Directors to net €7.8m from takeover

EIRCOM directors stand to make €7.8 million from the sale to Babcock & Brown.

Chief executive Philip Nolan, who is expected to exit the company when the takeover is completed, will net almost €3.5m for cashing in his share options. Dr Nolan holds €1.5m Eircom shares.

Peter Lynch, finance director, and Cathal Magee, the head of retail operations, will each get €1.1m.

Eircom’s commercial director David McRedmond will pocket €833,000 from cashing in his share options.

All executive directors received substantial payments when Eircom relisted on the stock market in 2004.

Chairman Tony O’Reilly, expected to leave when Babcock gain control, sold his 5% stake in Eircom at the flotation.

Con Scanlon, Eircom’s deputy chairman and the former head of the Communications Workers’ Union, will net €513,000 for his 233,250 shares. He will also receive pension payments worth 1m over the next 10 years.

John Conroy, head of Merrion Stockbrokers and one of the employee representatives on the board, will net €171,000 as C&C chief executive, Maurice Pratt, nets €106,000.

Former Matheson Orsmby Prentice Solicitors managing partner Donal Roche will get €22,000.

Irial Finan and Kevin Melia will each net €141,935 and Padraic O’Connor, former ACC Bank chairman, will get €55,157.

Didier Delphine, who joined Eircom’s non-executive directors in March 2004, will make €56,000.