An additional 10,000 Irish Automobile Association (AA) members may be eligible for shares if the Centrica buyout of AA goes ahead. Following a query by Family Money, an AA spokesman confirmed that individuals with complimentary memberships are eligible if they renew and pay for the membership themselves.
More than 90,000 members in Ireland may apply for payout compared to 80,000 of the total 185,000 Irish membership which was announced previously.
Most of these 10,000 became members through a motor dealer, insurer or credit card promotional offer and their memberships are now coming up for renewal.
Renewal of the cover gains these members "voting rights and any entitlement to a share of the proceeds if the sale to Centrica is approved and completed," according to the spokesman.
AA Rescue Cover Payment Notices sent to potentially eligible members recently warn that payment must be received within 28 days of the membership expiry date or membership will be terminated. Also, members in arrears to the AA at the time of the special general meeting in September are deemed ineligible.
Those who received complimentary membership in the last few months are not eligible.
Notices sent to members recently led to some confusion as to eligibility requirements. Regular members are eligible to receive the payout only if they pay their own subscriptions. Associate members, such as those covered by the AA as part of someone else's membership such as a spouse or other family member are excluded. Rules concerning arrears also apply.
There is no guarantee the buyout will occur as a majority of AA members must first vote to approve the plan.
Anyone with queries about eligibility for shares should telephone the Automobile Association at (01) 6179999.
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