Oct 2, 2018

Royal Mail staff face losses of £2,500 on shares

Postal workers who were given shares in Royal Mail when it floated in 2013 face paper losses of up to £2,500, after the price crashed just days before many were preparing to sell. A profit warning has sent the shares diving by a quarter, delivering a nasty surprise to many of Royal Mail's 140,000-strong workforce who were given free shares in several batches following the privatisation. Shares in Royal Mail closed down at 358.6p on Tuesday. The IPO price was 330p. While the stock has been volatile over the past year, it has lost two-fifths of its value since hitting a high of 632p in May. Edinburgh postman Neil Turner, 34, reckoned he was set to lose up to £1,100 due to having pre-elected to sell his first batch of 543 shares last week. Royal Mail said that an employee with the full allocation of shares would have received £850 in dividends since privatisation.

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