Esat Telecom chairman Denis O'Brien had an onerous task on Tuesday - chairing the company's first a.g.m. since its flotation on Nasdaq last year. Held in a leading Dublin hotel it was a muted, if not sombre affair.

The normally confident O'Brien seemed slightly hesitant as he read out his prepared chairman's comments. However, the old Denis sparked back into life as he attacked Telecom over interconnection charges - the price Esat is charged by the State operator to deliver part of its calls - and when he talked about entering the residential market.

Declining to give details of the precise strategy on the residential market, he said "the kimono is still half open on that one". Warming to his words a little later, he said awaiting an EU ruling on the outcome of Esat's complaint on interconnection charges was "like waiting for the Pavlova to come out of the oven."