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Eircom ESOP payout 2011

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    #2
    watty
    Registered Users Posts: 32,417 ✭✭✭✭watty


    There shouldn't be any more ESOP payouts. It's just glorified asset stripping. Eircom has slipped to €3.7B debt since privatisation and is charging among the highest line rental in the world.


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    #3
    tunner
    Registered Users Posts: 375 ✭✭tunner


    watty wrote: »
    There shouldn't be any more ESOP payouts. It's just glorified asset stripping. Eircom has slipped to €3.7B debt since privatisation and is charging among the highest line rental in the world.


    Yes I read the article too and that prompted me to log onto ESOP. As regards line rental and call costs, they have always been expensive. They sell Tier 1 minutes with a 99.9% success rate

    I was just wondering if anyone had heard a figure mentioned as I'm out of that company a while now.

    Tunner


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    #4
    Stinicker
    Banned (with Prison Access) Posts: 7,102 ✭✭✭Stinicker


    I understand it is somewhere in the region of €1,800 - €2,500 per man, nowhere near the big payouts of €8 to €10k enjoyed years ago.


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    #5
    jd
    Registered Users Posts: 5,681 ✭✭✭jd


    watty wrote: »
    There shouldn't be any more ESOP payouts. It's just glorified asset stripping. Eircom has slipped to €3.7B debt since privatisation and is charging among the highest line rental in the world.
    I think they'll be giving out the vodafone shares they hold. They also have cash - about 100m or so I think. The question is whether they'll reinvest in eircom (to reduce the debt) or just distribute to the members (about 10k for members with a full allocation)


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    #6
    agatha_53
    Closed Accounts Posts: 1 ✭agatha_53


    Did anyone see indo today. If Denis o brien takes over eircom all our shares are wiped out:mad:


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    #7
    tunner
    Registered Users Posts: 375 ✭✭tunner


    agatha_53 wrote: »
    Did anyone see indo today. If Denis o brien takes over eircom all our shares are wiped out:mad:

    No I didn't see it. How can that happen? Is it part of his offer?


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    #8
    jd
    Registered Users Posts: 5,681 ✭✭✭jd


    35% of nothing is nothing. Of course it can happen, if you don't keep to the terms of your bond the creditors can take control of the company. They may decide to do it in partnership with DOB.

    http://www.independent.ie/business/irish/digicel-bid-for-control-of-eircom-just-days-away-2923060.html


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    #9
    jd
    Registered Users Posts: 5,681 ✭✭✭jd


    Professor_Fink wrote: »
    Except that even if Eircom were completely worthless, ESOP still has Vodafone shares.
    Yip, as I said above, + about 100m in cash from redeemed preference shares not distributed to the members.


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    #10
    watty
    Registered Users Posts: 32,417 ✭✭✭✭watty


    DOB has horrible Debts on his Caribbean Mobile.


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    #11
    tunner
    Registered Users Posts: 375 ✭✭tunner


    Does anyone know how much a Vodafone share is worth? Trying to figure out whether it would be better to get a share very or sell. Looking for a figure for about 500 Vodafone shares.....


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    #12
    jd
    Registered Users Posts: 5,681 ✭✭✭jd


    Last trade I saw was 1.72 sterling
    That gives a value of about £860
    Converting to euro at http://www.irishtimes.com/business/exchangerates.html now gives a value of approx €998


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    #13
    horse7
    Registered Users Posts: 3,697 ✭✭✭horse7


    When does esop finish.


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    #14
    horse7
    Registered Users Posts: 3,697 ✭✭✭horse7


    Got the news from esop,will be finished by march 2014(but could be before that) .


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    #15
    tunner
    Registered Users Posts: 375 ✭✭tunner


    What does that mean for us? Will shares be appropriated again before then? I left Eircom some years back but have 60% allocation



    horse7 wrote: »
    Got the news from esop,will be finished by march 2014(but could be before that) .


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    #16
    kath12
    Registered Users Posts: 3 ✭kath12


    as most members of esop are now retired, it would make sense to pay out the remainder of their shares, if we will have no input into the new format of eircom


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    #17
    horse7
    Registered Users Posts: 3,697 ✭✭✭horse7


    A little birdy has it there will be some good news in june or july which should tie up everything.


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    #18
    jd
    Registered Users Posts: 5,681 ✭✭✭jd


    horse7 wrote: »
    A little birdy has it there will be some good news in june or july which should tie up everything.
    Oh what did you hear? That if the bondholders take control Esop will wind itself up and distribute its assets?


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    #19
    jd
    Registered Users Posts: 5,681 ✭✭✭jd


    Some rumours on FB that the esop may wind up this year and disburse it's assets in June and December, 7k in June and about 8k (??) in December to those with a full allocation


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    #20
    Ed9
    Registered Users Posts: 27 ✭Ed9


    hi, Where do you guys get your informatiom and sounds good and would make sense to pay and wind up once and for all.


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    #21
    jd
    Registered Users Posts: 5,681 ✭✭✭jd


    Ed9 wrote: »
    hi, Where do you guys get your informatiom and sounds good and would make sense to pay and wind up once and for all.

    Some discussion on FB (reg req.)
    https://www.facebook.com/pages/ESOP-cheques/181476588420
    +
    various people


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    #22
    Ed9
    Registered Users Posts: 27 ✭Ed9


    Any new updates?


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    #23
    tunner
    Registered Users Posts: 375 ✭✭tunner


    Anyone hear anything?


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    #24
    bealtine
    Registered Users Posts: 4,051 ✭✭✭bealtine


    tunner wrote: »
    Anyone hear anything?

    yes under the terms of the examinership the ESOT will be wiped out


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    #25
    jd
    Registered Users Posts: 5,681 ✭✭✭jd


    bealtine wrote: »
    yes under the terms of the examinership the ESOT will be wiped out
    The 35% shareholding the Esot have will be wiped out. My understanding is that ESOT will then distribute its remaining assets ( Vodafone shares, Preference Shares (ring-fenced) and cash on hand) to members - probably about 13k for the members with a max allocation.


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    #26
    tunner
    Registered Users Posts: 375 ✭✭tunner


    Has there been a mention of when that will be issued to us??


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    #27
    Ed9
    Registered Users Posts: 27 ✭Ed9


    They should just cash in the chips and pay the members in July before something else goes pear shaped?:pac:


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    #28
    whitleydonal
    Registered Users Posts: 59 ✭✭whitleydonal


    kath12 wrote: »
    as most members of esop are now retired, it would make sense to pay out the remainder of their shares, if we will have no input into the new format of eircom


    The ESOP as shareholders are wiped out when the scheme of arrangements are approved by the high court. When the esop joined with STT 98 million euros worth of preference shares were ring fenced in a trust that could not be touched by any creditors and about 27 million euros worth of vodafone shares. When the high court process is complete the ESOP will be obliged to wind up as the preference shares will be converted to cash and as such must be distributed to participants within twelve months in accordance with the deed of trust. What all that adds up to is a distribution of just over one maximum payout if you have a full allocation. The timing and amounts will be up to the trustees but there is no reason why a maximum payment could not be made immediately.


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    #29
    whitleydonal
    Registered Users Posts: 59 ✭✭whitleydonal


    maybe we could have a virtual esop like the ESB


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    #30
    Ed9
    Registered Users Posts: 27 ✭Ed9


    Would the 3 Mobile bid make any difference to EOSP shares good or bad?

    Rgds


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    #31
    whitleydonal
    Registered Users Posts: 59 ✭✭whitleydonal


    Ed9 wrote: »
    Would the 3 Mobile bid make any difference to EOSP shares good or bad?

    Rgds

    No as the scheme of arrangements requires the share holders second lien lenders and FRN holders to be hit or wiped out to be the value of the scheme of arrangements will remove about 1.8 billion from the balance sheet so the new owner will only want the company withe the shareholders removed


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