[OC] Royal Mail, Europe's 3rd largest postal service by market cap - breaking down its 2021 annual reportPleaseDontMindMeSir t1_ixcpq1u wrote
Reply to comment by Lav_ in [OC] Royal Mail, Europe's 3rd largest postal service by market cap - breaking down its 2021 annual report by giteam
> Here's why I support the public funding of services like royal mail: imagine £682m into the treasury. > > And if they didn't want to make a profit, imagine the savings for end users OR better wages for employees. > > But nah, privately owned, the users and tax payers don't see any benefit, it's all for the shareholders.
the treasury got £3.3bn from the sale of the shares and the initial offering of shares were sold to UK residents as a preference, and then UK pension funds for most of the rest, with 10% of the company given to employees for free.
MagicPeacockSpider t1_ixe8z7n wrote
3.3bn on a company that nets 0.7bn a year was a huge rip off.
Most of the shares initially went to Goldman Sachs and other merchant banks and sold onto pension funds at a profit.
The treasury would have been off better holding on to it, we'd be better off buying back.
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