Eircom may not distribute all the €5.1 billion (£6.5 million) proceeds from a sale of Eircell.
Mr Alfie Kane, chief executive, signalled yesterday that some of the proceeds would not be passed on to shareholders but retained by the company for unspecified purposes.
One possibility mooted yesterday was a partial share buyback that would allow Comsource - which owns 35 per cent of the group - to exit the company entirely or reduce its stake.
Mr Kane made the surprise revelation at the presentation of the company's interim results yesterday. He said it would be up to the Eircom board - chaired by Mr Ray MacSharry - to decide how the Eircell proceeds would be distributed. He believed shareholders would get a significant proportion, but not all.
The chief executive's statement, the first comment from the company on the issue, runs contrary to the impression given previously by sources close to Eircom, who had indicated that shareholders would receive all the proceeds.
Mr Kane said yesterday he hoped the talks with Vodafone could be completed within two weeks. "I would be disappointed if they did not result in a a successful outcome," he said.
The main stumbling block was a lack of clarity about the regulatory environment that will surround the awarding of third generation mobile licences next year. Mr Kane hoped this obstacle would be removed shortly when the Office of the Director of Telecommunications Regulation made a statement on the framework.
Mr Kane also spoke for the first time about the sale of the fixed-line business. He said there had been no communication between the company and Dr Tony O'Reilly, who was understood to be considering a bid for the fixed-line business. The company had been approached by eIsland, the consortium led by Mr Denis O'Brien, and other parties, he said.
The existence of rival bidders to Mr O'Brien had not previously been made known and it was understood there were at least two possible bidders, including a financial consortium.
Mr Kane hoped to agree "rules of engagement" with eIsland shortly. These would cover confidentiality and a standstill agreement that would preclude eIsland from making another bid if the first approach was unsuccessful.
