Royal Mail Shares - Where's The Interest Going ??

[Gizmonster]

.... okay, for those of you that are not aware, if you applied for Royal Mail shares and say, for example, asked for £3k worth, you’d be getting just short of £750 worth of shares (anyone asking for under £10k, gets 227 shares at £3.30 per share = £749.10; anyone asking for more than £10k gets nothing).
What we wasn’t told beforehand, is that the amount that you asked for, will be debited from your account, so in this case £3k will be debited, even though you’re only getting £749.10 worth of shares. The remainder is due to be refunded by 21st October.
What I’d like to know is where this money is and who is going to get the interest that this will earn ??
There must be millions (poss a billion or 2 ??) that is gonna be sat somewhere earning a nice pot of interest for a week or so …... I wouldn’t mind getting my hands on it :)

[FredPuli43]

It's not a lot at present rates but, if there is any, the intending subscriber must have it. In practice, the firm dealing doesn't bother to put spare funds on the money market. It would only be there for a few days at most and by the time it was in it would be time to get it out again. The reason for cashing the cheques is to show that the funds are available.Very embarrassing if shares were allotted against no money!

[Gizmonster]

Well the money certainly isn't in our accounts, as it's gone.
assuming that they only keep it for a week and it's stashed in an account earning 2% ...... £1 billion would earn somewhere in the region of £380k.
Me and my missus (and prob lots of other people) paid by debit card. Why debit our accounts before knowing how much we'd be paying, etc ....... the robbing gits lol =/
If you ask me, it's a nice lil' earner for someone ......

[ABerrant]

"...the intending subscriber must have it."

No, the T&Cs of subscription to RM shares via the Retail Offer and the Employee Priority Offer expressly stated interest would not be returned with any refund of unallocated balance, therefore any interest will be retained by the Treasury.