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148 
NO FREE SHARES
Page 24
If you've noticed an error in this article please click here to report it so we can fix it.
As a previous employee of BAS, part of NFC, can I draw your attention to a matter of fact that was incorrect in Miles Brignall's otherwise excellent article on Exel Logistics (CM1824 April).
In his second major paragraph, sentence three, he says that: "Staff had been given shares as part of the company's buyout in 1982."
Peter Thompson (subsequently Sir Peter Thompson) having a Yorkshire background said that his mother always said: "if you get something given to you, then you do not appreciate its value." As chairman, he also subscribed to this philosophy. No shares were issued for free. We all paid a full £1.00 per share for each share we owned.
Those within the company, who paid £53 million—at 1982 prices—had the courage to back their efforts, and it did make money. Subsequently there were management changes and the "new kids on the block" seemed to lose the plot, hence the problems that your article outlined.
Those of us who were employees at the time, now mostly in retirement can feel proud of having the courage of our convictions and putting our money were our mouth was.
Being a former employee and current shareholder. I have no other vested interest in the company whatever. Finally, I should say that CM has always been my weekly read, even in retirement, since it still keeps me up-to-date with happenings throughout the industry. Michael Bentley, via e-17iag.