Royal Mail shares rose another 2% today, with stock in the privatised 500-year-old postal operator now worth almost £700 million more than taxpayers received in the sell-off.
On their second day of conditional trading before full trading begins tomorrow, another surge in the shares fuelled accusations that the Government undervalued Royal Mail. Ministers capped its share price at 330p, but extraordinary demand for shares saw stock rise to 455p on Friday and they were still in favour today, sending the price up another 9.8p to 464.8p.
That’s 40% higher than the £3.30 price per share the Treasury received for the sale of its 52% stake in Royal Mail. But staff are still pushing ahead with plans for strikes in the run-up to Christmas. The result of a strike ballot by more than 115,000 members of the CWU union will be announced on Wednesday. Union sources are demanding that Royal Mail bosses offer new terms and conditions for staff.
Royal Mail staff cannot sell their shares for three years.
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