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Pullinger stated that they will now officially enter into the four week negotiation process (something which they are obliged to do by former agreement) to try and resolve the pay deal.
If the union don't get a satisfactory pay offer they will then put the company on notice that they intend to ballot for strike action...I think the union has to give the company one weeks notice before they can post the ballot papers to members.
No way is the majority of the CWU membership going to accept all that I have detailed below.
And no way are they going to accept 2% either...or the 1.5% with strings attached.
Changes always happen and of course some will be more palatable than others
1. People need to be at work when the workload is there
2. Buying out allowances and supplements -Streamlining and future savings
3. RMG are a 24/7 operation and need guaranteed attendance/shifts including Sundays
4. If new recruits don't find the new terms attractive they wont apply.
5. Annualised hours could suit some people
6. Most agree sick pay is very generous and open to abuse. Needs reviewed.
I am not saying any of these will be acceptable and my preference is for a straight clean pay rise this year and 3.5% with no changes would be fairer IMO.
Jessnozzy that is incorrect a total of 3.5% (with conditions) has been mentioned and here is an extract from the CWU facebook page shows Royal Mail Group Pay
Today, CWU conference has been given the details of the pay ‘offer’ from Royal Mail Group.
There is no genuine pay offer.
Royal Mail have put 2% on the table but it is conditional on a number of strings.
They have also said an additional 1.5% maybe available for another set of strings.
Go to the CWU page on Facebook.
A very angry Terry Pullinger being interviewed by Chris Webb.
at a terrible price.
I am the most moderate of posties...even I will probably vote "Yes" for strike action after reading the below.
1.Later start times due to reduction in planes.
2.Scrapping 32 allowances and supplement.
3.Sunday will cease to be voluntary.
4. All new recruits on inferior pay and conditions creating a two tier workforce.
5. Increased flexibility including annualised hours.
6. Reduction in sick leave payments.
No way is that lot getting a "Yes" vote. Not a snowballs chance in Hell!!
I’m a union member at RM and I’ve heard of no pay rise offer yet so I’ve got no idea where you’ve got this information!
Royal Mail staff are balloting strike action after a disgraceful 1.5% pay offer
Yes JB you will recall that was the thinking . Of course a nice situation for shorters to know there is a ready market created by the Companies stated intention to purchase a vast quantity of its own shares in the near future.
Our advantage is that we are not easily intimidated, having past experience of the playbook. Shorts may give short term pain for anyone trading under tight constraints. However provided you have sufficient funds to weather the storms you are well placed to take advantage of the dips.
Personally I'm content to pick up more stock at a lower price. Safe in the knowledge that the day will come to sell before the next drop.
Redceo you could be right as the company buys were perhaps giving the shorters the volume to sell into. I don't think they are finished with us yet and yesterdays SP action may have been further activity from them. We will see over next couple of days. Truly feels like a full repeat of previous years i.e. lets see the FY results, pay agreement required, active shorts. etc etc
336.70 GBX +1.80 (0.54%)today
27 Apr, 08:05
;-)
334.00 GBX
27 Apr, 08:00 BST
:-(
JB. "Perhaps the stopping of the buybacks is to ensure enough in the kitty"
Could also be, the Company anticipated a drop in the SP due to shorting etc.
Resumption of buybacks would be more cost effective at that time and assist the SP.
The FY results next month will make interesting reading. In the meanwhile I'm holding until things become clearer.
On line shopping is still forecast to grow and of course there will be a drop off from the Covid highs. Pay deal always an issue but will IMO be resolved without any disputes yes there may be the usual threats but as always a resolution will be reached. Who knows where it will land 4%-6% range would be my guess and it purely is a guess. Perhaps the stopping of the buybacks is to ensure enough in the kitty but as stated before the business will have put in a forecast % into all their financials. I noted one of the shorters reduced last night perhaps todays SP action suggests they are going in again with previous gains. AS likewise I will be happy with inline FY results and positive forward looking statements around investment, dividends and new share buyback. Not hoping for too much. GLA
It's interesting to note the differences between parcel volumes around the country. Some offices are reporting a slight increase whereas others a decrease. This may be down to more competition from smaller couriers in the more lucrative areas?
I'm not sure if RM have any fixed long term deals with fuel or utility companies, however an increase in fuel prices (for both vehicles and buildings) may well have an impact on the next set of results?
Incidentally, two of my children who work for a large fast food chain and large public house chain received pay increases of 7.7% and 9.2% this month and they didn't even need to ask!
Pay deal will be a big problem along with the rise in fuel cost and it looks like a decrease in online shopping.....
Slight reduction :-
Marshall Wace 1.65% -0.06% 22 Apr
Total 3.80%
A big buy perhaps?
What is going on ?
History repeating itself.
Thx
Sounds a few weeks away pre we hear anything ?
Can anyone help on this ? Did I see a deal is being proposed to members at a conference or something ? I may be wrong
Thx
More old news.
BUSINESS secretary Vince Cable yesterday revealed the 16 priority investors who were given preferential treatment in the Royal Mail sell-off and allocated £728m in shares.
When the Royal Mail share price unexpectedly soared by 38 per cent on the first day of trading, it wildly exceeded asset managers’ targets. Almost half of the priority investors’ shares were sold within a few weeks of the initial public offering, making vast sums of money for their clients.
However, four priority investors either sold nothing or increased their holdings, and one doubled its commitment. In January, priority investors were still the biggest shareholders after the government.
The list of names includes Lazard Asset Management, the investment arm of the government’s independent adviser on the Royal Mail deal.
The others are: Abu Dhabi Investment Authority, BlackRock, Capital Research, Fidelity Worldwide, GIC, Henderson, JP Morgan, Kuwait Investment Office, Lansdowne Partners, Och Ziff, Schroders, Soros, Standard Life, Third Point and Threadneedle.
Alan Custis of Lazard Asset Management told the Public Accounts Committee he sold the shares 20 per cent above his target price, making £8m for his clients.
Priority investors were willing to make early commitments to a floor price of 250p per share, despite the risk of industrial action.
In a heated Prime Minister’s Question time, Labour leader Ed Miliband clashed with David Cameron over the investors. Labour’s business secretary Chuka Umunna said: “Vince Cable’s claims to have prioritised long-term investors now lie in tatters”.
Cable has maintained that the Royal Mail sell-off was a success, saying: “We do not apologise for it and we do not regret it.”
Oli. No doubt that some politicians are too closely connected to those who benefit from their financial decisions. I was one of many who had most of my proposed investment cash returned because it was oversold.
Redceo, thanks for sharing this. I didn't realise that sixteen large institutions had been given access to such a large chunk of the initial offering. I find this quite distasteful when so many private investors could not purchase their full allocation or any at all.
Cable's comment that " you have to leave something on the table for the investors" when asked why the initial offer price was low makes me wonder if the large investors left something in a brown envelope behind the radiator?
If it looks like a quango.....