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Eircom mull strategic shift to Jersey

Thursday, August 07 10:50:41

Eircom this morning said it is looking for consent to reorganise the group, splitting it in to an operating and a holding company, which would be incorporated in Jersey and tax resident in Ireland.

All management and operations of the companies would remain here in Ireland under the proposal and the changes would have no real impact on the day-to-day running of the business, it said.

"This reorganisation, if implemented, will not have any impact on eircom's operations. Nor does eircom expect that the reorganisation will have any impact on eircom's customers or business partners as eircom's operations will remain in Ireland," it said.

Back in April, eircom said it had begun a strategic review to explore various options, including a possible share listing on a public market.

"In this context, the transfer of the assets and liabilities of eircom Limited (eircom's principal operating company) to a new operating company, which would be incorporated in Jersey and tax resident in Ireland, as envisaged by the proposed reorganisation, would provide eircom greater flexibility to pay dividends to shareholders in the future," the company said today.

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