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HomeLatest NewsShareholders inject 750 million into Thames Water and avoid nationalization

Shareholders inject 750 million into Thames Water and avoid nationalization

Date: June 18, 2024 Time: 11:10:54

The largest water treatment and supply company in the United Kingdom, Thames Water, has received an injection of 750 million pounds sterling (878 million euros) from shareholders with which it managed to avoid nationalization. This additional funding is subject to the fulfillment of certain conditions, including the preparation of a business plan during which it supports a more focused turnaround that delivers specific performance improvements for customers, the environment and other stakeholders over the next three years and is supported by the appropriate regulatory agreements, as explained by the company.

In this way, the company’s shareholders have also recognized that the provision of more capital support will be necessary “significantly above the current commitment” between 2025-20230, with an indicative title estimate of the order of 2.50 £0 million (around €3 billion), although the nature and level of such medium-term support will emerge from the finalization of the business plan and the regulatory framework to be applied.

In this sense, the Company has defended that it continues to maintain a solid liquidity position, including 4,400 million pounds sterling (5,149 million euros) in EFEC and committed financing, as of March 31, 2023. “This announcement is an important milestone For Thames and all our stakeholders,” said Thames Water co-internal CEOs Cathryn Ross and Alastair Cochran.

Also, when questioned on the radio station ‘BBC 4’, about the need for the company to be placed under public trusteeship, Cathryn Ross replied “absolutely not”, recalling that the company has 4,400 million pounds of pounds liquidity and the company “isn’t anywhere near that trigger at all.”

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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