Eircom shareholders representing 99.53 per cent of votes cast voted in favour of the resolution to effect the demerger of Eircell from Eircom at today's EGM in Dublin.
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Eircom chief Executive Mr Alfie Kane
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Compared to last September's raucous AGM, today's meeting was a damp squib with only a brief confrontation between Mr Shane Ross and Eircom chairman Mr Ray Mac Sharry livening up proceedings.
Mr Ross launched another attack on Eircom's board for the losses incurred by Eircom's failed multi-media ventures and its reluctance to negotiate an all-cash deal for shareholders.
The decline in Vodafone's share price since the Eircell deal was announced last December has wiped euro 1.2 billion off the value of the shares, Mr Ross told the meeting.
But Mr MacSharry parried the attack with aplomb having learned from previous jousts. He defended Eircom'smulti-media strategy saying the company was less exposed to the sector than many of its peers and had divested from the loss making operations.
Mr MacSharry even launched a counter attack saying as a shareholder Mr Ross's criticism of the company was "nothing short of a disgrace".
Armed with a list of positive recommendations from leading investment banks, Mr MacSharry said Eircom's share price had held up well this year compared to leading telecoms such as BT (down 33 per cent) Deutsche Telekom (down 37 per cent)and KPN (down 54 per cent). Since last September Eircom shares have fallen by 1 per cent.
Though Vodafone shares are now trading below £2.20 - the level at which Eircom can opt out of the sale - Mr Mac Sharry said Eircom did not walk away from the deal because the fall in Vodafone's share price was not due to problems within Vodafone itself.
Mr Ross then waved a white flag at the board which raised a brief cheer from the crowd. But the following slow hand clap, like the meeting itself soon petered out.