Vol. 468 No. 4
931 Mr. S. Brennan asked the Minister for Transport, Energy and Communications whether the deal with KPN/Telia makes provision for the staff of Telecom Éireann to get a shareholding above the 5 per cent already agreed; and the provision, if any, made for Telecom Éireann subscribers to get shares. [15645/96]
The Government in its mandate for the strategic alliance negotiations stated that up to 5 per cent of the share capital of Telecom Éireann should be set aside for a suitable employee shareholding scheme subject to certain conditions. The recently announced deal with the KPN/Telia consortium is consistent with the Government mandate and commits the strategic partners to support an employee share scheme. Over the coming months discussions, involving all the relevant parties and including proposals from the unions on behalf of the staff, will take place on the development of an employee share ownership plan.
While the alliance transaction has no provision restricting sale of Telecom Éireann shares to subscribers at any time, there are no plans to do so. The proposed legislation will provide for unrestricted powers to sell shares up to a maximum of 49 per cent of the issued capital.
