MAG
Shed I share the LN KGL philosophy, which is one of caution. I remember him looking at the North West airports as a whole to understand the underlying growth.
If you compare 2014 to 2004, then across the three airports (now two), total passengers have increased from 24.86m to 26.20m. That's growth of 5.39% over 10 years (source CAA).
I'm sure we can point to various impacts such as the Recession etc - but the saying is that the past predicts the future. If that growth is replicated in the future, then will it be sufficient to repay the additional liability? If not, what is the fallback position?Local councils are increasingly cash strapped and they will be relying on the MAG dividend continuing.
These are sensible questions to ask and I re iterate, I'm surprised that the answers are not in the public domain given that the Heathrow equivalents are.
In case you accuse me of bias, you will find that I have also supported the recent drop off charge al Liverpool which may not be popular, but recognises the reality of the situation. Oh and my brother has worked at MAN for many years and I wish that to continue!