The stabilisation period, also known as a "greenshoe" or "over-allotment" option, is a market-standard provision that allows the Initial Public Offering's (IPO) stabilisation manager to provide share price stabilisation (if required) for up to 30 days post-commencement of conditional dealings. In the case of the Royal Mail, the stabilisation manager was UBS and the stabilisation period ended on 8 November.<\/p>
<\/p>
In the engagement letter, the payment of the discretionary fee was linked to the ending of the stabilisation period. However, we informed the banks involved that a decision would not be taken in the timeframe set out in the engagement letter given the volatility of the Royal Mail share price after the IPO.<\/p>
<\/p>
We have not set a rigid timetable for the decision on the payment of the discretionary fee which remains unpaid.<\/p>
<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/88", "label" : {"_value" : "Biography information for Sir Michael Fallon"} } , "answeringMemberConstituency" : {"_value" : "Sevenoaks"} , "answeringMemberPrinted" : {"_value" : "Michael Fallon"} , "dateOfAnswer" : {"_value" : "2014-05-01", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2014-05-01T12:00:00.00Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "26"} , "answeringDeptShortName" : {"_value" : "Business, Innovation and Skills"} , "answeringDeptSortName" : {"_value" : "Business, Innovation and Skills"} , "date" : {"_value" : "2014-04-28", "_datatype" : "dateTime"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Secretary of State for Business, Innovation and Skills, when the stabilisation period in respect of the privatisation of Royal Mail, as detailed in the engagement letter between his Department and the underwriting banks, ends; and how that period has been defined.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/3966", "label" : {"_value" : "Biography information for Ian Murray"} } , "tablingMemberConstituency" : {"_value" : "Edinburgh South"} , "tablingMemberPrinted" : [{"_value" : "Ian Murray"} ], "uin" : "196951"} , {"_about" : "http://data.parliament.uk/resources/48627", "AnsweringBody" : [{"_value" : "Ministry of Justice"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/48627/answer", "answerText" : {"_value" : "
<\/p>
<\/p>
The guidance document published by HM Courts & Tribunals Service (HMCTS) explains that remission applications will be processed within five working days of the date that they are received, and that appeals will be determined within 10 days. The latest available information collated by HMCTS staff indicates that the applications received in respect of employment tribunal matters are currently determined within three working days. Appeals in respect of employment tribunal remissions decisions are currently determined within nine days.<\/p>
<\/p>
However, data on the time taken for each one of the remission applications determined so far is not readily available. To obtain that data would require significant work to interrogate the relevant HMCTS case management database. This work, if undertaken for the purposes of answering this question, would incur disproportionate cost.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/1496", "label" : {"_value" : "Biography information for Shailesh Vara"} } , "answeringMemberConstituency" : {"_value" : "North West Cambridgeshire"} , "answeringMemberPrinted" : {"_value" : "Mr Shailesh Vara"} , "dateOfAnswer" : {"_value" : "2014-04-30", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "previousAnswerVersion" : {"_about" : "http://data.parliament.uk/resources/48627/answer/previousversion/8000", "answeringMember" : {"_about" : "http://data.parliament.uk/members/1496", "label" : {"_value" : "Biography information for Shailesh Vara"} } , "answeringMemberConstituency" : {"_value" : "North West Cambridgeshire"} , "answeringMemberPrinted" : {"_value" : "Mr Shailesh Vara"} } , "questionFirstAnswered" : [{"_value" : "2014-04-30T12:00:00.00Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "54"} , "answeringDeptShortName" : {"_value" : "Justice"} , "answeringDeptSortName" : {"_value" : "Justice"} , "date" : {"_value" : "2014-04-25", "_datatype" : "dateTime"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Secretary of State for Justice, how many days were taken to process and grant each of the applications for remissions of employment tribunal fees that have been (a) granted and (b) partially granted.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/3966", "label" : {"_value" : "Biography information for Ian Murray"} } , "tablingMemberConstituency" : {"_value" : "Edinburgh South"} , "tablingMemberPrinted" : [{"_value" : "Ian Murray"} ], "uin" : "196795"} , {"_about" : "http://data.parliament.uk/resources/48116", "AnsweringBody" : [{"_value" : "Department for Business, Innovation and Skills"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/48116/answer", "answerText" : {"_value" : "
The Government set the overall allocation policy with the aim of getting the right balance between longer-term, stable investors, retail investors and shorter-term investors who provide liquidity in the market.<\/p>
<\/p>
Allocations were made to a number of institutions who in the early stages of engagement were willing to place non-binding orders despite the risks attached to the IPO such as the industrial relations situation. These investors gave us confidence that there was sufficient demand to proceed with the IPO.<\/p>
<\/p>
We had nearly three-quarters of a million retail applications so their allocations were scaled back as they were for institutional investors. Given this high demand, Ministers decided to prioritise smaller investors and put in place a cut-off above £10,000 and give everyone below that the same number of shares. Around 95% of retail investors were allocated shares.<\/p>
<\/strong><\/p> <\/strong><\/p> <\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/88", "label" : {"_value" : "Biography information for Sir Michael Fallon"}
}
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, "answeringDeptShortName" : {"_value" : "Business, Innovation and Skills"}
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, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
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], "questionText" : "To ask the Secretary of State for Business, Innovation and Skills, who made the decisions and on what basis were the decisions made on how many shares would go to each priority investor, each institutional investor and each retail investor in respect of the privatisation of Royal Mail.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/3966", "label" : {"_value" : "Biography information for Ian Murray"}
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, "tablingMemberConstituency" : {"_value" : "Edinburgh South"}
, "tablingMemberPrinted" : [{"_value" : "Ian Murray"}
], "uin" : "196282"}
, {"_about" : "http://data.parliament.uk/resources/48899", "AnsweringBody" : [{"_value" : "HM Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/48899/answer", "answerText" : {"_value" : " I refer the hon. Gentleman to the answer I gave today to the hon. Member for Sefton Central (Bill Esterson).<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/1529", "label" : {"_value" : "Biography information for Mr David Gauke"}
}
, "answeringMemberConstituency" : {"_value" : "South West Hertfordshire"}
, "answeringMemberPrinted" : {"_value" : "Mr David Gauke"}
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, "questionFirstAnswered" : [{"_value" : "2014-04-29T12:00:00.00Z", "_datatype" : "dateTime"}
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, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
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], "questionText" : "To ask Mr Chancellor of the Exchequer, what recent estimate he has made of how much the reduction in the additional rate of income tax to 45 per cent will be worth each year for a person earning £1 million a year.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/3966", "label" : {"_value" : "Biography information for Ian Murray"}
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, {"_about" : "http://data.parliament.uk/resources/48104", "AnsweringBody" : [{"_value" : "Ministry of Justice"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/48104/answer", "answerText" : {"_value" : " <\/p> The Lord Chancellor is committed to reviewing the impact of the introduction of fees in the employment tribunals system. The Ministry of Justice is currently finalising arrangements for the timing and scope of this review, to enable the impacts to be properly assessed, and we will be making an announcement in due course.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/1496", "label" : {"_value" : "Biography information for Shailesh Vara"}
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, "answeringDeptShortName" : {"_value" : "Justice"}
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, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
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], "questionText" : "To ask the Secretary of State for Justice, when his Department plans to carry out a review on its policy on fees in the employment tribunal system.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/3966", "label" : {"_value" : "Biography information for Ian Murray"}
}
, "tablingMemberConstituency" : {"_value" : "Edinburgh South"}
, "tablingMemberPrinted" : [{"_value" : "Ian Murray"}
], "uin" : "196187"}
, {"_about" : "http://data.parliament.uk/resources/47657", "AnsweringBody" : [{"_value" : "Ministry of Justice"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/47657/answer", "answerText" : {"_value" : " <\/p> The Lord Chancellor is committed to reviewing the impact of the introduction of fees in the employment tribunals system. The Ministry of Justice is currently finalising arrangements for the timing and scope of this review, to enable the impacts to be properly assessed, and we will be making an announcement in due course.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/1496", "label" : {"_value" : "Biography information for Shailesh Vara"}
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, "answeringDeptShortName" : {"_value" : "Justice"}
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, "date" : {"_value" : "2014-04-08", "_datatype" : "dateTime"}
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, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
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], "questionText" : "To ask the Secretary of State for Justice, what plans his Department has to increase or lower the level of fees in the employment tribunal system.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/3966", "label" : {"_value" : "Biography information for Ian Murray"}
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