UK Auditor Says Royal Mail Was Sold off CheaplyABC NewsBritain's public-spending watchdog says the government cost taxpayers millions by selling off the Royal Mail at too low a price. The National Audit Office says shares in the postal service were sold "substantially below" their actual trading price … More: continued here
The Prime Minister has defended the Royal Mail (Other OTC: ROYMF – news) sell-off, claiming it has been good for the taxpayer, despite a report saying the public purse had lost out. David Cameron said the sale had benefited the taxpayer in three ways: it had generated money for the country, the Royal Mail was…
It was a hasty sale that lined the pockets of bankers and desecrated one of Britain's most historic public institutions by handing it over to the profiteering private sector at an outrageous discount. Such is the view of many who opposed the sell-off of communications firm Royal Mail, led by Business Secretary Vince Cable. "The…
Wall Street Journal UK Government Didn't Get Best Deal in Royal Mail IPO, Says WatchdogWall Street JournalThe National Audit Office's verdict lends weight to accusations from the opposition Labour Party and postal workers' union that the government sold Royal Mail too cheaply. The sale, which aimed to introduce private capital to the postal service and…
The Guardian Undervaluing Royal Mail shares costs taxpayer £750m in one dayThe GuardianThe government's desperation to sell Royal Mail cost taxpayers £750m in a single day, the National Audit Office has said in a scathing report into the privatisation of the 500-year-old national institution. The public spending watchdog says the …UK Auditor Says Royal Mail…
The National Audit Office found 16 priority investors reneged on a gentleman’s agreement to hold their investments for the long term. More: continued here
The Independent Royal Mail float: How banks broke promises and raked in a £323m fortune – and …The IndependentThe full scale of how City banks short-changed taxpayers in the £3.3bn flotation of Royal Mail was laid bare last night as it emerged that big investors who were offered extra shares in a “gentleman's agreement” to…
ITV News Government 'more concerned by successful Royal Mail sale than share price'ITV NewsThe government sold its 60% stake for £1.98 billion but ever since has been accused of short-changing the taxpayer. The National Audit Office has completed its independent assessment of the way in which the sale was conducted and come to the clear…
The National Audit Office has slammed Britain's business secretary Vince Cable for undervaluing the Royal Mail's IPO price, which was set at a maximum price of 330p-a-share. The shares have since risen as high as 615p, and the NAO's findings state that the government's overly cautious approach has shortchanged the nation, while providing an easy killing…
The Guardian Undervaluing Royal Mail shares cost taxpayers £750m in one dayThe GuardianThe government's desperation to sell Royal Mail cost taxpayers £750m in a single day, the National Audit Office has said in a scathing report into the privatisation of the 500-year-old national institution. The public spending watchdog says the …Royal Mail shares: taxpayers and…