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Eircom investors pave way for flotation

Friday, August 22 17:53:57

eircom today said that it has received the required consents from its shareholders, bondholders and lenders for corporate reorganisation that could pave the way for a market flotation.

The permission received today includes the formation of a new operating and holding company in the eircom Group that will be based in the Channel Islands.

"As previously announced on 11 April 2014, eircom has initiated a review to explore various strategic options for the eircom Group, including a possible listing on a public market. That review continues and no final decision has been made yet. In this context and as envisaged by the proposed reorganisation, 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 having its branch in Ireland, would provide eircom with greater flexibility to pay dividends to shareholders in the future," a statement said this evening.

This reorganisation, if implemented, will not have any impact on eircom's operations. Nor will it have any impact on eircom's customers or business partners and eircom's operations will remain in Ireland, eircom added.

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