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Angels or angles
01 September 2002
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UK water group AWG (formerly Anglian Water Group) has attracted
more than its fair share of attention from the finance community
over the last year. The reason for this is not hard to fathom: in
November last year the firm announced a radical restructuring of
its operations which has involved splitting the group into two
discrete operations. These are a ring-fenced, debt financed company
which will concentrate on the regulated water business known as
Anglian Water Services (AWS) and AWG, which will focus on
infrastructure and management activities (see Project Finance May
2002, page 19). This move put into action what a lot of UK water
utilities had been talking about for a long time ? a restructuring
designed to improve profitability in a heavily regulated industry
in which most operating efficiencies have already been achieved.
Details of the proposed return of capital and issue and redemption
of redeemable shares associated...
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