Thames Water and its dividends

Where has the money gone?

Thames Water is broke. Back in March, its existing shareholders refused to cough up any more money, saying it was “uninvestible”. In April, its parent company Kemble Finance defaulted on its debts. And in July, Thames Water admitted it had a maximum of 12 months’ liquidity left and would struggle to raise any more without an injection of new equity.

Tha…