Mr. Chris Jones:

The share capital has no value because Welsh Water is owned by a not for profit company limited by guarantee that myself and a colleague, Nigel Annett, created. The share capital of Welsh Water is all owned by Glas. It has no financial value because it cannot pay dividends to anyone. All the profits we make are reinvested back into the business. However, in the event that we did not make the repayments, the people who have loaned us money on 30, 40 and 50 year bonds could take ownership of the share capital of Welsh Water and get their money back that way. They would then have ownership of the licence and the ability to provide the supply.