Royal Mail staff have complained that they have been short-changed as a result of a dramatic fall in the company's share price. Postal staff have waited five years to sell the free shares they were given at the time of privatisation.
They claim the privatised company deliberately issued a profit warning weeks before many were planning to sell their shares. Since the announcement on 1 October the shares have fallen by 28%.
The shares have fallen by 45% since they peaked at 632p in May this year, with some staff seeing the value of their holdings slipping by more than £2,500. The shares are now just 13p above the original flotation price of 330p. Most brokers have Royal Mail shares down as a "sell" - in other words they expect the shares to fall further. Berenberg has a target price of £3.
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