Live in the LA postcode area? Work for the Royal Mail? Here's £2.2 million of free shares... (From The Westmorland Gazette)
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Live in the LA postcode area? Work for the Royal Mail? Here's £2.2 million of free shares...
4:06pm Wednesday 16th October 2013 in News
HUNDREDS of Royal Mail employees in the LA postcode area have been given £2.2 million of free shares, the company has revealed.
As part of its privatisation this week which led to high returns on the stock market, 630 staff in the area have been given shares.
Across the UK, over £100 million shares have been given to 150,000 eligible employees, said the company.
It means those living in the LA postcode area, which covers Ambleside, Askam-in-Furness, Barrow-in-Furness, Broughton-in-Furness, Carnforth, Coniston, Dalton-in-Furness, Grange-over-Sands, Kendal, Kirkby-in-Furness, Lancaster, Millom, Milnthorpe, Morecambe, Sedbergh, Ulverston and Windermere, can benefit.
Royal Mail said each eligible full-time employee is entitled to 725 free shares with an initial market value of £3,545.25.
However, there has been some criticisms that the price of the Royal Mail was under-valued and that it could have achieved a far higher sale price which would have benefitted the country's coffers.