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Dowsie, I would imagine that your Regional Operations Director has requested that his area managers cut back on overtime in order to reduce costs. Our ROD was trying to get OPGs on overtime to redecorate our office and carry out minor repairs to the building in order to reduce costs as he thought that our in house Facilities Management team were too expensive. Bizarre to say in the least not to mention violating some basic H&S legislation. We have also had recent safety audit recommendations (under a grand) turned down by our ROD due to cost, still the resultant compensation costs will be paid out of someone else's budget so there's a saving?
I spy I’m no fan of ST but all the things you stated do you think he signed all them of it will probably be area managers I might be wrong ask your manager he might be able to tell you. Has I said in a previous post OT is banned in my office that wasn’t ST decision it was the area manager
@ Dowsie.
I know how a PLC works.
You're a postie, right?
What do you think about GLS getting EVRI to deliver their parcels in the UK?
Do you know how much each item is costing them?
Do you think that this is beneficial to the shareholders?
And what is the rationale behind this?
Why are RMG hiring vehicles on a six month contract (confirmed by my manager today), only for the majority to sit there idle. £300 per week, per vehicle. Not including fuel.
Why are RMG employing agency staff (20 quid an hour?) when they are not needed? I believe this is national.
I know of 2 big contracts lost already.
Is this how a PLC should be run?
If it is, give Thompson and his managers a big fat bonus. Oh! Hang on a minute. Already given, despite missed targets that should have been hit, to trigger these bonuses.
@ Anger.
November 2019. Interim dividend 7.5p. Share price 230p
February 2020. Share price 180p
June 2020. Dividend cancelled. 160p.
June 2021. Dividend reinstated. Share price had climbed to 580p by then. It had climbed without dividends. Look at the charts.
Post dividend, it has been a steady decline. I think that says it all.
GLS is owned by RMG. It does not have to be sold/spun off. Despite Thompsons assertions.
Ispy what you have to realise ST is working for the shareholders not the workers that is why he will keep paying a dividend if the books say he can which will keep the price from dropping. If he stops paying a dividend the share price will drop . Now one of the augments for us to get a bigger pay rise is the money he has paid out in dividends could have gone to our pay rise but that isn’t how a PLC works
@ Anger.
So, these cost saving initiatives shouldn't include the dividend, because they need investors?
Who invested when RMG took a 2 year break from paying dividends, if that's the case?
I think the dividend will be cancelled. If it's not, then the word hypocrisy springs to mind. You can't plead poverty and then pay out millions. IMO.
And back to GLS. Why would RMG sell off GLS when the company was bought to get a foothold internationally? Not forgetting of course that GLS was bought before privatisation. 1999 i think. And wasn't it from Rico Back?
AngerSharkz, RM UK could be a profitable business if the workforce have one day a week as industrial action?....lol
AngerSharkz, a progressive dividend would indicate that the 2023 dividend will be at least 13.3p so GLS needs to be spun off before RM UK sicks up all the profit? If RM UK is losing £1m per day then GLS needs to be making £1.5m a day in order for the group profits to break even.
@ Anger.
If Thompson is to be believed, wouldn't it be prudent to cancel next months dividend? And every dividend going forward.
Badsterman not at all. Always happy to have other views and just wanted to thank you for taking time out to share why you wouldnt invest here. As I said best of luck on those shares you are invested in.
Aww JB, sounds like you're giving me the brush off?
If Thompson was such a roaring success at Morrisons, why did they get rid of him?
He left Apple, after less than two years, for an NHS job?
Then your reply to Angers states;
"he (Thompson) could have been more prudent" and "anticipated issues".
I wholeheartedly agree and suggest that's because his failings are demonstrated by a track record of fiscal indiscipline and poor planning.
I do hope your paltry 2023 RMG dividend buys you a beer or two.
Best regards
AngerSharkz, don't forget to add the £126m for next month's dividend payout to the £201bn share buyback scheme and the £200m dividend payment from January.
I make that £527m paid out in 2022. Hopefully GLS can keep this level of dividend payment up in 2023?
ASharkz agreed and I share a lot of your concerns. Further paitience is required but not my strongest point thats why I thought not having the meeting this week was very very poor form.
ASharkz I dont think they have wasted all the profits. Share buyback, Dividends, Costs of new hubs and Automation kit. I totally agree this is make or break for him so will give him until either IA is resolved or he implements the changes he wants to progress.
I accept they should have been more prudent and anticipated some of the current issues, but perhaps he feels this is still the best time to tackle some very difficult issues.
Badsterman thanks for the response and on doing a bit more research it looks like the Chief Exec Dalton Philips was sacked then ST followed him out the door. He did appear to get some credit on his departure
"Morrisons said Thompson will depart with “strong levels of customer satisfaction and operational metrics that are on plan.”
Thompson added that he was proud of the service that it had built, which launched in a tie-up with Ocado last January.
Sounds like your not keen to invest and I am sure there are lots of other shares people wouldnt want to invest in. Thanks for popping in to share your opinion.
Ive had a look at your other contributions on the shares you are invested in and wish you well in those.
Oli
I'm not a postie mate, was simply curious to know the T&Cs of a long term postie pension. I've asked my cousin and he's just given me a brief run down but he's not to bothered about the ins and outs so he's not fully sure. He's digging out his pension stuff for me to go over for him. Thanks for the response anyway.
All the best
JB,
Specifically, Morrisons.
Under performing Thompson left the supermarket chain in 2015 after a 3.1% fall in like-for-like Christmas sales and introducing a poorly received "Match and More" loyalty scheme. At the time Morrisons needed a turnaround strategy, unsurprisingly they didn't turn to Thompson to deliver it.
I'd already given you examples of his failure, including Test and Trace, along with his abject performance at the helm of RMG. ( see current share price, for example).
Oligarch yes it did and I think we all know Billions were wasted. I am sure that money could have been spent much more wisely. I briefly read about his role in and my understanding was he was brought in on an advisory basis. I am not trying to defend him just looking for examples specific to him particularly in some of the successful companies he was invloved in. I would hope/expect RMG did due diligence before his appointment.
As we know if he fails here he will be shown the door.
Tyga, you need to look at your pension "in a nutshell" booklet. You can take your NRA60 from 55 years of age but there is a reduction of 5% per annum on the quoted figures. I'm not sure about the NRA65 pension but you can give RMPP a call to get a quote.
The retirement age was abolished under the 2010 Equality Act.
JB, didn't T&T have a budget of circa £37bn?
Looks as though Thompson has a knack of losing money down the back of the sofa.....lol
https://www.parliament.uk/business/lords/media-centre/house-of-lords-media-notices/2020/jul-20/lords-to-quiz-leaders-of-new-test-and-trace-strategy/
https://committees.parliament.uk/committee/127/public-accounts-committee/news/150988/unimaginable-cost-of-test-trace-failed-to-deliver-central-promise-of-averting-another-lockdown/
Badsterman absolutely can you give some specific examples of what aspect he failed on in each of the companies you have listed. I havent followed his career as closely as you. Have you invested in any of the companies he has previously worked for.
He was draafted in to help with T&T not sure that had many investors. Happy to learn what info you have on him. Of course you can share your opinion wherever you like are you invested here or looking to buy in?
LSE, apologies for my misdemeanour.
Perhaps we could discuss "Two percent" Thompson's litany of failure in executive positions?.....
Apple
Morrisons
HSBC
Lastminute.com
Honda
His career reached a new low after the multi-billion pound "Test and Trace" debacle, following which, he was called to account by a HOC Select Committee.
He's now plumbing new depths at RMG, such that 98% of his own employees voted against his plans.
His track record is disastrous.
Dowsie
Nice one mate. Ah, I see, well if any other posties on here know when they can access their pension if they've been in the company for a long time, I'd be interested to know the T&Cs.
Cheers in advance.
Tygra no I I’ve been a postman since 2006 you can stay until you are 67 if you wish that’s when I will get my state pension you don’t have to leave at 60 it’s just my 2 previous jobs I had were well paid with final salary pension I’m lucky enough to be able to retire. Has far as I’m aware I could excess my pension at 55 and take 25% lump sum and have the rest in a drawn down pension but I don’t need to touch my pension until I’m 65
Dowsie3
Is that the standard Royal Mail terms that if you joined in the 90's for example your contract says your retirement is at 60? Will the pension kick in from that date mate? I know you changed from final salary (but kept what was earned to the point of change) to the new pension, but will you be able to access all of your pension at your 60th Birthday?
Cheers