£2.4bn Woodford fund invests in Royal Mail August 5, 2014 Star hedge fund manager Neil Woodford has taken a stake in Royal Mail through his new £2.4bn CF Woodford Equity Income fund. Woodford invested 1.5 per cent of his fund’s assets in the stock last month. “This [Royal Mail] is fundamentally a very attractive, cash generative business,” said Woodford on his investment. Royal Mail’s shares [...]
Royal Mail relief as shareholder revolt is averted July 24, 2014 ROYAL Mail chief Moya Greene’s £1.35m pay package was overwhelmingly approved yesterday as a threatened shareholder revolt failed to materialise at its annual general meeting (AGM) in Birmingham. The letter and parcel delivery company, controversially privatised last October, saw all resolutions at the sparsely attended AGM passed by well over 90 per cent, with only [...]
Royal Mail chairman: Bike deliveries are now thing of the past July 24, 2014 Royal Mail's message to posties at today's AGM? Off your bikes! Chairman Donald Brydon has told shareholders that bike deliveries for Royal Mail will now be a thing of the past, as they're not considered efficient for modern parcel sizes. Shareholders voted through all resolutions at the AGM with at least 90 per cent approval, [...]
Parcel woes hit shares in Royal Mail before AGM July 22, 2014 AN UNEXPECTED drop in Royal Mail parcel revenues announced yesterday is likely to build more pressure on the company ahead of its annual general meeting tomorrow. Royal Mail saw a one per cent decline in parcel revenues in the first three months of the financial year to 29 June, and it expected full-year parcel revenues [...]
Royal Mail share price falls on parcel revenue warning July 22, 2014 Freshly privatised Royal Mail has been suffering from more parcel delivery induced headaches, today warning that parcel revenues are likely to be below expectations. Chief executive Moya Greene says that the company has seen a "weaker than expected performance in UK parcels" in the first three months of the delivery firm's financial year. Parcels revenue [...]
Royal Mail may face fine as French antitrust investigation gets underway July 16, 2014 Royal Mail yesterday announced it might face a significant fine, as its European parcel delivery subsidiary General Logistics Systems (GLS) is being targeted by the French competition authority as part of a widespread antitrust investigation. Other parcel delivery companies, including FedEx, TNT Express, Deutsche Post’s DHL Express France SAS service and La Poste’s Exapaq and [...]
Land Registry sale: Decision postponed as debate over Royal Mail rumbles on July 15, 2014 After 14 years of deliberations the government has decided it needs more time to consider the proposed privatisation of the Land Registry. The vacillation is in part down to the sale of the Royal Mail, which provoked serious conflict inside the coalition. The Registry, a 150-year-old body created in the 1860s to record land and [...]
Royal Mail deal was poor value, MPs complain July 10, 2014 A commitment of MPs has slammed the controversial Royal Mail sell-off, finding it was undervalued by up to 1bn. Taxpayers will also miss out on millions from the future sale of property assets. The report by the Business, Innovation and Skills select committee also concluded that advice given to the government ahead of the sale [...]
Royal Mail sale set for new probe July 9, 2014 The government has launched an investigation into the way it disposes of state assets like Royal Mail, ahead of a report to be published tomorrow that slams the sale of the postal business last October. Business secretary Vince Cable has appointed former Labour City minister Lord Myners to lead the probe, which will look at [...]
Government IPOs to be reviewed after Royal Mail sell off criticism July 9, 2014 Business secretary Vince Cable has launched a review of the way the government conducts IPOs after the controversy surrounding its sell off of Royal Mail. The review, led by City grandee Lord Myners, will look at the disposal of government assets and assess if there are alternatives. It will also look at: What alternative IPO [...]