Agenda item

Report to Consider a Potential Investment Opportunity Proposed by a Related Party (Cab.11.12.2019/15)

Minutes:

AGREED OPTION 1

 

RESOLVED:-

 

(i)        agreed that the Council’s founder member status be retained and support for the proposed transaction (as outlined in Appendix A of the report) be reported to inform a vote at the Management Committee to be held on 13th December 2019; and

 

(ii)       agreed that financial backing be given for the transaction by agreeing to underwrite the loan (on a shared basis between the other 12 Founder Member Authorities) required to fund the purchase through entering into a Supplemental Agreement and delegates authority to the Executive Director Core Services to approve the Supplemental Agreement set out at Appendix B subject to:

 

·         at least 10 of the 13 Founder Members remaining as Founder members and agreeing to enter into the Supplemental Agreement;

 

·         the satisfactory completion of legal and financial due diligence on the proposal giving confidence to proceed; and

 

·         resolution of the Management Committee to enter into the transaction proposed.