19 ENERGETIK FUNDING OPTIONS
A report from the Commercial Director is attached. This should be read in conjunction with Report No.92, agenda part one refers. (Non key)
(This item will contain exempt information as defined in Paragraph 3 (information relating to the financial or business affairs of any particular person – including the authority holding that information) of Schedule 12A to the Local Government Act 1972, as amended).
(Report No.95)
Additional documents:
Minutes:
Councillor Nesil Caliskan (Leader of the Council) introduced the report of the Commercial Director (No.95).
NOTED
1. That Report No.92 also referred as detailed in Minute No.10 above.
2. Members’ attention was drawn to the detailed funding options outlined in the report and the scenarios addressed within Appendix 1 of the document. It was proposed to submit a report to Cabinet and Council early in the new year to agree the preferred option for the tranche 2 funding.
3. The opportunities for funding and the potential alternatives available were discussed in detail together with the further detailed work that was required before a decision was made on the preferred funding option.
4. The discussions that were taking place; the potential developments for Energetik in the future; and, the development of its business plan. The role of the Council as the Shareholder of the company was considered.
5. A detailed discussion took place on the potential funding options and the impact of them on the Council and the company. The business plan would need to address the identified priorities and seek future sustainability for the company and its shareholder.
6. The implications of the Meridian Water development on Energetik were considered.
7. The uncertainties that existed in relation to a number of related factors and, the detailed analysis that would be undertaken prior to a decision being reached on the preferred funding option. Every possible option would be fully explored.
Alternative Options Considered: As detailed in section 5 of the report, containing exempt information.
Reason: As detailed in section 6 of the report, containing exempt information.
(Non key)