What did you honestly expect?

[kawada]

I had figured when it came up to the time where we could sell them that indeed we would be screwed and "suddenly" the value of shares would drop, didn't quite think even RM would have the gaul to just drop them down to 0. Ah well shame the morale of the office is already at rock bottom and can't go any lower. Best part is it was only as recently as Saturday we had a union rep telling us they were worth 1500, shows how clueless they really are

[Big Daz]

Im a rep and I would have told you the last/most recent valuation figure which was just over 1grand and told you that a valuation was underway (as per a LTB) and the amount you would get is unknown. I would also tell that BT2010 is supposed to improve the share value and if it dosent you would be entitled to a solid explanantion as to why from the powers that be in RM Group and CWU.

[lily12]

Now that man in your office thought hed get 2k and spent it on the strength perhaps he bought the leighton/crozier spin doctors deal of the century,at least that made me laugh

[Just_My_Opinion]

Im a rep and I would have told you the last/most recent valuation figure which was just over 1grand and told you that a valuation was underway (as per a LTB) and the amount you would get is unknown. I would also tell that BT2010 is supposed to improve the share value and if it dosent you would be entitled to a solid explanantion as to why from the powers that be in RM Group and CWU.

Hello Big Daz.

So has there or is there 'a solid explanation from the powers that be in RM Group and CWU' to why the phantom shares have dropped from being worth over a grand to absolutely nothing in a matter of weeks?

[fishtank]

So has there or is there 'a solid explanation from the powers that be in RM Group and CWU' to why the phantom shares have dropped from being worth over a grand to absolutely nothing in a matter of weeks?

No explanation yet but the union does have a position now.

Late on Friday the Union, supported by our Research Team, had a more detailed discussion on Colleagueshare with John Duncan Group HR Director, Jon Millidge and Andrew Dalkin. During this meeting the company gave a more detailed explanation of what has happened to Colleagueshare. In essence we did not feel that their explanation to date changed anything. The meeting concluded with us saying we would need to reconvene once we have undertaken a more detailed analysis of the information provided.

3. On Colleagueshare we will continue to make it clear that we cannot accept the company’s position. We will insist that Royal Mail must maintain the value of the payments expected by our members either within the terms of this scheme or via a new format.

9. We will insist that the company opens up the books for an independent assessment of its finances and Colleagueshare valuations. We will pursue a need for an independent assessment of the real value of the company and all of its assets in line with normal business practice.

[Just_My_Opinion]

Not exactly what I would call a 'solid explanation', eh fishtank?

[fishtank]

Not exactly what I would call a 'solid explanation', eh fishtank?

To be fair the union has no access to the valuation process JMO.

[dvbuk55]

Is that a donkey I see without any hindlegs.....................in fact I see a whole herd of donkeys without hind legs on the horizon
As an aside, what is it that the research group does when there isn't a crisis...........and should a research group be reactive or proactive?

[Just_My_Opinion]

Not exactly what I would call a 'solid explanation', eh fishtank?

To be fair the union has no access to the valuation process JMO.

True, true. However they knew that when the scheme was announced.

[Big Daz]

Im a rep and I would have told you the last/most recent valuation figure which was just over 1grand and told you that a valuation was underway (as per a LTB) and the amount you would get is unknown. I would also tell that BT2010 is supposed to improve the share value and if it dosent you would be entitled to a solid explanantion as to why from the powers that be in RM Group and CWU.

Hello Big Daz.

So has there or is there 'a solid explanation from the powers that be in RM Group and CWU' to why the phantom shares have dropped from being worth over a grand to absolutely nothing in a matter of weeks?

Just one little word explains it all.

Scam

[Big Daz]

The value in September would suggest that BT2010 was working, also whats new in RM since then Pension deficit thats old news it did get up to 10 billion but it has started dropping unless its yo yoing. The revisons have allways been over a 3 year period the transformation process has allways been over a 3 year period, falling mail volumes RM have ben claiming and predicting for some time. BT2010 has sweet F.A to do with the outlook for PF, GLS and POL. Lifting of the pension defict has cross party support in Parliament. The postal services bill as a whole is supposed to be the great saviour of RM Group so that one would assume would act in postive maner in deciding how much RM is worth. Yet somehow the value has dropped from 1400 to almost nothing in the space of 6 months.

The explanation from RM Group just does not add up!!!

[fishtank]

I don't think scam does explain it though Daz.
It wasn't a scam when it was paying out dividends...
It wasn't a scam when it was used to sell the BTA....
It wasn't a scam to those members who left before the revaluation...
Sure nobody really liked the ethics behind it but on the other hand i didn't hear of anyone handing the money back either.
It has only became a scam in the last few weeks because the company is refusing to pay out.
Is it a scam though or is it the first shot in a new war on our terms and conditions....?
Ten years ago we would have been at the gate by now....not just excepting our employer dipping our pockets as a "scam"....what has changed?

[Just_My_Opinion]

I don't think scam does explain it though Daz.
It wasn't a scam when it was paying out dividends...
It wasn't a scam when it was used to sell the BTA....
It wasn't a scam to those members who left before the revaluation...
Sure nobody really liked the ethics behind it but on the other hand i didn't hear of anyone handing the money back either.
It has only became a scam in the last few weeks because the company is refusing to pay out.
Is it a scam though or is it the first shot in a new war on our terms and conditions....?
Ten years ago we would have been at the gate by now....not just excepting our employer dipping our pockets as a "scam"....what has changed?

[oldrangersW12]

I don't think scam does explain it though Daz.
It wasn't a scam when it was paying out dividends...
It wasn't a scam when it was used to sell the BTA....
It wasn't a scam to those members who left before the revaluation...
Sure nobody really liked the ethics behind it but on the other hand i didn't hear of anyone handing the money back either.
It has only became a scam in the last few weeks because the company is refusing to pay out.
Is it a scam though or is it the first shot in a new war on our terms and conditions....?
Ten years ago we would have been at the gate by now....not just excepting our employer dipping our pockets as a "scam"....what has changed?

Some good points

[Danelectro]

Please do not ask me to strike. My days of that are well and truly over. I've done it each and every time I've been asked but enough is enough.

Just for the record and to get a clearer picture of where your coming from,how many days IA did your office take in 2009?

I don't see what relevance how many days IA my office took. Whenever I was asked to strike I did. So whether I striked for 2 days or 22 days, I done what the CWU asked of me.

So that will be 2 days IA then? Look dont get me wrong i know thats a lot of money for single income families with children,
which in my office is the minority but 22 days IA takes a hell of a lot more solidarity and commitment than 2 days which
is what im getting at and if like my Da who in the 70's post office strike was out for 8 weeks,with no money or social payments and 4 kids to feed and to add insult to injury the local branch were handing out the hardship fund to their mates and favorites and after all that go back for less money then its maybe time to start getting really angry at the injustice of it all.

I agree with you that the present leadership of the CWU have led us down a one way street and striking while they are running the show seems futile,but i would never say my days of striking are over and if a yes vote for IA ever comes round
again i wont be crossing no picket lines and certainly not because i lost £160.

Im sure none of my points apply to you, they are more aimed at some of the members in my office who after the 2007 strikes
where complaining that the strikes broke them financially,some where genuine but most where of the type who wouldnt bat an eye at sticking £150 quid on a horse or spending £200 on a golf club they certainly were not suffering, I said to some of them why dont you stick some money on yourself and your workmates coming in first rather giving it to Willie Hill.Unfortunately in 2007 and 2009 we backed a donkey.