George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
Broch that's good to hear that agreement has been reached on a statement about the agreement. I didn't think the CWU had made any demands are these new? I am sure there will be more details in any comms it can't have taken 2 weeks to agree a joint zoom call. If nothing new I still have doubts about a yes vote but maybe the ongoing delays will encourage more to say yes just to get this part over and done with.
Simplywall st list attached. Most have a last reported date of 1st Feb except for VESA 6th June which was before their last holdings RNS, shows them at 26.42% which is higher than the total reported in RNS. The top 4 II have all increased and no doubt there will be ups and downs.
https://simplywall.st/stocks/gb/transportation/lse-ids/international-distributions-services-shares/ownership
Ispy yes efficiency, productivity, and costs are all part of the mix. Also, the business will show how much any activities to recover QoS will cost. No doubt it will all rumble on for some months. This topic may be part of the current talks with the CWU to agree a joint position on what they will present to Ofcom.
Ispy other than Ofcom saying they expect the business to drive improvements and efficiencies and saying we will review in 6/12 months next financial year etc etc I'm not sure what else. They see all the financials and traffic volumes and improvement plans etc. They do their own user surveys and take representations. It feels like the government are looking for Ofcom to fulfil their role and part of that is around advising on the financial sustainability and for me that will be the question they will be grappling with in next few months. AIMO
Oligarch I honestly don't know, to become law years possibly, to be actioned if given some form of legal go ahead from the government start of next financial year perhaps but purely guesses. If 97% of customers are okay with it and it helps the business and secures jobs and is supported by CWU that may help of course some users, as has been discussed before will object.
Oligarch I've read the PDF now. It covers some aspects but mainly the investigation by Ofcom into QoS failures. With that report due by end of this year and then a request to the government to engage with the business to secure the future of USO and to report back by no later than end 2024 (I thought RMG moved slowly). I still think there will be further representations made to OFCOM by the Business and possibly the CWU and I think it is quite clear that the minister will take note of what Ofcom recommend. I personally think that could happen in next 3-6 months. This statement leaves it open
"As Minister responsible for postal services policy, I discuss a range of issues relating to
Royal Mail’s role as universal postal service provider with the Chair of International
Distributions Services and the Chief Executive of Royal Mail.
The provision of a financially sustainable and efficient universal postal service is the
primary duty of the regulator, Ofcom. I have been clear that Royal Mail would need to
present to Ofcom any evidence that delivering the universal service in its current form
is financially unsustainable. It would be for Ofcom to assess and respond to any such
evidence, taking into consideration the requirement that the reasonable needs of users
continue to be met, informed by the views of those users.
I stand ready to carefully consider any advice that Ofcom puts forward on the future
financial sustainability of the universal postal service"
Ispy I wish I knew. Perhaps cosy self-funding (through fines) jobs. Seriously they do look at lots of aspects and of course they can ask for certain actions from the businesslike driving savings to ensure viability and monitor things to death. I am sure you have enjoyed reading their many reports over the years. I had it in my head that they were due to do some form of update in the first quarter of this financial year but couldn't see the quote. Thats why it is important to know if this latest government statement is based on any of their findings.
Just read that the CWU conference have postponed their annual conference for the 2nd time. Due to be held in October. Someone has suggested it's because they don't want to face the music. CWU exec say it's because of what they are currently dealing with and having to do a lot of work on structural changes within the CWU. I hope they are still able to do the joint representations to Ofcom that they previously mentioned.
Oligarcg a link on the article gives some other information.
"Ofcom, which has estimated that Royal Mail could save £125m-£225m annually from cutting back letter deliveries, has conducted research that found consumers would be “largely indifferent” to dropping Saturday delivery.
The regulator has said that in order for Royal Mail’s universal service obligations to be considered financially sustainable the company needs to make a 5% to 10% profit margin annually. It has only managed to do so in two years since floating in 2013."
Its not clear to me from the article if the decision from the government is based on any recommendation from Ofcom. I'm happy to be corrected. As others on here have said it is difficult to quantify any savings that could be made and the range of £125m - £225m quoted shows that. I think this has still got a way to go yet and I can even see a legal challenge if Ofcom try to enforce any fine when the business can clearly demonstrate it is not financially sustainable. The business has also made it clear they will not be cross subsidising. You could argue that it increases the possibility of IDS having to place the USO elements/RMG of the business into the special administration as previously stated. I hope that doesn't happen.
Simx I have done some research previously to try and find the real level. As you say there may be 10 sitting at 0.49% or 0.01% of course why should we investors get to see the true picture that would remove a house edge. I did find this some months ago and it gives a bit more history but states these records last known position.
https://shortsell.nl/short/Mail/90/archived
Broch I've lost/forgotten my sign in details for RMC but good his message has been potentially seen by 26k and on some what's app groups. Pity some of the 96k members on the main CWU FB page still haven't seen an update. It would perhaps help some to know that talks are still taking place. Perhaps an update will be shared tomorrow. I dont understand what you mean by telling that some posts have just likes I take that as people agreeing. Let's hope for some sign of progress soon.
Citadel reduce and drop under reporting threshold. Only Qube remain in the report at 0.50%
https://shorttracker.co.uk/
Broch is that on Webbs own FB page as nothing that I can see on the CWU page since 1st June unless it's a reply not that visible to lots of people who are still asking now when we will get an update. I agree being angry doesn't necessarily mean they will leave but when people say very clearly, I've quit the union. I've had enough, I've stopped my fees etc. etc. I suspect some will have done just that.
Sounds like you have already elected the new CWU exec who are the chosen ones? So, you think IDS will go bankrupt under this new militant exec and shareholders will lose everything?
I haven't posted this link for some time but it's always worth a look now and again to see which contracts we pick up.
https://bidstats.uk/tenders/?ntype=tender#800260095-793247832-50
Broch you mentioned that CWU comms bloke had put out a message saying talks were ongoing. Was this in an LTB to branches only or was it also on the CWU FB page as many of your colleagues across the country have missed this and are incredibly angry that they haven't seen any update for almost a week. 2 posts below liked by over 160 people doesn't suggest that the union is not being weakened in the eyes of many of their members.
"What a absolute shambles this has become. Starting to think this deal is more about the survival of the CWU as an institution, rather than whats good for the members"
"5 days since the zoom call was agreed,nearly 50 days since the "agreement" and still the silence is deafening.
When will you lot realise you are doing as much to harm the mental health of your members as RM management are !!!!!!!!!"
Broch you may well be right, however is that 2 years from now or the proposed end dates in the agreement?
So, the current CWU exec have agreed a pragmatic deal, but some radicalized members think it's not good enough and the current exec by virtue of being sensible will be removed. So, a more hawkish exec aligned like RMT etc not sure exactly what that means, that they will encourage members to take more industrial action/strikes. That hasn't been particularly successful to date.
Can you describe what this more militant track looks like and what you see at the end of it? I agree the business can't be at constant loggerheads but equally I don't think the threat or reality of more militancy will help anyone.
If the many who have said they have quit the union can only be seen as weakening. What camp do you sit in Broch the more pragmatic or radicalized militant?
Oligarch I totally accept that the business doesn't always get it right when it comes to purchasing new kit despite having user groups/trials etc. Sometimes I have seen the business put in stop gap measures and for cost reasons going for a mid range product. We certainly did that with some technological solutions. If there are additional offers out there perhaps the business will introduce these gradually. How many Yorks are in the business, network, depots etc, how many are provided daily to major customers, and held at their premises? It would be a significant investment to swap these all out.
Are these shovels being used in the new parcel hubs Daventry etc as I would have thought it would have been part of the build to include swifter processing to have the right kit available.
As you say hopefully the new CEO can improve these solutions but it's not solely down to him/her we have teams of people working on these types of issues.
p.s. I met with an old colleague on Sunday still in the business and the only internal name that she has heard mentioned for CEO was Grant McPherson. She has met both him and Simon Thomson briefly on-site visits and she said ST was more personable and GMcP was very businesslike. I personally think they may go external as they could have appointed GMcP by now unless they are waiting for the agreement vote to be finalised one way or the other.