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OFWAT SAFEGUARDS PORTSMOUTH WATER CUSTOMERS THROUGH LICENCE CHANGES

24 July 2002

Ofwat has introduced safeguards to maintain the independence of Portsmouth Water from its owner South Downs Limited.

Modifications to the water company’s operating licence now ensure that:

  • Portsmouth Water is properly ‘ring-fenced’ from the other activities of the group;

  • the Portsmouth Water board has at least three independent non-executive directors as further protection for customers’ interests;

  • Portsmouth Water operates as if it were a separate public limited company, independently of the rest of the group; and

  • Ofwat has continued access to information about the performance and costs of Portsmouth Water

Notes:

1. The licence modifications were proposed when South Downs Ltd acquired Portsmouth Water in December last year. Since then Abbey National Treasury Services Overseas Holdings has acquired a 30% stake in the company from Drummond Capital Ltd, a subsidiary of the Royal Bank of Scotland. This acquisition was cleared by the Secretary of State in May 2002. It does not affect the licence modifications.

2. Copies of the licence modifications will appear on Ofwat’s website www.ofwat.gov.uk. The modifications are held as part of the Director’s register and are available for inspection at the Ofwat Library. Paper copies of the modifications are available for sale at lOp per page (minimum charge £1.00) from 0121 625 1373.

3. The Ofwat consultation document, ‘The proposed acquisition of Brockhampton Holdings plc by South Downs Limited’ was published in November 2001. The consultation note “The proposed change of ownership of South Downs Capital Limited” was published on 26 March 2002. Copies of responses to both consultations, except those that were marked confidential by respondents, are available for inspection in Ofwat’s Library.

4. Ofwat is committed to being more open and transparent about its work. Information Bulletins are designed to inform all interested parties about the work of Ofwat.

Office of Water Services
Centre City Tower
7 Hill Street
Birmingham
B5 4UA

Telephone: 0121 625 1300
Fax: 0121 625 1400