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12/09/2013
Royal Mail To Be Privatised 'In Coming Weeks'
The UK government has given formal notice to the stock exchange that it plans to privatise Royal Mail "in the coming weeks".
It has not provided specific details as to how much of the group will be sold, but it is understood to be a majority.
Employees of Royal Mail will be given 10% of the shares, with the rest being offered to institutional investors. Members of the public can also apply for shares, with the minimum amount being £750.
Free shares will be given to 150,000 UK-based Royal Mail employees, who will then be able to apply for additional shares under an employee priority offer, with a minimum application of £500.
The Communication Workers Union (CWU) has said it opposes the float and is due to ballot its members for strike action. The outcome of the ballot will be announced on 3 October. Royal Mail expects CWU members to vote in favour of industrial action. If this is the case, the first date available for a strike will be 10 October.
The Government has said it will make a decision on how much to sell of the firm after looking at market conditions and seeing how much demand there is for shares.
The Post Office was separated from Royal Mail in 2012 and is not for sale.
(JP/CD)
It has not provided specific details as to how much of the group will be sold, but it is understood to be a majority.
Employees of Royal Mail will be given 10% of the shares, with the rest being offered to institutional investors. Members of the public can also apply for shares, with the minimum amount being £750.
Free shares will be given to 150,000 UK-based Royal Mail employees, who will then be able to apply for additional shares under an employee priority offer, with a minimum application of £500.
The Communication Workers Union (CWU) has said it opposes the float and is due to ballot its members for strike action. The outcome of the ballot will be announced on 3 October. Royal Mail expects CWU members to vote in favour of industrial action. If this is the case, the first date available for a strike will be 10 October.
The Government has said it will make a decision on how much to sell of the firm after looking at market conditions and seeing how much demand there is for shares.
The Post Office was separated from Royal Mail in 2012 and is not for sale.
(JP/CD)
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Royal Mail Workers Go On Strike
Postal workers across the UK began the first in a series of countrywide strikes on Thursday afternoon. Around 130,000 members of the Communication Workers Union began a 48-hour walkout at noon on Thursday, following a failure to reach an agreement during last-minute talks with Royal Mail. A second 48-hour strike is due to take place on October 8.
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Royal Mail urged to redouble efforts to stop mass mail scams
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Govt Names Royal Mail Investors
Business Secretary Vince Cable has released the names of the 16 'pilot fishing investors' who gave government the confidence to launch the Royal Mail Initial Public Offering (IPO) and who were later allocated shares. He said: "I told the BIS Select Committee yesterday I wanted to be as helpful and transparent as possible.
Govt Names Royal Mail Investors
Business Secretary Vince Cable has released the names of the 16 'pilot fishing investors' who gave government the confidence to launch the Royal Mail Initial Public Offering (IPO) and who were later allocated shares. He said: "I told the BIS Select Committee yesterday I wanted to be as helpful and transparent as possible.
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