Agenda item

(At this point in the meeting, the Chief Executive, Steven Phillips, reaffirmed his interest and withdrew from the meeting during the discussion and voting thereon.)

Decisions:

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 was 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 was 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.

Reason for Decisions:

To implement the requirements of the Shareholder Agreement for Baglan Bay Company Limited and Coed Darcy Limited and to remove the Council as shareholders of these organisations.

Implementation of Decisions:

The decisions will be implemented after the three day call in period.

(The Chief Executive re-joined the meeting.)