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I am hoping we will get an RNS at 1100am the same time the CWU reps meeting kicks off perhaps literally. Some individuals will be more impacted than others and thousands are waiting to see how the agreement will affect them directly.
I still expect a yes vote if the PEC recommends the deal. In saying that I still have that 1% niggle that DW might think it is a win to go down the admin route and see the RM/USO services back in some form of public ownership. Did he and some others not say they would rather destroy the business than accept some of the changes?
I will stick with my hope that the deal is ratified in the next couple of weeks, and we all start to move forward.
Citadell LLC have slightly reduced today.
https://shorttracker.co.uk/company/GB00BDVZYZ77/
Broch yep we just need to wait although I do think both the business and CWU could have moved quicker. The CWU could have been having a zoom meeting with reps today and sharing tomorrow. The RMG operational managers meeting could take place anytime from now until the agreement is voted on by the members. Not sure how long that voting process will take another couple of weeks?
Broch I agree so on that basis it is very unlikely the USO element of the business will be showing a profit anytime soon as I expectwill be shown in the FY results. I am sure the next QoS will also be very telling. That is the whole debate how can a business that is losing money on that part of the business just throw more resources at it and make the financial position worse. As you say and we are repeating ourselves it is legally binding, and the business will argue so is being able to make a commercial return of 5%-10%. The business is also seeing the real impact of carrying vacancies and covering with O/T once that has stopped the resourcing gap has become more evident. I keep hearing about the 6-day service to x million addresses but of course the letter volume is the key factor and I don't think anyone is still disputing these have and are reducing. I recall seeing a comment in the agreement about adhering to USO so it may be included somehow. I am sure many people are keen to see the detail.
Broch I think I get what you are saying. If the savings are made and QoS is achieved, then it shows the USO can work but if and it still is a big if in some offices the savings are delivered it shows the slack was there in the first place and the business has achieved matching the workload to the resource. I think FY financials will show a clearer picture to OFCOM and that is when IMO any further representations/decisions will be made around the USO.
Also, if it is in the agreement that the employees share 20% of profit surely that is a good thing and demonstrates it's not all about shareholders and dividends.
It feels like most on here are happy that an agreement has been made and will hopefully be endorsed at the end of this week. There will be concessions from both sides, and we all need to move on. Will it fix every issue? No. Does it give us a platform to recover? Yes. All parties have lost something here and regaining customers and securing jobs for the future and making the business successful should be in everyone's interest. The details will be available soon and the members can vote and then we can start the uphill climb.
As a shareholder I am happy to stay invested and employees can make their appropriate decisions.
Despite a lot of premature celebratory messages on CWU FB some of the more pragmatic members are saying let's wait and see the details. I do expect the business to have made the odd minor change on a start date for attendance changes, improved sick leave slightly, increased lump sum or something similar.
I do think if the exec recommend the deal it will go through perhaps not with a whopping majority but what is the alternative?
I think the exec will spend the next 2 days producing the story and let's not forget they will want to be seen to be retaining some influence and keep their own gravy train going.
BBC report. Still mentions 10% and lump sum. Not sure what else may have been changed/tweaked.
https://www.bbc.co.uk/news/uk-65286195
Good news, a step forward, 2 days for the PEC to consider the agreement. I would also have thought that was a formality. A lot of people will have their own expectations and requirements from the deal. If the CWU exec recommend I would expect it to go through.
Broch yes, I saw that, and I still have my membership log on somewhere but recognised the platform. Not sure of the membership on there but poor form IMO not to share the briefest of comments on FB to ease some people's concerns over the weekend. It's good news if an agreement is made and importantly is acceptable to the majority of the membership.
AngerS I didn't see that one, but it was likely to be true. I thought the business may have moved just a tiny bit, but it doesn't look like it. The good news is it does sound like CWU ready to run it past their exec and maybe just maybe put it to their members if we can believe the rumours. No wonder they are not in a rush to share it. At the end of the day the members will decide.
I did see a couple of cut and paste whats app posts online last night saying "the PEC meeting is postponed until Monday and talks and documents were exchanged yesterday but not word from either side, wait till Monday" There were also a number of posts saying some people had briefings from their managers yesterday saying its option A or B and that's it.
The CWU didn't update their 95k followers on FB as promised so have left people listening to rumours. Of course, some will say it's confidential but IMO absolutely nothing wrong in saying progress is being made and update to come on Monday now.
Oligarch some of the comments from minutes ago that the CWU haven't taken down yet...whatever view we all have here, the concern for many is very real.
"Why did I expect anything different… CWUs urgency and transparency has been shocking"
"Any chance of the update as per your timeframe?"
“We will update you fully ‘WITHIN’ the next 24 hours”
Well ,the 24 hours has past"
Oligarch not having a go and I had it in my head it was Broch that may have said it. I just don't see it as anything other than having been a very tough time for many employees as they are getting hit from all sides and IMO CWU have been using them as political pawns. Having been through numerous disputes I reduced my exposure at the outset of the dispute. I want the business to have a future and hopefully the employees can share in that as well as shareholders.
Or is it........ looks like DW is continuing to talk through his back channel as some of his members are revolting. As stated yesterday around 1100am we should have a full update from CWU within 24 hours. I will be surprised if there is any further progress. At best I think we will have a statement saying the CWU exec will now put the current offer out to a membership vote. Whether they will recommend it or not we will have to wait and see.
I honestly can't see where the union will go next.
I thought that DW may see administration and some form of renationalization as some sort of victory for him. The actions today will clearly outline his intentions and whether this will be to the satisfaction of his followers remains to be seen.
Someone said it was fun to speculate I personally dont thnk it is as this is too serious for many. IMO
AngerS as the members are asking for clarity, I think DW will have to be quite explicit when he puts the deal to his members. Either he recommends and says this is the best we can get or don't accept and IMO will then have to be very clear on what he thinks can still achieve. I don't think fudging like he did on his last update will be acceptable.
If he says reject the deal then what, more strike days, work to rule. I think the appetite for losing more pay has waned significantly. There is little activity on the CWU FB page. Not sure if they had switched it off, they certainly removed hundreds of posts that were negative.
AngerS I think that is a decent guess. The business will want to clearly outline to Ofcom the cost of the USO and will present them with the FY figures as soon the numbers are shared with the market. There are also strict regulations around cross subsidies. It is all getting complex and special administration comes about the USO will become an extremely hot potato politically. I can't see many if any service providers wanting to take it on. I joked some time ago that the government of the day will have to fund it and a deal will be done around relaxation of USO until legislation is amended and that may reduce the debt burden that the government may face.
Perhaps DW is going to save the business with the innovations he mentioned recently although I expect his members would just appreciate the courtesy of a further update. AIMO