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ESOTEuropean Society for Organ Transplantation
ESOTEmployee Share Ownership Trust (UK)
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Between 2010 and 2012, the National Indigenisation and Economic Empowerment Board (NIEEB) encouraged ESOTs and companies proposing to allot a value of $327m to their employees.
Established at the time of the company's initial public offering in 2006, the profit share obligation required Aer Lingus to pay an annual share of profits to the ESOT until the earlier of April 2023 and the full repayment of the ESOT's debt and associated interest.
An ESOT trust can be established to purchase the stock of business owners using tax-deductible corporate dollars as a funding mechanism.
The award was given during the 13th congress of the ESOT which was held September 30-October 3 in Prague, The Czech Republic.
A typical leveraged ESOP transaction consists of the following basis elements: (i) an employee stock ownership trust (ESOT) borrows funds from a lending institution, and (ii) uses these funds to purchase stock of the company; (iii) the company then makes regular contributions to the plan in the amount of the scheduled principal and interest payments, which (iv) the ESOT then uses to repay the loan.
The day, which will feature a series of lectures and special events, is being organized under the patronage of the Council of Europe, in association with the ESOT (European Society of Transplantation)/ETCO European Transplant Coordinators Organization and the World Health Organization (WHO).
ESOT, which holds a 15 per cent stake in the targeted company, said it was unable to provide the names and addresses of its membership to Mr O'Brien for him to make a direct mail approach on an invidual basis.
Currently, the Tony O'Reilly-led Valentia consortium is heading the field, having secured the crucial support of ESOT, the employees' trust - and one of the largest Eircom shareholders, with 14.
Even though the O'Brien bid has been recommended by the Eircom board, ESOT head Con Scanlon declared: "A number of spins are being put on what eIsland has come up with.
But it has not been endorsed by ESOT - the Eircom Employees' Share Ownership Trust - whose 15 per cent stake will be vital in the final analysis, as the victor has to secure an 80 per cent holding.