1. ITV Report

Vince Cable defends the privitatisation ion of Royal Mail

The Business Secretary has said he has no intention of apologising over the privatisation of Royal Mail despite a critical report from the spending watchdog.

Vince Cable said the Government was right in its handling of the sale of Royal Mail shares, even thought the National Audit Office said ministers sold them for less than they were worth.

Labour described the sale as a "first class disaster".

The last thing I intend to do is apologise.

What I do intend to do is to refer to what the report actually said as opposed to the spinning and the froth that is being generated around me.

– Business Secretary Vince Cable

At the end of the first day of trading the shares that the Government had sold for 330 pence changed hands for 455 pence - a rise of 38%.

The National Audit Office said that first-day trading performance tends to range "between a fall of 5% and and increase of 38%".

With the government accused of short-changing the taxpayer after selling its 60% stake in Royal Mail, ITV News looks at who now owns the firm.

Royal Mail's owners - key facts

  • The Government is still by far the largest shareholder, with a 30% holding in the new company (NAO report)
  • The other big group of shareholders is the Royal Mail's 167,000 employees themselves, who have 10% of the shares in trust. (NAO report)
  • Then there are the top ten institutional shareholders, who own just under 20 per cent of shares, according to the FT.
The sale of shares has been questioned. Credit: Rui Vieira/PA Wire

Institutional shareholders

  • The Children's Investment Fund Management (UK), 45.85m, 4.59%
  • GIC Pte Ltd. (Investment Management), 41.02m, 4.10%
  • Hargreaves Lansdown Stockbrokers, 17.11m, 1.71%
  • Legal & General Investment Management Ltd, 14.62m, 1.46%
  • Kuwait Investment Authority (Investment Management), 14.20m, 1.42%
  • TIAA-CREF Investment Management, 13.59m, 1.36%
  • Artisan Partners, 11.77m, 1.18%
  • Credit Suisse Securities Europe, 10.49m, 1.05%
  • BlackRock Investment Management (UK), 8.97m, 0.90%
  • Goldman Sachs & Co, 8.72m, 0.87%

(18.63% of shares held by top holders: Holder, Shares, % Held).

It is estimated the equivalent of £750m may have been potentially lost in the sale. Credit: PA

Royal Mail's shares are worth much more than this process was able to extract

– National Audit Office
Shares rose 38% on the first day. Credit: Andrew Milligan/PA Wire

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