Review of Council Share Holdings
[To consider a possible sale of share holdings]
Decision:
1. That, subject to the outcome of negotiations, the sale of the Council’s 10% shareholding in inspiredspaces Wolverhampton (Holdings1) Limited and of its 10% shareholding in inspiredspaces Wolverhampton (Holdings2) Limited to Building Schools for the Future Investments (BSFI) be approved.
2. That, subject to the outcome of negotiations, the Council enter into share sale agreements, deeds of termination in respect of the current shareholders’ agreements, stock transfer forms and any ancillary documents necessary for the sale of shares to take effect and the terms of the repayment of any sub debt which the Council has in the companies referred to in the report.
3. That authority be delegated to the Cabinet Member for Resources and Cabinet Member for Education and Skills in consultation with the Director of Finance and Director of Governance to finalise the terms of the sale of the shares of the companies, to agree the Sale and Purchase Agreement, all other required legal documents relating to the sale and the future role of the Council’s Directors of the companies.
Minutes:
Councillor Louise Miles presented the report that sought approval in principal for the Council to sell its share holdings in two special purpose vehicles established under the Building Schools for the Future (BSF) programme to build, operate and maintain the two Public Finance Initiative (PFI) school schemes in Wolverhampton.
Resolved:
1. That, subject to the outcome of negotiations, the sale of the Council’s 10% shareholding in inspiredspaces Wolverhampton (Holdings1) Limited and of its 10% shareholding in inspiredspaces Wolverhampton (Holdings2) Limited to Building Schools for the Future Investments (BSFI) be approved.
2. That, subject to the outcome of negotiations, the Council enter into share sale agreements, deeds of termination in respect of the current shareholders’ agreements, stock transfer forms and any ancillary documents necessary for the sale of shares to take effect and the terms of the repayment of any sub debt which the Council has in the companies referred to in the report.
3. That authority be delegated to the Cabinet Member for Resources and Cabinet Member for Education and Skills in consultation with the Director of Finance and Director of Governance to finalise the terms of the sale of the shares of the companies, to agree the Sale and Purchase Agreement, all other required legal documents relating to the sale and the future role of the Council’s Directors of the companies.