Decision Maker: Chief Executive Officer GMCA & TfGM
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
The investment into The Modular Analytics
Company Limited (“TMAC”) is in line with the strategic
objectives of the business investment strategy and the Local
Industrial Strategy and support the key objectives of supporting
our globally competitive strengths and strengthening the
foundations of our economy. TMAC operates in the Digital &
Creative sector.
The Combined Authority gave approval on 29 July 2022 to give
delegated authority for the period 30 July 2022 to 29 September
2022 to the Combined Authority Chief Executive and the Combined
Authority Treasurer, in consultation with the Portfolio Lead Leader
for Investment and Resources, to approve funding requests for
projects in the absence of a Combined Authority meeting at the end
of August 2022, and approve any urgent variations on amounts and
terms for already approved loans.
Any recommendations approved under the delegation will be subject
to the usual due diligence processes and will be reported to the
Combined Authority at the next available meeting.
a) approve an investment of up to
£400,000 into The Modular Analytics Company Limited;
b) delegate authority to the Combined Authority Treasurer and
Combined Authority Monitoring Officer to review the due diligence
information in respect of the above investment, and, subject to
their satisfactory review and agreement of the due diligence
information and the overall detailed commercial terms of the
investment, to sign off any outstanding conditions, issue final
approvals and complete any necessary related documentation in
respect of the investment noted above.
Publication date: 15/09/2022
Date of decision: 15/09/2022
Effective from: 24/09/2022
Accompanying Documents: