This is a small telecomms co with a very big defensive moat around its franchise - literally - it's called the Irish Sea.

Now seems to be breaking out of previous range and starting to make new highs. Is this indicative of new CEO making presence felt? Or of data centres concept getting proven? Or just the inevitable progression of a solid cash generating business operating free from tax?

Pays a respectable dividend and is churning out modest capital growth.

What's not to like?

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