By Mark Kleinman, City Editor
A quartet of business heavyweights have been drafted in by Lord Myners, the former City minister, as he probes the controversial process which saw Royal Mail sold to the private sector last year.
Sky News has learnt that Jitesh Gadhia, a non-executive director of the body which manages taxpayers' stakes in Lloyds Banking Group and Royal Bank of Scotland, has been signed up as members of a panel examining whether the public was poorly served by the way the postal operator's sell-off was handled.
The review was ordered in July by Vince Cable, the Business Secretary, on the same day that Sky News revealed the details of a coruscating report by a parliamentary select committee on the £3.3bn privatisation.
Lord Myners, who served in the last Labour administration, was asked by Mr Cable to oversee the review, and Lord Myners has now written to fund managers to set out the scope of his inquiry.
Sources familiar with his letter said that David Challen, a former Citigroup banker; Francesca Cornelli, a professor of finance at the London Business School; and Huw Jones, head of corporate governance at M&G Investments, were the other members of the panel that will work on Lord Myners' review.
The former City minister wrote that he would be assessing the reasons for the UK capital markets' use of a process known as book-building, which helps to establish the price at which a company's shares will be sold when it lists on the stock market.
In the case of Royal Mail, the book-build proved to be contentious because fund managers indicated that they would not be prepared to pay more than 330p. effectively forcing the Government and its advisers to set the price at that level.
On the first day of trading, the company's shares soared by more than 35%, leading to accusations that ministers' decision-making had cost taxpayers £1bn in lost proceeds.
Lord Myners and his panel will also examine the approach taken in other countries to pricing initial public offerings (IPOs), the process for selecting cornerstone investors, and any alternative routes to primary listings of shares.
"I have asked Lord Myners to conduct this review, following the recommendations of the National Audit Office, to help me assess whether changes are needed to the current system government operates for the sale of its assets," Mr Cable said in July.
A source at the Department for Business, Innovation and Skills confirmed the contents of Lord Myners' letter.
Anda sedang membaca artikel tentang
Myners Lines Up Panel For Royal Mail Probe
Dengan url
http://cembururabun.blogspot.com/2014/09/myners-lines-up-panel-for-royal-mail.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
Myners Lines Up Panel For Royal Mail Probe
namun jangan lupa untuk meletakkan link
Myners Lines Up Panel For Royal Mail Probe
sebagai sumbernya
0 komentar:
Posting Komentar