Issue - meetings

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

1.      That an equity investment of £50,000 to NeuWave Technologies Limited be approved.

2.      That an equity investment of £50,000 to Verciti Ltd be approved.

3.      That an equity investment of £50,000 to H2Origin Ltd be approved.

4.      That the changes to the terms of the existing loan to Holiferm Ltd in line with the update provided in the confidential part of the agenda be approved.

5.      That an equity investment of up to £750k to Watercycle Technologies Limited, approved under delegation be noted.

6.      That amendments to the terms of the Greater Manchester Chamber of Commerce loan in line with the update provided in the confidential part of the agenda be noted.

7.      That authority be delegated to the GMCA Treasurer and GMCA Monitoring Officer to review the due diligence information in respect of the above loans, 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 and loans noted above.

8.      That a fuller discussion of the potential of the Advanced Manufacturing and Materials Investment Loans Fund be held at a future meeting of the GMCA.