Chuka Umunna – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

The below Parliamentary question was asked by Chuka Umunna on 2014-04-03.

To ask the Secretary of State for Business, Innovation and Skills, for what reasons details of arrangements with priority investors in respect of the privatisation of Royal Mail were not published at the time of that privatisation.

Michael Fallon

The Government did not enter into any direct arrangements with investors. All institutional investors entered into agreements with the underwriting banks (the syndicate) to purchase their allocated shares at the offer price. This is standard practice and applied to all investors.

Details of individual allocations were not disclosed because all investors in Royal Mail – whether individuals or institutions – have a legitimate expectation of privacy.