Members of IMPACT have overwhelmingly endorsed Telecom Eireann's Employee Share Ownership Plan. The union, which represents managers, engineers and draughtsmen, is the first to announce a ballot result on an offer that will see 14.9 per cent of shares transferred to staff.
Under the plan 9.9 per cent of shares, worth £190 million, will be transferred to a unionsrun trust. Telecom will pay £100 million towards the cost and the trust will raise £60 million through loans. Payment for the remaining £30 million will depend on the value of the shares next year. A further 5 per cent of shares, with £95 million, will be transferred to the trust in return for productivity and other improvements.