Second round of Royal Mail shares handout

Mutiny Festival brought over �2m to the local economy Picture: Paul Windsor

Mutiny Festival brings £2.7m into Portsmouth economy

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AROUND 1,750 Royal Mail employees in Portsmouth will receive 112 free shares in April.

Each eligible full-time employee is entitled to 725 free shares in total.

The initial market value of free shares for each full-time eligible employee, based on the closing mid-price on October 15, 2013, Royal Mail’s flotation date, was £3,545.25.

This exceeded the HMRC annual limit of free shares that could be allocated to an individual employee in any tax year, which at the time of flotation was £3,000.

Eligible full-time employees were therefore allocated 613 free shares, worth £2,997.57.

The remaining 112 free shares will be awarded in April. The allocation date is expected to be April 9.

Eligible part-time employees are entitled to a pro-rata number of free shares in the second allocation, based on their paid hours between July 10, 2013, and October 13, 2013.

More than 99 per cent of eligible employees took part.

It is the largest free allocation of shares of any major UK privatisation.

Royal Mail chief executive Moya Greene said: ‘Our people are the heart of our business. Their stake in our company provides greater alignment between the interests of employees and shareholders.’