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Ofwat today published a consultation paper on the change of ownership of a large stake in Portsmouth Water's holding company, South Downs Capital Limited. Secondary Market Infrastructure Fund UK LP (SMIF) announced in February that it had acquired a 36% shareholding in South Downs. The purchase has not led to any major change in the way Portsmouth Water is financed or managed. In the consultation paper Ofwat is inviting views on any regulatory issues arising out of the completed acquisition, including the capacity of SMIF to be the owner of a large stake in a regulated water company. Subject to responses to its consultation, Ofwat is not proposing to make any major changes to the appointment conditions of the water company as Portsmouth Water already has the conditions necessary to ensure that the water business is adequately ring-fenced from other companies in its group. Ofwat is satisfied that there will be no deterioration in the quality of service provided to Portsmouth Water's customers as a result of the transfer. Portsmouth Water is the fourth smallest of the 12 water-only companies in England and Wales with a regulatory capital value of around £92 million in 2004-05. It supplies water to 290,000 domestic and business customers in the Portsmouth area. Notes to Editors: 1. The Director General of Water Services is the economic regulator of the water and sewerage companies in England and Wales. He exercises his powers in a way that he judges will allow them to carry out their functions properly, and finance them. 2. Copies of the consultation document will be available from the Ofwat website on www.ofwat.gov.uk or from the Ofwat library on 0121-625 1373. 3. Responses should be sent to Keith Mason, Director of Regulatory Finance, Ofwat, Centre City Tower, Hill Street, Birmingham B5 4UA (fax: 0121-625 3609), or by email to keith.mason@ofwat.gsi.gov.uk to arrive no later than 5pm on 14 July 2005. 4. Ofwat will place all responses in the Ofwat library unless they are clearly marked "confidential". MEDIA ENQUIRIES TO OFWAT PRESS OFFICE ON: 0121 625 1416/1496/1442 Out of hours enquiries to pager: 08700 555 500 water 502/503. Ofwat publications and press notices can be found on Ofwat's website at: www.ofwat.gov.uk  | ||||||
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