NATS Bankrupt?

[NATS_Not_Funny]

NATS/TAG management have just told all employees that they are unable to fulfil their obligation to issue a second batch of shares as per the privatisation agreement. The reason given is that they are unwilling to put a value on the company, which has to be done to work out the taxable value of the shares given to staff. They hope to be able to issue the shares in October, 6 months late. . .The obvious conclusion that staff are drawing is that a valuation of the company would be more disastrous news for the government, and may force them to take action similar to railtrack.

[5milesbaby]

"NATS/TAG management have just told all employees that they are unable to fulfil their obligation to issue a second batch of shares as per the privatisation agreement.". .. .Two things:. .. .1) Didn't even know there was a second batch of shares. .. .2) I haven't been told, and have been in work very recently, and can't believe that Management know working on Saturday's exists. If they have actually started to make announcements to staff, then thats a first on me, thought they just left it to the media et al.

[HEATHROW DIRECTOR]

I did see a bit of paper at West Drayton yesterday but when I realised it was to do with the shares I didn't bother to read it. It's so inconsequential and the shares are worth less than zilch to us it's not worth worrying about.

[Loki]

The news, if that`s what you can call it is on the intranet site. I stopped reading it when I read a reference to September 11. The company was in trouble before those events, from day one of privatisation in fact.

[sector8dear]

Here Here Loki <img border="0" title="" alt="[Big Grin]" src="biggrin.gif" /> <img border="0" title="" alt="[Big Grin]" src="biggrin.gif" />

[VATSIM-UK1]

Please excuse me if I am being extremely naive but as a civi with no real involvement I just can't get my head round this. Especially after a nice bottle of Merlot <img border="0" title="" alt="[Eek!]" src="eek.gif" /> . .. .A) I understood that NATS employee's were entitled to 5% of the total share capital upon privitisation - surely (shurly &lt;G&gt;) that would have been issued upon completion of the transfer of ownership? If so where is the remainder of the share capital coming from?. .. .B) If this offer was part of the share 'offer' that was initially offered then NATs have no choice but to make good the offer - I can't believe that your contracts with NATs allow for the company to suddenly decide to delay your share capital (options?) for 6 months - If it does allow the company to treat you this way then I would be questioning (again?) the abilitly of your union.... .. .You guys are amongst the most qualified and well trained safety specialists in the world and from what I have read here and heard from industry colleagues/friends you have been treated like poo over the past few years, maybe you should be questioning whether you are getting your value for money from your annual sub?. .. .All the best,. .. .Dan

[NATS_Not_Funny]

The 5 percent was always to be given in two parts. Nobody I know has ever seen the agreement so we don't know what they are allowed to do. . .Incidentally, the company was sold for £850m so you would think 5% was £42.5m yet the staff get a total of £5m - £1000 worth each at the time of the privatisation. These shares can't be traded, and can't even be registered in your own name for 5 years!!. .. ."...If it does allow the company to treat you this way then I would be questioning (again?) the ability of your union...". .. .Our union agreed to the above creative accounting. They have also agreed to NATS ceasing making contributions to the pension scheme, and are about to negotiate a massive reduction in redundancy terms. . .NATS plan to make about 950 Engineers and several hundred support staff redundant in the next 5 years, problem is they can't afford to under the current redundancy terms. The solution is to negotiate a reduction for all NATS staff in the hope that Controllers - who think they don't face any threat at the moment - will go for a small bribe and carry the vote.. .The rumour is that the union position will be "...it's going to happen anyway, lets negotiate the terms..."

[Nogbad the Bad]

I'd just like to emphasise what Loki said about the Spetember 11th tragedy............ .. .The company was in trouble before those events, from day one of privatisation in fact.

[Cuddles]

This is how I understand it. .. .We were given 5% of the shares, in two stages but they are only worth 1/8th of the actual value.. .. .We can't trade in them outside the company, as this may upset the balance (!) of the PPP agreement.. .. .We can't actually own the shares for 5 years.. .. .We have shares in a non profit making company, which means that there is no dividend attached to the ownership.. .. .Can someone explain the point of share ownership to me, I always thought that it carried a possibility of financial betterment. <img border="0" title="" alt="[Confused]" src="confused.gif" />

[ATC Watcher]

Cuddles : read the ENRON story and you will understand what is meant by "giving shares to employees ".Your trailer remark about apes is very appropriate. Some chief apes did very well with the deal, not so much the lower monkeys.....

[Bigears]

The shares were only a political device so that the staff may think they are getting something for nothing, but more importantly,the papers and hence the public would think the employees were getting a say in the running of NATS (so safety would not be compromised) and something for nothing.

[ZIP250]

Well said Big Ears, obviously I'm not the only cynic around.. .. .Z <img border="0" title="" alt="[Frown]" src="frown.gif" /> <img border="0" title="" alt="[Frown]" src="frown.gif" /> <img border="0" title="" alt="[Frown]" src="frown.gif" />