This summary may not contain all of the information that may be important to you. You should read this entire document, including our consolidated financial statements and related notes, before purchasing any ordinary shares or ADSs. That profound statement leads off the seven page summary in the 256 page prospectus for the flotation of Telecom Eireann, Ireland's largest ever share issue. Even though that summary is not considered sufficient, it contains vital information that is not contained in the 63 page mini-prospectus. Yet the 1.2 million interested subscribers who received the mini-prospectuses are expected to form an investment judgement without this information, and with considerably less information than that contained in the main prospectus

The directors of Telecom claim that the 63 page mini-prospectus "contains a fair summary of the key information in the prospectus". Also the "Ministers (Minister for Public Enterprise, Ms O'Rourke, and Minister for Finance, Mr McCreevy) are satisfied that this document (mini-prospectus) contains a fair summary of the key information for which they have accepted responsibility in the prospectus". The biggest omission in the mini-prospectus is a balance sheet which is far more important than a profit and loss account. How can you give a true and fair view of a group without a balance sheet?

The main prospectus, of course, contains this, and other relevant information. But Telecom has refused requests from potential investors to post it to them - instead the company directs them to AIB. Indeed, the mini-prospectus says "copies of the prospectus will also be available for collection, free of charge, from branches of AIB Bank from June 16th 1999".

Some 15,000 prospectuses were printed (it is understood that more are being printed) but AIB branches are understood to have only received an average of 4 to 5, and some branches have had none available. AIB would contend it was given an insufficient allocation but that copies can be procured with prior notice.

However, that statement in the mini-prospectus, about the availability of the main prospectuses, does not stand up to scrutiny.

The non-availability of the main prospectus might be considered a trivial point and not of interest to many investors, particularly with the hype associated with the issue which is designed to ensure success. But those investors should read the contractual small print which states that people making share applications agree that they "are not relying on any information or representation in relation to the retail offer . . . other than information or representations contained in the prospectus, or in the mini-prospectus taken together with the prospectus (my italics)". Obviously the promoters of the issue consider the main prospectus important but without this prospectus blind faith is required.

And in another blind faith requirement, the promoters of the Telecom issue are expecting subscribers to carry all the underwriting risk - they have to sign an irrevocable commitment to buy the shares one week before the actual issue price is made public.

Those irrevocable commitments might be acceptable if they were confined to the range €3.35 (£2.64) to €4.15 (£3.27) - and that is a substantial 24 per cent - but the added requirement "although the actual price payable may be outside this range", is asking a lot from the investing public.

However, by stating a specific monetary amount, subscribers at least know what they are committing themselves for. Also, the short comings in the mini-prospectus, should not detract from merits of the issue. The prospective price earnings ratios of 23 to 30 look pricey but they reflect the high ratios accorded to telecom shares and the distinct possibility that Telecom which is minute in the European context, will receive a bid, sooner than rather than later.

Those factors, and the shortage of shares, should ensure lively trading on July 14th. But deciding on the issue price on July 7th will be a delicate balancing act between two ministers; Mr McCreevy who will try to gain as much for the exchequer - otherwise he could be accused of selling the State's assets too cheaply, and Ms O'Rourke who will be keen that the issue is perceived to be successful by the investors - that means that investors will start with a useful premium, the latter being the more likely scenario.

But as effective underwriters to the issue, should the subscribers not to entitled to the underwriters' fees, representing 6p to 8p per share?