Turning again to the Eircom saga, small shareholders eyeing the prospect of 30 per cent losses on their investment in Eircom once a sale is completed should look to the ESOT for tips on how to make the most of such investments.

The workers secured their existing 14.9 per cent stake in the telecoms group for an average price of €1.70 while the public were paying €3.90 for the same shares.

Now, the ESOT stands to gain €410 million (£521 million) from the sale of those shares to Valentia. Any other bidder would need to pay them more. If the Valentia bid succeeds, the ESOT will turn around and secure a stake of about 29 per cent under the company's new owners - for €350 million.

That's right, the Eircom workers will almost double their stake in the company for less money than they receive for the original holding. That's some deal. Who says Messrs O'Reilly, O'Brien and Desmond are the financial wizards of the Celtic Tiger?

dcoyle@irish-times.ie