Thames Water to Release Updated Business Plan This Week [BNN Bloomberg (Canada)]
SEVERN TRENT PLC SPON/ADR (STRNY)
NASDAQ:AMEX Investor Relations:
severntrent.com/investors/overview
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Source: BNN Bloomberg
The board of the heavily-indebted utility is set to meet Thursday, with the plan expected to be released Friday, according to a person familiar with the plans who asked not to be identified discussing private matters. Thames, which supplies a quarter of water and sewage services to England — including London — is rushing to find at least £2.5 billion ($3.1 billion) in equity after its parent company Kemble Water Holdings Ltd last month refused to inject any more money into the business. Thames needs the cash to fund its turnaround, fix chronic leaks and sewage spills and develop new supplies in the face of worsening drought caused by climate change. But investors said an overly restrictive set of regulations from industry watchdog Ofwat made it impossible for them to provide the money. Kemble, which gets all of its income from Thames Water dividends, defaulted on its own debt a week after declining further payouts. When Thames unveiled its new five-year business plan in Octob
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