Dáil Éireann Debate, Tuesday - 12 November 2013
247. Deputy Olivia Mitchell asked the Minister for Communications, Energy and Natural Resources if, in view of the failure of the company’s efforts to set up a grey market for company shares, he is in a position to respond to the former ESB staff requests that the State should buy back the ESOP shares or any portion of them; and if he will make a statement on the matter. [47905/13]
View answerThe ESB Employee Share Ownership Plan (ESOP) is a tax efficient mechanism established in December 2001 as a trust, to acquire and hold a 5% stake in ESB on behalf of over 10,000 employees and former employees of ESB. I understand that in August 2013, it was decided by the Trustee and Chairman of the ESOP that given conditions following the first Internal Market in 2012 in respect of market liquidity, it would not hold a second Internal Market in September 2013. I am advised that the Trustee is working to protect the interests of all the beneficiaries in order to resolve the matter as soon as possible. The ESOP receives 5% of every dividend payment by ESB. In addition, arising out of the impending sale by ESB of State assets, the ESOP is due to receive 5% of the special dividend revenues. That may provide an opportunity for the Trustee to resolve outstanding issues in relation to the remaining shares.
