Decision details
Future Arrangements in Respect of Neath Port Talbot Council Shareholding in Baglan Bay Company Limited and Coed Darcy Limited
Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
Decision:
1.
That the provisions
set out in the Shareholders Agreement for Baglan Bay Company Limited be
implemented, and St Modwen be offered back its shares
in Baglan Bay Company Limited, with the Chief Executive resigning from the
Company once the legal documentation is in place.
2.
That the Council
decline the offer of shares from the Prince’s Foundation in respect of Coed Darcy Limited, and that the Council implement the
provisions set out in the Shareholding Agreement for Coed
Darcy Limited, which requires St Modwen to acquire
the Council’s share for £1. In addition, the Chief Executive to resign from the
Company once the legal documentation is in place.
3.
That the Head of
Legal Services, in consultation with the Leader or appropriate Cabinet Member
finalise the legal documentation in respect of the above transactions.
Publication date: 05/02/2020
Date of decision: 05/02/2020
Decided at meeting: 05/02/2020 - Cabinet
Accompanying Documents: