amongst the members with regard to the esop. I place responsibility for this firmly at the door of the Esot. Their dismal communication record ironically sends a very clear message that the membership are irrelevant to them.
 
An article in the Irish Times today "Eircom to slash jobs and cuts"I thought the whole idea of voting yes for esop was to save jobs.
 
The reason the yes vote was requested was to get STT to purchase and give eircom a long term support. Job cuts and spend cuts were always going to be inevitable to improve the company
 
I read the irish times and it sprung to mind, esop were saying they may have to buy into the new company, i think this is why funds are been kept, they are fairly sure they will have to buy in.
 
yes but this process is not set to take place for another 18 months when a determination will be made regarding further investment from esop . does this mean then that no payout is likely to be forthcoming for at least 18 months , or until such time as they establish whether or not further investment will be required ?
 
The esop should immediately pay the full 12700 euro to all members.
It should then seek reinvestment of this money from all willing members and make up any shortfall from other investors or by a loan, into a seperate fund to invest into eircom.

This would allow members to gain the full tax free payment allowed.
It would also mean that the reinvested 12700 euro from each member would only be liable to capital gains tax on any profits when it is eventually paid back to the members.
 
Paul. With no info coming from esop, this could be the case. When the company was sold before, they at least gave the info that no shares were been brought down.The fact that they are saying nothing,does not look good.
 
yes just got one wont have to pay back huge interest if esop pay out this month not even a yes or no from esop
 
Whats the last working day for the ESOP before Xmas. I wonder if you rang them at lunchtime that day, asked about a Xmas payout, would you still get the 'We don't know' line
 
lads i think we are starting to go down the fr ted road with this . there was an episode were teds star player for the over 75s is lying dead in the coffin and ted wants to know if it is definitly out of the question that he can play . that is what this is like with esop , talk about clutching at straws "
 
apparently there is to be a ballot on an all out strike shortly,something to do with the ex payphone staff who are being kept in the R B U.also theres a ban on overtime.
 
Tried ringing ESOP this morning to at least get them to issue a statement but they are not answering th ephones. It would now appear that we no longer have any means of cummunication. What a convenient way to avoid those irritating ordinary shareholders....
 
Afternoon guys,
well i just called Esop and spoke with Liz, for what its worth she is saying that it is very unlikely a payment will be here this side of xmas, killer but i think we all knew that anyway.

When i asked about the lack of statement Liz just referd me back to the last edition of Esop Extra page 41 and that if the trustees change their stance the website would be updated.

dunno if anyone else has anything to offer on the above but looks like nothing before xmas....great :-(
 


well thats about as direct an answer that anyone has ever got - funny how we couldnt get that before that vote
 
all this talk in this mornings indo about stt in for the long haul , and wanting to work closely with staff , and shareholders does this suggest a payout is likely in the near future ?
 
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