Issue - meetings

Reporting Person – Kevin Foster

The Executive received a report which sought approval to authorise the Share Purchase option available to the Council under the Shareholders’ Agreement dated 25 April 2017 in relation to Victoria Square Woking Limited (VSWL).  The Executive was advised that the share purchase would allow the Council to take control of VSWL and enable the Council more flexibility to deliver its strategic aim to reduce its financial burden and seek the best value for the asset.  It was noted that the share purchase value was £15,600 and would allow the Council to become 100% shareholder of the company.

RESOLVEd

That  (i)    the Council exercise its option to purchase the shareholding from Moyallen Holding Limited; and

          (ii)   the Section 151 Officer and Monitoring Officer be delegated powers to finalise and complete all necessary legal agreements.

Reason:   To enable the Council to rationalise its assets and seek the best value for return on its investment.