Now is not the time

[Postee2]

As frustrated, angry, depressed, anxious, and intimidated as many people are (I am one believe you me !), . . . . . . .
I do not think now is the time to attack the union.

Quite the opposite.

The union are our ONLY hope. Clearly if Royal Mail had their way, we would ALL be on zero hour contracts and minimum wage and this would have happened a long time ago.

The whispers of administration are getting louder, but inside information within quoted companies is 100% illegal and for me there is no substance just yet.

As another poster has commented there are options and I think all options would have to be considered legally including a debt to equity swap to shore up enough finances to get the company out of the woods.

The union should have all our support during future updates.

Without them, we are truly and completely shafted.

[Postee2]

And to be honest, some of the attacks after Martin Walsh provides updates I find quite disgraceful.

I don't know the guy from Adam, and at times I have been critical of some of the mistakes made by the union too but only in a way I feel is constructive.

He comes on here and provides extremely detailed updates only to be shot down in flames every time.

He deserves more than that.

I repeat now is not the time.

[enskied]

As frustrated, angry, depressed, anxious, and intimidated as many people are (I am one believe you me !), . . . . . . .
I do not think now is the time to attack the union.

Quite the opposite.

The union are our ONLY hope. Clearly if Royal Mail had their way, we would ALL be on zero hour contracts and minimum wage and this would have happened a long time ago.

The whispers of administration are getting louder, but inside information within quoted companies is 100% illegal and for me there is no substance just yet.

As another poster has commented there are options and I think all options would have to be considered legally including a debt to equity swap to shore up enough finances to get the company out of the woods.

The union should have all our support during future updates.

Without them, we are truly and completely shafted.

We have to stand strong, we are fighting for our terms. We can have it out with the executive later at our leasure.

[seaside]

And to be honest, some of the attacks after Martin Walsh provides updates I find quite disgraceful.

I don't know the guy from Adam, and at times I have been critical of some of the mistakes made by the union too but only in a way I feel is constructive.

He comes on here and provides extremely detailed updates only to be shot down in flames every time.

He deserves more than that.

I repeat now is not the time.

[robking]

I pay the union £3.41 per week to represent me, if they can't do it properly I'm entitled to say in the words of Lord Sugar 'You're Fired' it's getting very close to that stage now, if tonight's update is more BS I'm leaving the union on Monday morning. It doesn't matter if they tried their best, their best wasn't good enough.
Company going into administration? nope! take no notice of canteen gossip the share price is £2.26 if they were in such dire straights they are legally required to notify the stock exchange and the share price would be more like 5p.
Debt of equity swap? company debt is a relatively low percentage of assets, so no need, debt investors would far rather have their money back, with interest of course than swap it for risky equity.

[Postee2]

I pay the union £3.41 per week to represent me, if they can't do it properly I'm entitled to say in the words of Lord Sugar 'You're Fired' it's getting very close to that stage now, if tonight's update is more BS I'm leaving the union on Monday morning. It doesn't matter if they tried their best, their best wasn't good enough.
Company going into administration? nope! take no notice of canteen gossip the share price is £2.26 if they were in such dire straights they are legally required to notify the stock exchange and the share price would be more like 5p.
Debt of equity swap? company debt is a relatively low percentage of assets, so no need, debt investors would far rather have their money back, with interest of course than swap it for risky equity.

Not if it's a massively diluted debt to equity swap they wouldn't.

[SpacePhoenix]

Without them, we are truly and completely shafted.

Deliveries are already getting shafted

[chickenwittle]

As frustrated, angry, depressed, anxious, and intimidated as many people are (I am one believe you me !), . . . . . . .
I do not think now is the time to attack the union.

Quite the opposite.

The union are our ONLY hope. Clearly if Royal Mail had their way, we would ALL be on zero hour contracts and minimum wage and this would have happened a long time ago.

The whispers of administration are getting louder, but inside information within quoted companies is 100% illegal and for me there is no substance just yet.

As another poster has commented there are options and I think all options would have to be considered legally including a debt to equity swap to shore up enough finances to get the company out of the woods.

The union should have all our support during future updates.

Without them, we are truly and completely shafted.

Half of the muppets on here don’t deserve a union .

[robking]

I pay the union £3.41 per week to represent me, if they can't do it properly I'm entitled to say in the words of Lord Sugar 'You're Fired' it's getting very close to that stage now, if tonight's update is more BS I'm leaving the union on Monday morning. It doesn't matter if they tried their best, their best wasn't good enough.
Company going into administration? nope! take no notice of canteen gossip the share price is £2.26 if they were in such dire straights they are legally required to notify the stock exchange and the share price would be more like 5p.
Debt of equity swap? company debt is a relatively low percentage of assets, so no need, debt investors would far rather have their money back, with interest of course than swap it for risky equity.

Not if it's a massively diluted debt to equity swap they wouldn't.

But there isn't very much debt, £350million it sounds a lot but the company is capitalised at £2.5Billion, it's like you being £50,000 in debt but you own a house worth £250.000, would your bank worry?
Royal Mail's debt is no doubt fixed at the very low interest rates that were around until the middle of last year and the base rate is still historically low at 4.25%

[redlen]

That base rate increase say on a 1.7 Billion loan equates to telephone numbers in repayments in servicing that debt

Royal Mail is asset rich/cash poor like most home owners

[mw7485]

I pay the union £3.41 per week to represent me, if they can't do it properly I'm entitled to say in the words of Lord Sugar 'You're Fired' it's getting very close to that stage now, if tonight's update is more BS I'm leaving the union on Monday morning. It doesn't matter if they tried their best, their best wasn't good enough.
Company going into administration? nope! take no notice of canteen gossip the share price is £2.26 if they were in such dire straights they are legally required to notify the stock exchange and the share price would be more like 5p.
Debt of equity swap? company debt is a relatively low percentage of assets, so no need, debt investors would far rather have their money back, with interest of course than swap it for risky equity.

Not if it's a massively diluted debt to equity swap they wouldn't.

But there isn't very much debt, £350million it sounds a lot but the company is capitalised at £2.5Billion, it's like you being £50,000 in debt but you own a house worth £250.000, would your bank worry?
Royal Mail's debt is no doubt fixed at the very low interest rates that were around until the middle of last year and the base rate is still historically low at 4.25%

The debt is actually more than twice that level. There are 2 fully drawn down 400ish million euro bonds. The first is due repayment in 2024, the second in 2026.

[Postee2]

I pay the union £3.41 per week to represent me, if they can't do it properly I'm entitled to say in the words of Lord Sugar 'You're Fired' it's getting very close to that stage now, if tonight's update is more BS I'm leaving the union on Monday morning. It doesn't matter if they tried their best, their best wasn't good enough.
Company going into administration? nope! take no notice of canteen gossip the share price is £2.26 if they were in such dire straights they are legally required to notify the stock exchange and the share price would be more like 5p.
Debt of equity swap? company debt is a relatively low percentage of assets, so no need, debt investors would far rather have their money back, with interest of course than swap it for risky equity.

Not if it's a massively diluted debt to equity swap they wouldn't.

But there isn't very much debt, £350million it sounds a lot but the company is capitalised at £2.5Billion, it's like you being £50,000 in debt but you own a house worth £250.000, would your bank worry?
Royal Mail's debt is no doubt fixed at the very low interest rates that were around until the middle of last year and the base rate is still historically low at 4.25%

You misunderstand. It's the 2.5 billion that would be swapped. Shareholders would be wiped out. In return Royal Mail will get cash to shore up cash flow and get going again. Whoever does the swap will keep the King's Ransom.

[Postee2]

I should have worded it as a debt FOR equity swap rather than a debt TO equity swap, but splitting hairs really.

[robking]

My figure came from the 2022 annual report. I don't buy this losing £1million a day, there's long been creative accounting going on in this company.
Years ago when it was the Post office they supposedly lost £1Billion in one year around 2004, they wrote off everything, including the kitchen sink and the following year they were back in profit.

[redlen]

Royal Mail accounts have to be independently audited