Decision details

1.      That the proposed follow-on equity investment of up to £300k to The Modular Analytics Company Limited be approved.

2.      That the capital loan of up to £2.6m to Glenbrook Industrial Limited be approved.

3.      That amendments to the £650k loan in place with FM Outsource Limited be approved.

4.      That authority be delegated to the GMCA Treasurer and GMCA Solicitor & Monitoring Officer to review the due diligence information in respect of the above investments, and, subject to their satisfactory review and agreement of the due diligence information and the overall detailed commercial terms of the investments, to sign off any outstanding conditions, issue final approvals and complete any necessary related documentation in respect of the investments noted above.

5.      That authority be delegated to the Chief Executive Officer, GMCA & TfGM and the GMCA Treasurer, in consultation with the Portfolio Lead for Investment and Resources, to approve projects for funding and agree urgent variations to the terms of funding in the period 22 March 2024 to 30 May 2024.

6.      That it be noted that any recommendations approved under the delegation will be reported to the next available meeting of the GMCA.