News organisations around the world publish the “Pandora Papers” – leaked documents revealing the personal offshore dealings of the rich and powerful including world leaders, celebrities, billionaires and Tory political donors – and the hype is hysterical. Admittedly, those making the most noise are the titles that had access to the trove – it’s their scoop and they’re going to milk it.
Dividend recaps: this is not going to end well
An early proponent of dividend recaps – the financial two-step where equity capital is replaced by debt – was Thames Water.