Speculation about Thames Water’s financial fate was re-ignited last week by twin stories in the financial press: that the company’s largest shareholder, Canadian pension fund OMERS, had issued a full write down of its stake, suggesting this is now worthless; and relatedly that OMERS managing director Michael McNicholas had left his position as non-executive director on the Thames board.
OMERS was among the shareholders who branded Thames’ PR24 plan “uninvestible” at the end of March.
Thames, along with the wider industry, awaits Ofwat’s draft determinations for PR24 on 12 June, to determine next steps.
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