Sir, - Friday is the closing date for the Valentia cash offer for Eircom plc. I, and every other shareholder, received in the mail 138 pages of facts and figures relating to the proposed deal. Also enclosed was an explanatory leaflet with a detailed diagram on how to fill in the acceptance form. On the back of this form was a heading, "Frequently asked questions", eight in all.
I had a question, albeit a very basic one. I simply wanted to know what would happen if I didn't want to sell my shares. Would they be worthless? Would I still own something if the sale to Valentia went ahead or would my refusal to sell stop the process from going ahead altogether? So I combed down through the FAQs hoping to find this question and I did. Ouestion number six: "What happens if I do not return my Form of Acceptance and Authority by Friday Sept 21, 2001?" Great, I thought. But the answer went on to explain that the period of acceptance "may be extended beyond the date", in which case I should get it in as soon as possible after that date.
So I am no wiser as to what my position would be if I didn't send my form in at all. I understand that it is up to people to seek their own independent advice in these matters (if they can afford to), but why include a list of FAQs if you are not going to answer them openly.
Most Eircom shareholders are ordinary citizens like myself who have no background or experience in shares. We have been treated abominably and this to me is the final insult.
I think we should respond to this offer in the same way as we responded to the misleading information brought to us before the Nice Treaty - by doing nothing. - Yours, etc.,
Patti Roche, Lower Leeson Street, Dublin 2.