The Telecom Eireann workers at last week's IMPACT conference in Bundoran were extremely agitated at newspaper reports that they were all to become millionaires as a result of the company's ESOP (Employee Share Option) scheme in the coming over-hyped privatisation.
The union's deputy general secretary, Shay Cody, aware journalists were present, reminded his members tactfully that the shares they had paid £4 each for, in lieu of pension and pay increases, would probably be worth at least £12 in the IPO (Initial Public Offering).
The 10,000 or so employees hold 14.9 per cent of the company, so they are in line to get at least £65,000 each in about five years. A poor relation from the Maritime Institute said there were a lot of IMPACT members who would be only too glad to join "the rarified golden circle" at Telecom, if they had half the chance.