Again Thanks, extremely interesting insight.

I'm not sure they're entirely to blame although I'm sure they've played their part.

Look at the shareholding changes (2011-2017 Macquarie) and dividend payout percentage. It seems the current shareholders were left holding the bag, and perhaps we should be pointing fingers at Macquarie. When they left the debt had been increased by £2bln. If you look at their dividend payout ratio, in most of the years it held the investment, this ratio is extraordinarily high. Perhaps they sucked this dry, necessitating a price increase. (Current shareholders have barely paid anything).

Capital expenditure has been flat, only really increasing in 2021-2024. Perhaps chickens coming home to roost?