RM stock market flotation to go ahead despite pay dispute

[TrueBlueTerrier]

Royal Mail stock market flotation to go ahead despite pay dispute

http://www.theguardian.com/uk-news/2013 ... -flotation" onclick="window.open(this.href);return false;


Ministers finalise details of listing including plans for £2,000 handout to each postal worker

The government is planning to press the button on a stock market listing for the Royal Mail this week despite a dispute over pay and strong public opposition to the sell-off.

Ministers are working to finalise details of a potential £3bn flotation including plans for a £2,000 handout to each postal worker plus 50% of the annual profits to be handed out in dividends to investors.

The move comes amid speculation the government could start selling off its stake in Lloyds Banking Group and despite management and unions at the Royal Mail being embroiled in a continuing row over pay. The two sides are haggling over a new offer above a previously rejected one of 8.6% over three years.

And the green light would be given in the face of a new YouGov poll for the Sunday Times showing 70% of those consulted said they were opposed to the postal service being privatised.

The financial performance of the Royal Mail has improved considerably under the leadership of its Canadian-born chief executive, Moya Greene, but the price of stamps has risen strongly and the government has taken over direct responsibility for its pension scheme.

Members of the public will be offered a stake in the mail operation while the 150,000 staff have been promised 10% of the business, giving them a £2,000 windfall each if, as is expected, the flotation raises £3bn.

The Department for Business, Innovation and Skills (BIS) said on Sunday that no definite decision had yet been taken on the biggest privatisation for over a decade, but sources said a launch was imminent. "It is probable" later this week, said one senior figure involved in the sell-off.

"The government has made it clear that it intends to conduct a sale of Royal Mail during this financial year. Beyond that, no decision has been made about the specific timing. Ministers will make that decision at the appropriate time," said a BIS spokesperson.

[UnhappyGremlin]

Yet another story aimed at trying to persuade us that nothing can stop privatisation.
And it isn't a pay dispute. Not just, anyway. We're concerned about privatisation, and PENSIONS too.
Again, we're being made to look like unreasonable, greedy gits.