UK Launches £3bn Royal Mail privatisation
The UK has kicked start a Royal Mail privatization. The timetable for the same would be completed after a strike action by postal workers.
According to Business Secretary Vince Cable, "Today is an important day in the life of Royal Mail. People can now apply to buy shares in this iconic British brand".
He explained that the maneuver would give Royal Mail access to the private capital. Individuals can apply for shares from today. The deadline fixed for the receipt of applications is October 8.
Further pricing details and share allocations will be confirmed when conditional dealings in Royal Mail start.
The shares have been priced roughly at 260p and 330p. Thus, valuation would be in the range of £2.6bn and £3.3bn.
The government has said that it plans to sell it between 40.1% and 52.2% of the company. It is expected to make its market debut on October 11 with Royal Mail staff free shares to be approximately at £2,000. The unconditional dealings would start on October 15.
This is the date that is just before the voting in a ballot by the Communication Workers Union (CWU) would be done. The voting is about supporting a campaign of industrial action on sale.
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