independent

Sunday 20 April 2014

Spring has yet to invest in Eircom shares

EIRCOM director and former Labour leader Dick Spring has still not bought any shares in the company, despite a confrontation with angry shareholders at the agm two weeks ago.

While the former Tanaiste has not yet reached for his chequebook, members of his family were not so reluctant to spend their money.



According to the Eircom Shareholders register in computer-shared services, the former Labour leader's brother Donal Spring, with an address at 29 Belgrave Square, Monkstown, Co Dublin, owns 5,931 ordinary shares. Also registered at the same address are 5,931 shares for both Daniel and Jamie Spring from June 30, 1999.



His sister, Tralee Town Councillor Maeve Spring of Racecoure Lawn in Tralee is registered as owning 338 ordinary Eircom shares from July 1, 1999.



But so far, a week after he declared he would buy shares, the Share Register indicates that Dick Spring still hasn't purchased any. If he buys shares the Stock Exchange has to be informed and they would announce the matter.



A Labour Party spokesman said last night that the North Kerry TD was ``not available and not contactable.''



At the agm on September 13, Spring told Eircom shareholders that he had not, as yet, bought any shares in the company.



``I was invited to join the board. At that time, I did not have the cash. Anyone can have my bank accounts if they want to see,'' Spring told an irate audience.



He maintained that he would buy shares in the company because he had ``confidence'' in the firm.



Along with Spring, other directors of Eircom, Annika Christiansson, Patrick Morley and Marten Pieters also failed to buy shares. There were calls for the resignation of the members of the board who didn't own ordinary shares.



Mr Spring owns a house worth over £300,000 in Dublin 4 which he has not declared in the register of members' interests. However, the chairman of the committee which oversees members interests, Fianna Fáil deputy Tony Killeen said the house was used as a residence rather than rented out, so Mr Spring was not obliged to include it in his list of interests.



The register does show Mr Spring's other interests which include directorships of a number of technology companies, a directorship of Fexco, the Kerry-based financial advisory company, six acres of forestry and a site at the Spa, outside Tralee. Explaining his failure to buy Eircom shares earlier this month, Mr Spring said his money was tied up in building a new house on this site.



However he said that he would buy some Eircom shares.



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