Issue - meetings

Report of Councillor David Molyneux, Portfolio Lead for Resources & Investment.

1.  That the funding application for Bankifi (equity investment of £700,000) be approved and progressed to due diligence, noting that this decision was exempt from the scrutiny and overview call in procedure.

2.   That the funding application for Dr Fertility (equity investment of £750,000) be approved and progressed to due diligence.

3.   That the funding application for Total Swimming Holdings Limited (an additional loan facility of £2,000,000) be approved and progressed to due diligence.

4.   That the funding application for Erlson Precision Holdings Limited (“Erlson”) (a loan facility of £500,000) be approved and progressed to due diligence.

5.   That the funding application for Waterside Places Limited (a loan facility of £8,000,000) be approved and progressed to due diligence.

6.   That authority be delegated to the GMCA Treasurer and GMCA Monitoring Officer to review the due diligence information in respect of the above companies, and, subject to their satisfactory review and agreement of the due diligence information and the overall detailed commercial terms of the transactions, to sign off any outstanding conditions, issue final approvals and complete any necessary related documentation in respect of the investments at 1, 2, 3, 4 and 5 above.

7.   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 27 March 2021 to 27 May 2021. Any recommendations that are approved under the delegation will be reported to the next available meeting of the GMCA.