Banks Advising On Royal Mail Sell-Off Were Allocated Millions Of Shares

Royal Mail

Royal Mail

‘Banks advising the government on the controversial sell-off of Royal Mail were allocated millions of shares that have shown a profit of about £29m since its flotation. The gains come on top of the near £17m handed over to the banks in fees for their advice on the float.’

Ministers have revealed that City advisers helping with the flotation were given the opportunity to buy 13m shares in Royal Mail as investors rushed to buy into the new private company.

Since then, the government has been criticised for potentially short-changing the taxpayer by selling the shares at 330p, when they closed on Friday at a new record of 555p, valuing the company at £5.55bn – 67% up in a fortnight.

http://www.theguardian.com/uk-news/2013/oct/25/royal-mail-shares-record-price

Afternoon NLAT.  I see there have been a number of comments about the Free School Fraud from ‘The Flock’.  Royal Mail?  Was at a meeting recently listening to a worker from Royal Mail.  They are gutted about the sale and can’t believe the way this ConDem Outfit keep selling ‘the sliver’.  The speaker pointed out that BT was originally part of Royal Mail and that they greatly supported its development.  So much for loyalty then.  I’m tired of it all.  Larry’s right….

Comment: ” So ….the banks that sank the whole nation …the banks that WE now own – were getting paid, to advise the government on how to sell those banks cheap shares on OUR assets, so those same banks could subsequently make a massive profit on selling them …..hmmmm, wouldn’t it be totally crazy if the government was fighting to protect those bankers bonuses too !!!!! oh, wait …..”

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