Unmasked: The city institutions given privileged status in the controversial Royal Mail flotation

Hundreds of City institutions registered interest in Royal Mail shares in the run up to one of the most controversial privatisations this century.

They were joined by hundreds of thousands of ordinary members of the public.But most investors, whether big or small, went away empty-handed because the float was oversubscribed 23 times.

Some 17 institutions were given “priority investor status” by Goldman Sachs and UBS the Royal Mail’s global co-ordinators GloCos.  These 17 institutions, in Vince Cable’s words were “the high quality institutions of the type that would form the core of a long-term supportive investor base.”

Read more: Unmasked: The city institutions given privileged status in the controversial Royal Mail flotation | The Bureau of Investigative Journalism.