So, if Thames Water says without a 59% price hike the firm is neither financeable or investable then one must presume that without such a price hike the firm is essentially worthless?

If so, a governmental nationalisation would be very cheap presumably as the current owners would be unable to claim (as no-one would pay for it) that the asset being taken from them was worth anything that should be compensated....

But I'm guessing that's not quite what they mean?