If you see Sid, don’t tell him

[TrueBlueTerrier]

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Public facing battle for Royal Mail shares

ORDINARY punters will find it hard to buy shares in Royal Mail when it is sold for an estimated £3billion, it was claimed yesterday.

The Stock Market flotation is being touted as a return to the “Tell Sid” privatisation of British Gas in 1986 when the Government encouraged the public to subscribe.

But most stock is likely to go to City institutions once ten per cent of the shares have been distributed among staff.


Some will be available to small investors — but they may face a fight to get them, it was claimed.

One City banker said: “This will be more like, ‘Don’t Tell Sid’, or ‘Whisper to Sid’.”

City sources say the Government is not sure Royal Mail will be a quick success on the stock market and fear a backlash from voters if shares do badly.

One pointed out Royal Mail has debts, adding: “It is a different kind of company to the other big privatisations. It’s not for everyone.”

But Business Secretary Vince Cable said: “The time’s come for government to step back from Royal Mail, and allow its management to focus wholeheartedly on growing the business and planning for the future.”

Mr Cable, who yesterday confirmed staff will get ten per cent of the new company, said Royal Mail had long needed “real commercial freedom”.

Communication Workers Union members, meanwhile, oppose privatisation — and have threatened to strike.

CWU general secretary Billy Hayes said: “Nobody outside of government and their potential investors wants their postal service sold.

“The public consistently oppose the sale and recently 96 per cent of workers voted against.”

The sell-off is due during this financial year.

[UnhappyGremlin]

For once, I actually agree with Vince Cable
RM has needed commercial freedom for a long time. From stupidity like DSA, that has essentially meant RM have written cheques of vast amounts for our main competitors. We've done most of the work, at a loss.
But privatisation isn't the answer. The freedom it will give will be to get the company into the red, whilst the minority cream off the cash and dump what's left of a dying and failing company back in the hands of the suffering tax payers. Which, by then, will be considerably less postmen/women.