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The act allowed for up to 90% of Royal Mail to be privatised, with at least 10% of shares to be held by Royal Mail employees. [8] As part of the 2011 act, Postcomm was merged into the communications regulator Ofcom on 1 October 2011, with Ofcom introducing a new simplified set of regulations for postal services on 27 March 2012. [9]
The act enabled the British Government to sell shares in Royal Mail to private investors and includes the possible mutualisation of the Post Office. The act allows private buyers to own up to 90% of Royal Mail, with Royal Mail staff being offered at least 10% of the shares of the company. [1]
Councils seeking to protect workers ensured that employees accessed shares as privatisation took place, but employee owners soon lost their shares as they were bought up and bus companies were taken over. [2] The disappearance of stock plans was dramatic. [3] The John Lewis Partnership has been cited as an example of an employee share ownership.
Royal Mail owner International Distribution Services (IDS) said it has agreed to a £3.57 billion takeover offer from Czech billionaire Daniel Kretinsky’s EP Group.
Shares in the Royal Mail fell by almost 10% on Thursday as the group warned about the industrial relations environment and UK economic uncertainty.
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Penny Post Credit Union Limited is a savings and loans co-operative established by a joint project with the CWU in 1996, as Royal Mail Wolverhampton and District Employees Credit Union, it became Royal Mail (West) Credit Union in 2000, before adopting the present name in 2001. [106]
(Reuters) -Britain's Royal Mail will lay off around 700 managers as part of cost-cutting efforts aimed at transforming the centuries-old postal company, it said on Tuesday, boosting its shares.