STT to buy Eircom for €130m

watty

http://www.allvoices.com/news/5936006-employeeowned-stake-in-eircom-being-valued-at-zero-by-investors

thepenpusher

' 2.25 million Vodafone shares continued to be held in the APSS on behalf of 1,896 beneficiaries. The ESOP unit can assist beneificaries who wish to arrange to have these shares transferred to them or sold on their behalf.'

Has anyone any comments or advice on the above?

jd

thepenpusher wrote: »

' 2.25 million Vodafone shares continued to be held in the APSS on behalf of 1,896 beneficiaries. The ESOP unit can assist beneificaries who wish to arrange to have these shares transferred to them or sold on their behalf.'

Has anyone any comments or advice on the above?

You had the option of holding on to or selling vodafone shares at some point in the past

johnny 97

thepenpusher wrote: »

' 2.25 million Vodafone shares continued to be held in the APSS on behalf of 1,896 beneficiaries. The ESOP unit can assist beneificaries who wish to arrange to have these shares transferred to them or sold on their behalf.'

Has anyone any comments or advice on the above?

Where has this come from, its not on the esop website

johnny 97

Got insights in post this morning, fair play to them they put a nice little four page glossy together and still told us nothing. Genius

ph3n0m666

johnny 97 wrote: »

Got insights in post this morning, fair play to them they put a nice little four page glossy together and still told us nothing. Genius

its currently in my bathroom

dr1nky

thepenpusher wrote: »

' 2.25 million Vodafone shares continued to be held in the APSS on behalf of 1,896 beneficiaries. The ESOP unit can assist beneificaries who wish to arrange to have these shares transferred to them or sold on their behalf.'

Has anyone any comments or advice on the above?

I just contacted ESOP and their reply was:

>>
'The shares that are referred to are Vodafone shares that were appropriated to members in 2002 and 2005 and some of our members did not call them down.
I have checked on you details and you are not one of these members that retained your Vodafone shares'.
<<

I gather from this that people who asked to have their shares as a certificate can cash them in but mine, for example, are still held in ESOP.

BrookieD

hi guys
i am having a really blonde moment.. can some please confirm the share price for the vodafone group as per the shares above? i have the link and think is 138.15p
is this £1.38 per share or £138.15 per share????

Cheers

clohamon

BrookieD wrote: »

hi guys
i am having a really blonde moment.. can some please confirm the share price for the vodafone group as per the shares above? i have the link and think is 138.15p
is this £1.38 per share or £138.15 per share????

Cheers

I hate to be the bearer of bad news.....

BrookieD

ahh sure can't lose what ye have not got ;-)

jd

dr1nky wrote: »

I just contacted ESOP and their reply was:

>>
'The shares that are referred to are Vodafone shares that were appropriated to members in 2002 and 2005 and some of our members did not call them down.
I have checked on you details and you are not one of these members that retained your Vodafone shares'.
<<

I gather from this that people who asked to have their shares as a certificate can cash them in but mine, for example, are still held in ESOP.

No, I think she means you took cash for them.

This is a separate bunch of shares to the ~50m mentioned as ESOP assets

dr1nky

jd wrote: »

No, I think she means you took cash for them.

....on reflection, you're dead right - did get cash for them at some stage as far as I remember.

johnny 97

They have some nerve. To say in this insights joke " the board is equally aware that it will need to take SOME decision on the next distribution during the course of the year " in other words how dare you bother us about this, and when we get around to making the decision that we are giving you nothing we will let you know.It is now june this decision should already be made. That rubbish is an insult to every member. Jerome Barret as chairman should be ashamed of himself.

jd

I think the decision they've made is that there will be no distributions until they know what STT plan to invest. I wonder if if STT decide on a technical default(going down the prepack administration route) does it affect the 99m in preference shares?

watty

Depending on what STT do the eircom shares that ESOP has will either be worthless or nearly worthless, or if ESOP invests heavily not entirely worthless.

dr1nky

watty wrote: »

Depending on what STT do the eircom shares that ESOP has will either be worthless or nearly worthless, or if ESOP invests heavily not entirely worthless.

....I wish I had voted 'No' in the ballot, re: the STT takeover.

At least that way we might have had a chance of getting something!

jd

watty wrote: »

Depending on what STT do the eircom shares that ESOP has will either be worthless or nearly worthless, or if ESOP invests heavily not entirely worthless.

Yeah that would be the ordinary shares, what happens to preference shares in the event of a prepack admin?

Sponge Bob

ESOT takes writedown of €193.8m

http://www.irishtimes.com/newspaper/finance/2010/0601/1224271586479.html

THE EIRCOM employee share ownership trust (Esot) took a write down of €193.8 million on its 35 per cent stake in the Irish telecoms company in its results for the year to the end of June 2009, The Irish Times has learned.
This was largely behind a 64 per cent fall in the value of the Esot’s net assets last year, which declined to €154.27 million from €432 million in the previous reporting period.
The Esot’s writedown was the result of a €720 million impairment charge taken by Eircom in its accounts for the year to the end of June 2009.

But the good news is that they told everybody in writing about this.

The members’ update includes a long commentary on the potential for further investment by the employee share plan in Eircom once a new business plan has been drafted by its management team, which is led by chief executive Paul Donovan.


But it does not put a timeline on when its next distribution of tax-free cash might be made to members other than to say that “some decision” would be made during the course of the year.

Reesy

D'you get the sense that the ESOP is being run for the benefit of the trade union, not the members of the ESOP? I do.

bohemian boy

sure are they not all ex trade union people running it ?

chelseafrank

Yes it is pretty much all ex trade union guys running the show. sure the ex secretary has walked away with €1.75m laughing at us when we ask for the thing to be wrapped up. it is the biggest gravy train that union officials have ever had and its at our expense. The vast majority of members do not work in eircom anymore and don't actually care about what happens, we just want a few quid and for this gravy train to be de-railed.

bohemian boy

it is mostly our own fault for one simple reason , we are sitting back and allowing them to treat us in this way . people have talked about picketing esop offices , people have talked about taking a legal challenge to them , people have talked about engaging in protest action , but thats ALL people on this forum have done is to talk . it is widely believed that at the moment the amount of shares being held by them on our behalf represents a figure of between 14, 000 and 16000 euro this is the total amount left in the kitty . would it not make sense for us all to get together to develope a strataghey whereby we can put pressure on them to release this money and wind up the esop . they claim their remit is to act in accordance with the wishes of the members , and to act on our behalf , well the vast majority of esop members are now outside eircom and wish to see the esop disolved so are they acting in accordance with your desires ? . no they are not . all that is happining at the moment is that certain people have found gainfull employment within the esop and the money that rightfully belongs to you and i is going to pay there wages .i hate to say it but it may well be the case that no long from now eircom may cease to exist because of compettion and other factors . if that is the case there will be nothing left to get so i would suggest we act NOW

Berthram

When I signed to ESOP, I was told that 'The main aims of the ESOP are to
1 support the transformation of the Company into a world-class telecommunications business - including changes to working practices and cost-cutting measures;
2 provide employees with a strong collective influence on shareholder decisions within the Company; and
3 reward employees for the transformation of the Company by giving them a stake in the Company.'

Has this changed?

Sponge Bob

Berthram wrote: »

When I signed to ESOP, I was told that 'The main aims of the ESOP are to
1 support the transformation of the Company into a world-class telecommunications business

Man in Red suit and white beard says "Ho Ho Ho" !!! It was "transformed into a debt ridden hulk BUT esop management got snouts in the eircom board trough and got into the moooost generous pension and bonus scheme that the esop runs for its staff.

2 provide employees with a strong collective influence on shareholder decisions within the Company;

EXCEPT that the majority of ESOP members were no longer employees after 2005, they were ex employees after various downsizing programs etc . Therefore the ESOP could not longer provide a strong collective influence for employees, now could it ??? It represents ex eircom staff in the main.

3 reward employees for the transformation of the Company by giving them a stake in the Company.'

Change that to "employees of the esop" and it makes perfect sense.

Why don't ye ask for a tribunal of enquiry on the esop, it deserves one of it's very own.

bohemian boy

berthram when i signed up for esop i was given to understand that there would be regular meetings with staff to advise us on how our investment was progressing , no such meetings ever took place instead they engaged in a practice of sending out highly expensive glossy magazines that really tell you nothing anyway and when you ring the esop unit you get the same standard answer WE NO NOTHING a clear case of them watching to much fawlty towers methinks . when i signed up for esop i was NOT informed that the esop unit would become a recruitment agency for former cwu officials who wished to be brought up to retirement age at the expense of my collegues and i and who continue to enjoy the benifits of that secure employment while milking it for all its worth . when i signed up for esop i was led to believe that we would receive an amount of 12,700 euro per year , i think we have actually received that amount only twice since the inseption of esop the other years there were shortfalls . in addition to that , when i signed up for esop i was NOT informed that whatever money would come , it would be drip fed to me last year being a prime example 2000 euro , this year nothing . so yes in answer to your question it HAS changed

cgarvey

In-house ESOP issues aren't anything to do with IrelandOffline, I'm afraid. You'll have to take those issues elsewhere.