> Well, a well run mature company should return money to shareholders. That's why shareholders give money to companies in the first place.

Sure, but what does any of that have to do with TOCs? They're badly run, transient shells, which are given money by the government.

It should be illegal for any company to take public subsidy and pay dividends at the same time.

> I don't think they privatised the rails themselves, only the trains.

See the sad history of Railtrack Plc.