eircom plc

Friday, 3 August 2001

 Irish Takeover Panel  


 In June 2001, e-Island received consent from the Irish Takeover Panel (“the Panel”) for the implementation of a co-offeror structure involving the ESOT subject to certain conditions set out in the Panel’s letter of consent.    On 2 August 2001, the Panel consented to e-Island entering into discussions with the ESOT’s advisers  with a view to agreeing, if appropriate or possible, the implementation of a co-offeror structure on the basis outlined by e-island and set out in the Panel’s letters of 1st and 6th June 2001.  Consent was given  subject to a number of further conditions including:  


                     no discussions taking place between the parties in relation to the employee incentivisation schemes set out in paragraph 10 at page 16 of the e-island Offer document of 23rd July and a requirement that minutes of any meetings between the parties be prepared and submitted to the Panel;  


                     any co-offeror structure being in accordance with submissions made by e-Island;  


                     the final details of any structure being approved by the Panel subject to any further confirmations or representations sought by the Panel.  


This consent does not alter the terms of the Panel’s approval of the basis for the present Offer for eircom by e-Island, or the existence or terms of the Offer.  


The Panel’s letters of consent and the e-island submissions are on display at William Fry Solicitors, Fitzwilton House, Wilton Place, Dublin 2.  




3 August, 2001