Question

To ask the Secretary of State for Business, Innovation and Skills, which priority investors in Royal Mail have subsequently sold all or part of their holdings of shares since the date of flotation; and what estimate he has made of the level of profits made in each case.

Maintained by Royal Mail and is subject to uncertainties (e.g. funds can hold their shares through a range of nominees/custodians).

Based on the Bloomberg register dated 23rd April, we estimate that more than half of the pilot fishing investors allocated shares remain invested and that they hold shares equal to more than 50% of their combined allocations.

Given that the timings of sales and purchases are not available on a fund by fund basis, the Department does not know, and has not made any estimate, of any profits made by these investors (other than Lazard Asset Management whose representative told the Public Accounts Committee on 30 April the level of profit it made on the sale of Royal Mail shares for its clients).