Royal Mail and Chuka Umunna

Umunna: Shadow business secretary Chuka Umunna said the sale was ‘disgraceful’. Read more:Government starts sale of Royal Mail shares What left for the UK Government to sell "It disgraceful the Government is rushing to dump its stake in Royal Mail to City speculators without giving ordinary investors a look in," Umunna said on Twitter. "The Government does not seem to have learnt the lessons from their initial botched fire sale of the Royal Mail." It disgraceful the Government is rushing to dump its stake in Royal Mail to City speculators without giving ordinary investors a look in.— Chuka Umunna June 10, 2015 BIS has said that the shares sold for 500p each - a modest discount to yesterday closing price of 516.5p, according to The Independent. The sale, which is part of a raft of measures aimed at paying down national debt, appeared to have knocked the shares this morning, sending them more than 3% lower to 499.9p. Labour reacted angrily to the news. Bank of America Merrill Lynch, Goldman Sachs and J.P. Morgan ran the sale, while Rothschild advised Royal Mail. It is not clear whether future sales will be offered to retail investors, as they were during the firm controversial 2013 stock market listing. Business news in pictures The BIS has said it will not sell any more of its Royal Mail stake for 90 days. (news.financializer.com). As reported in the news.