Decision details

Decision:

1.    To approve the increase in the 25-year secure variable loan to NDHL to £15.18million. 

2.    To approve the investment of £9.22million in equity shares in GBCH, to be drawn down alongside the loan to NDHL, of which £7,786,408 has already been invested.

3.    To request that GBCH corrects the position in relation to the shares issued to the Council and the shareholdings in NDHL to address the issues as set out in paragraph 4 of this report.

4.    To request an updated Business Plan from NDHL to cover future funding.

Reason(s):

To fulfil the Council’s corporate governance duties in respect of its subsidiary company.

Other options considered and rejected by the Executive:

None.

Details of any conflict of interest declared by the Leader or lead councillors and any dispensation granted

None.