GBP1.7 billion warchest to destroy union - Williams & Thompson

[Surreypostie]

IDS appears to have played down any concerns with its debt and liquidity position, saying “the Board considers the Group’s net debt of £150 million (pre-IFRS 16) to represent a robust position as at the half year. Further, the Group has available liquidity of around £1.7 billion, including £768 million of cash and cash equivalents along with undrawn bank syndicate loan facility of £925 million.”
• However, net debt pre-IFRS 16 of £150 million compares with a positive cash position of £685 million in the first half to September 2021. This represents a considerable cash reduction over the year of £835 million.
• Net debt after IFRS 16 almost tripled from £540m to £1.47bn.
• Royal Mail’s report on VR pay policy affordability provided to CWU recently was positioned less positively, focusing on the increase in net debt as cash reserves are utilised which presents a challenge for VR pay affordability.

What is their criteria for VR? Wouldn't it be better for them to pay off everyone who asked for it? Not going to take them to a tribunal if you go voluntarily. have a word with ST for me and get him to pop my cheque in the post and I will go tomorrow, well, I will go around easter time when it gets delivered.

[redlen]

They are probably going to use the strikes to say there is no money to pay VR.

Then it will be compulsory redundancies with no doubt statutory redundancy pay.
Royal Mail will save telephone numbers then with statutory redundancy payments.

In their position I would do the same.

Czech Mate

[Acca Dacca]

They are probably going to use the strikes to say there is no money to pay VR.

Then it will be compulsory redundancies with no doubt statutory redundancy pay.
Royal Mail will save telephone numbers then with statutory redundancy payments.

In their position I would do the same.

Czech Mate

And once again that says it all about the kind of person you are

[daveyeff]

They are probably going to use the strikes to say there is no money to pay VR.

Then it will be compulsory redundancies with no doubt statutory redundancy pay.
Royal Mail will save telephone numbers then with statutory redundancy payments.

In their position I would do the same.

Czech Mate

hang on though, ....they've put a letter out saying ''there isn't going to be 'ANY CRs' its something they've never done and aren't going to start now''.?? oh and the union are LIARS

[redlen]

Believe he said no compulsory redundancies before March/May 2023

[theotherone]

Believe he said no compulsory redundancies before March/May 2023

Keep up.

[Acca Dacca]

Believe he said no compulsory redundancies before March/May 2023

You’ve not read the letter then

You have a lot of opinions though for someone so uninformed

[Rommagic]

January 2024.

[Acca Dacca]

January 2024.

The latest piece of nonsense from RM doesn’t even have that. It’s now none whatsoever and there never were going to be. “We haven’t had any before and we aren’t about to start now It was all just lies from the union”*


*Even though Royal Mail asked the union to co-operate on the criteria for CRs and set out their own suggestions on what they could be absence/skills/conduct/complaints

** and RM put out a message last week saying that an improvement to their offer was no compulsory redundancies until at least 2023

But apart from that, the union were just lying and CRs were never on the table

Can never trust RM board ever again

[Halfhappy]

Believe he said no compulsory redundancies before March/May 2023

You’ve not read the letter then

You have a lot of opinions though for someone so uninformed

Indeed. I get a Dunning-Kruger vibe from his posts.

[Shadedpostie]

No matter how you look at it now, someone needs to get one of these weasels out of their offices instead of hiding and putting their fingers in their ears and explain themselves on this. If someone had some ounce of integrity, they be grilling the hell out of these worms for pleading poverty but then this article has come out to prove otherwise. From not even providing their paying customers their six day service, leaving letters in frame for days on end in favour of parcels to this load of horse crap. Got to be some fraudulent bullcrap going on here and they need to be investigated now. Doubt neither will appear on TV now though after embarrassing themselves the last time and basically writing Christmas off this year.

[Clappedoutpostie]

So now they have put out a statement to say there is no £1.7 billion “warchest” but they have confirmed they have £1.7 billion in the bank.

It’s like Frank Spencer is running this great company

[POSTMAN]

WAR.jpg

[britwrit]

Such a shame. The board thought everything was hunky-dory back in September.

The maintenance of a conservative balance sheet has always been at the heart of the capital allocation policy. In this
respect, the Board considers the Group’s net debt of £150 million (pre-IFRS 16) to represent a robust position as at
the half year. Further, the Group has available liquidity of around £1.7 billion, including £768 million of cash and cash
equivalents (excluding £36 million GLS client cash and £21 million RMSEPP pension escrow) along with undrawn
bank syndicate loan facility of £925 million.

[daveyeff]

who has put this out? cos it's to Simon. ?