Eircom ESOP payout 2011

sting60 · 20-11-2012 12:00pm

There is a major delay in sending out the cheques as 16% have not returned their forms or intention.As of 30th of Nov ESOP will no longer deal with transactions and any shares not requested could well be lost.The full allocation will be 3,150e approx with a further very small payment early next year of approx 350e.

sting60 · 20-11-2012 12:04pm

horse7 wrote: »

Any one get a cheque yet.

There is a major delay in sending out the cheques.I left message on Boards for the reason.

horse7 · 20-11-2012 8:02pm

F0rGive my ignorance,but for those who have sent in their intentions,could they not be sent their cheques?

whitleydonal · 20-11-2012 11:38pm

Hi
The cheques must be delayed until the vodafone shares quailfy for payment of the interim dividend, to qualify the shares must be held from 19th- 20th of November 2012 and the shares go ex-dividend on 21st November if the esop sold the shares before this date the members would lose about 400K sterling.

Cheques should be issued next week with final payment sometime after 13/2/2013

Regards

Donal

horse7 wrote: »

F0rGive my ignorance,but for those who have sent in their intentions,could they not be sent their cheques?

horse7 · 29-11-2012 7:59pm

So any cheques this week?

whitleydonal · 29-11-2012 9:22pm

yes Cheques should be in the post due Friday 30th or following Monday at the latest. Shares were sold at €1.95 which equals €2,952 before broker fees if you have a full allocation. The deal is almost done next allocation will be next march to wrap it up

Ed9 · 04-12-2012 4:08pm

Any cheque's yet?

whitleydonal · 04-12-2012 4:33pm

jd wrote: »

For the Vod shares, at current Sterling and Vod share price, about 3200 euro.

Shares were sold last Friday week
[FONT=Verdana, Arial, Helvetica, sans-serif]The eircom ESOP Trustee is pleased to announce that it has appropriated ordinary shares in the capital of Vodafone Group Limited to 14,116 eligible participants. It appropriated the shares on Friday, 23 November 2012, at an initial market value of price of €1.95 per share.[/FONT]
[FONT=Verdana, Arial, Helvetica, sans-serif]In total approximately 14.76 million shares were appropriated, which equated to 1,514 ordinary shares for each participant with the maximum notional allocation.[/FONT]

whitleydonal · 04-12-2012 4:34pm

Ed9 wrote: »

Any cheque's yet?

before the end of the week

Ed9 · 04-12-2012 4:36pm

Thanks, Can I borrow on the strenght of it......The last Lumer

horse7 · 18-02-2013 10:16pm

any news on the last few quid?

sting60 · 18-02-2013 11:16pm

horse7 wrote: »

any news on the last few quid?

27.50 e taxed.

horse7 · 19-02-2013 5:18pm

That much,wow.

Ed9 · 19-02-2013 5:48pm

Aghhh

Ed9 · 20-03-2013 4:06pm

Any rumours?

sting60 · 20-03-2013 4:09pm

Ed9 wrote: »

Any rumours?

First week in April but amount not specified could be up to 300e.

Ed9 · 20-03-2013 4:12pm

Cheers as least the amount has risen from earlier, could it rise again I wonder??

sting60 · 20-03-2013 4:24pm

Ed9 wrote: »

Cheers as least the amount has risen from earlier, could it rise again I wonder??

Depends how many fingers in the pie.Initally I was told 500e then last week 300e so god knows.

horse7 · 22-03-2013 4:14pm

got a reply at last, re;
The trustee had intended to make the final distribution in the first quarter of 2013.
This may run a little later than 31 March 2013.
I have no amount or any details at this time.
The Trustee will write to all members with that information when available
regards

Ed9 · 03-04-2013 3:00pm

April now whats the word on the street. Also heard big US comms company buying vodafone could this make any difference or is it to late for esop members?

Regards
Ed

sting60 · 03-04-2013 3:19pm

Ed9 wrote: »

April now whats the word on the street. Also heard big US comms company buying vodafone could this make any difference or is it to late for esop members?

Regards
Ed

As we no longer own any shares means nothing to us.Was asking about it yesterday and was told "they seem to be hiding".No word whatsoever but its only small so nothing to be excited about.

Ed9 · 09-04-2013 4:43pm

Hi,

Anyone get letters yet?

Rgds

whitleydonal · 10-04-2013 7:03pm

Firm that ran Eircom staff's share scheme applies to be wound up
The company that managed Eircom's Employee Share OwnershipPlan (ESOP) has applied to be wound up, according to documents filed with theCompanies Office.

It is among the final steps in dismantling a trust set up togive staff a share in the company during its 1999 privatisation.

Through a serious of ownership changes at Eircom, the trusteventually held a 35pc stake in the business.

More than 14,000 employees and former Eircom employees havereceived payments of as much as €100,000 each tax free over 13 years from thescheme.

Controversially, staff shared the huge tax-free payouts asEircom was "flipped" from owner to owner and loaded up with debtthroughout the 2000s.

ERC Esot Services, which managed the trust, ceased tradingon March 25 and asked for a voluntary strike off from the Companies Office onApril 3.

The request was made by Jermoe Barrett, a trade unionofficial and chairman of the Esop.

The trust was eventually closed to new members, meaning inpractice that the payouts have mainly gone to people who are now retired orclose to retirement.

The huge debt pile saw the company collapse intoexaminership last year. The company was handed to its lenders as a result ofthat process, wiping out most of the remaining value of the Esop's stake.

In May last year, the Esop said it would distribute itsremaining €85m of Eircom "preference shares" as part of an orderlywind down.
That took the total value of distributions made to Esopmembers to almost €700m since 1999.

In November last year, the trust's managers announced adistribution of its last remaining assets, some 14.76 million shares inVodafone.

Allocation

The shares were valued at €28m, or €2,950 each, for memberswho had a full allocation under the Esop.

Staff members who got a full ESOP allocation back in 2009,based on their years of service, received almost €100,000 in cash and sharestax free over the life of the trust.

The Vodafone shares had been paid to the Esop for its sharesin Eircom's former Eircell mobile phone unit.

The trust had been holding more than €100m of assets toretain its Eircom stake. In the end the examinership meant the cash was neverneeded.

horse7 · 11-04-2013 9:46am

re; Staff members who got a full ESOP allocation back in 2009,based on their years of service, received almost €100,000 in cash and sharestax free over the life of the trust. Totally incorrect, less than half at least.

jd · 11-04-2013 10:48am

horse7 wrote: »

re; Staff members who got a full ESOP allocation back in 2009,based on their years of service, received almost €100,000 in cash and sharestax free over the life of the trust. Totally incorrect, less than half at least.

Full allocation from esop over the years was well north of 50k. I can dig up the figures later.

jd · 11-04-2013 7:57pm

horse7 wrote: »

less than half at least.[/SIZE]

Have the figures here for a full allocation cashed straight away.

May 2002 - 11900
Dec 2003 - 6800
Apr 2004 - 6800
Dec 2004 - 5800
Mar 2005 - 6500
Dec 2005 - 4800
Nov 2006 - 8000
Jun 2007 - 8000
Nov 2007 - 4600
Jun 2008 - 7000
Nov 2008 - 5000
Jun 2009 - 2000
Nov 2010 - 2600
Nov 2011 - 1500
Jul 2012 - 8700
Nov 2012 - 2900

Total - 92900
Actually 93360 when I don't round down

Ed9 · 15-04-2013 1:34pm

Well any further updates on letters out or possible amount?

Regards
Ed

jd · 16-04-2013 11:36pm

Final cheque for 1230 on april 25th, I heard.

sting60 · 17-04-2013 8:35am

jd wrote: »

Final cheque for 1230 on april 25th, I heard.

Got 1315.60e this morning,happy days.

Ed9 · 17-04-2013 9:01am

Did you get a cheque and is that a full allocation?

Eircom ESOP payout 2011

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