Quote: Vote NO
But surely you must realise if this pension deal goes through, NATS will likely be sold off to the preferred bidder
eglnyt : Exactly how do you come to that conclusion. The proposal changes a very expensive pension scheme into an expensive one. I'll accept that makes it more attractive but it's still a long way short of making any difference.
I come to that conclusion based on common sense. I think you would have to be extremely naive not to consider that NATS is being prepared for a sell off. Once the incumbent management have done their best (and worse for us over the past few years) the logical outcome is sell for profit, it's a fact of life.
eglnyt: And exactly who is this preferred bidder and what are they going to buy ? We know from the experience of 2001 that NATS can't support any more borrowing so whoever buys will have to pay cash. Even if you value NATS at the bottom end of the scale that probably rules out most of the usual suspects.
The preferred bidder could be anyone. NSL and or NERL could be bought
eglnyt: Would they buy the Government's share ? Seems unlikely as they wouldn't get control of the company. Would they buy the Airline Group's share ? Possibly but all the member airlines would have to agree and it's widely believed that last time there was any interest at least one of the airlines was not prepared to sell
The Government must retain 25% leaving 70% for sale. (5% retained by staff)
The airline group cannot sell until NPC goes live, then they will sell as they wished to do so before. I am not so sure all the airlines would have to agree, some have a bigger stake than others and would have the final say. In the current downward trend of aviation movements and Airlines going bust (probably another 25 worldwide this winter "Willie Walsh" ) the revenue generated by selling NATS shares could be a lifeline to any airline in TAG. Remember BA and Virgin, part owners of NATS, have legal fines and costs amounting to £365 Million to pay soon, now where could they possibly get some cash from to pay for their dishonest deeds ??
BAA own 4% of NATS and are in financial trouble following the delay of T5 and their Spanish part owners can't finance the £12 billion loan they acquired recently (bad timing!)
I think some of us need to remove those "rose tinted specs" and wake up to what is about to happen to NATS if this Pension deal goes through, and almost certainly it won't benefit the staff !