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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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