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Royal Mail slump 'vindicates' 3.3bn sale price, says former business secretary Vince Cable

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TrueBlueTerrier
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Royal Mail slump 'vindicates' 3.3bn sale price, says former business secretary Vince Cable

Post by TrueBlueTerrier »

https://www.thisismoney.co.uk/money/mar ... Cable.html

The crisis at Royal Mail ‘vindicates’ the Government’s decision to sell it for £3.3billion, according to former business secretary Sir Vince Cable.

The Liberal Democrat politician faced a barrage of criticism for offloading Royal Mail on the cheap when it was privatised at 330p a share in 2013.

But with shares now at 225p, and the company facing annual losses of close to £650million, Cable defended the move.

Saying the decision to sell shares at 330p had been ‘long since vindicated’, he said: ‘The Government got as good a deal as we could get.’

Royal Mail, which dates back to 1516, was privatised in 2013 when Cable was business secretary under Tory prime minister David Cameron.

The pricing of the shares was subject to intense criticism.

They reached 590p in 2014 and peaked above 600p in 2018. Among those outraged at the price was former Labour MP Chuka Umunna, then shadow business secretary, who said it was being sold ‘on the cheap’.

But Cable, 79, said his assessment of Royal Mail’s value was correct.

Umunna, who became notorious for switching parties before losing his seat in 2019, is now a banker for JP Morgan where he is advising billionaire investor Daniel Kretinsky – dubbed the Czech Sphinx – who owns a 23 per cent stake in Royal Mail.

With Royal Mail in crisis, speculation is mounting that Kretinsky could be plotting a takeover.
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NWpostie
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Re: Royal Mail slump 'vindicates' £3.3bn sale price, says former business secretary Vince Cable

Post by NWpostie »

Vince is a senile old fool, trying defend his decision to sell, he is one of the main reason why LibDems will never be a major political force for decades
Six of Nine loves Seven of Nine, together in Electric Dreams.
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scoobydo79
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Re: Royal Mail slump 'vindicates' £3.3bn sale price, says former business secretary Vince Cable

Post by scoobydo79 »

As above. Cable is arrogant and got it wrong but still can’t admit it
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seesred
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Re: Royal Mail slump 'vindicates' £3.3bn sale price, says former business secretary Vince Cable

Post by seesred »

Still clueless and shameless.
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DirtyHarry
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Re: Royal Mail slump 'vindicates' £3.3bn sale price, says former business secretary Vince Cable

Post by DirtyHarry »

Cable can go to hell.
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clashcityrocker
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Re: Royal Mail slump 'vindicates' £3.3bn sale price, says former business secretary Vince Cable

Post by clashcityrocker »

DirtyHarry wrote: ↑
06 Jan 2023, 14:00
 Cable can go to hell.
Trains are cancelled.
The societies of consumption and squandering of material resources are incompatible with the idea of economic growth and a clean planet.
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TrueBlueTerrier
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Re: Royal Mail slump 'vindicates' £3.3bn sale price, says former business secretary Vince Cable

Post by TrueBlueTerrier »

seesred wrote: ↑
06 Jan 2023, 11:16
 Still clueless and shameless.
All post by me in Green are Admin Posts.
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Spartacus
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Re: Royal Mail slump 'vindicates' £3.3bn sale price, says former business secretary Vince Cable

Post by Spartacus »

Tory enabling collaborationist prick
Delivery

Resistance is fertile
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Flashman_
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Re: Royal Mail slump 'vindicates' £3.3bn sale price, says former business secretary Vince Cable

Post by Flashman_ »

Spartacus wrote: ↑
07 Jan 2023, 17:46
 Tory enabling collaborationist prick

:Applause :Applause :Applause
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Tman
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Re: Royal Mail slump 'vindicates' £3.3bn sale price, says former business secretary Vince Cable

Post by Tman »

Spartacus wrote: ↑
07 Jan 2023, 17:46
 Tory enabling collaborationist prick
Nope, he was a fully paid-up prick in his own right. Still is, by the look of it.
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ANDREW CROCOMBE
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Re: Royal Mail slump 'vindicates' 3.3bn sale price, says former business secretary Vince Cable

Post by ANDREW CROCOMBE »

Stupid old fool never said a word as they amassed a £780 million pound fortune , mass of profit every year since being sold off. The Tory leeches can never be trusted, sickening selfish ways - leopard never changes it's spots 🐷 pigs in the trough, feeding on wealth and people's misery. Why was RM sold, were we close to financial ruin back then ?
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