Cable Hits Back At Royal Mail Sale Critics

By Mark Kleinman, City Editor

Vince Cable, the Business Secretary, has rebutted claims that he cost taxpayers hundreds of millions of pounds by undervaluing shares in Royal Mail, arguing that the price of the privatisation should be assessed only after the Government has sold its entire stake in the company.

Sky News has obtained a letter sent by Mr Cable on Friday to the Business, Innovation and Skills (BIS) Select Committee, in which he dismisses concerns that the sale of the postal operator was spectacularly mispriced.

Mr Cable and the Government's investment banking advisers have been accused of undervaluing the company after seeing its share price rise by 38% on its first day of trading.

"Value for money has been central to our strategy as we have taken forward the sale of shares through an initial public offering. "Delivering value for money is about more than just the level of proceeds received on day one," he wrote.

"Our long-term strategy to safeguard the universal service and deliver value for money for the taxpayer involves not only getting good value for the initial stake sold but also getting good value for the residual stake held by Government (30% of the Company assuming exercising in full the Over-allotment Option), and leaving Royal Mail in a strong, sustainable position capable of accessing the capital markets in the future."

More follows...

Anda sedang membaca artikel tentang

Cable Hits Back At Royal Mail Sale Critics

Dengan url

http://temannyakawanya.blogspot.com/2013/10/cable-hits-back-at-royal-mail-sale.html

Anda boleh menyebar luaskannya atau mengcopy paste-nya

Cable Hits Back At Royal Mail Sale Critics

namun jangan lupa untuk meletakkan link

Cable Hits Back At Royal Mail Sale Critics

sebagai sumbernya