Decision details

The Chief Finance Officer and Strategic Head of Service & Monitoring Officer (Legal, Democratic Governance and Estate and Asset Management) have made the following decisions in line with the delegation from the Cabinet  on 5 February 2019:-

(1)  The Chief Finance Officer and Strategic Head of Service (Legal and Democratic Governance) in consultation with the Cabinet Member for Corporate Resources, Commissioning and Governance has given approval to the detailed terms of the contractual and commercial arrangements for the Council’s equity investment of £5.6m into Manchester Airports Holdings Ltd (‘MAHL’) and the new C-share structure in MAHL, as outlined in the body of this report.

(2)  The Strategic Head of Service (Legal and Democratic Governance) has authorised the execution and completion of the Subscription Agreement, the variation to the Shareholders’ Agreement, the variation to the Councils’ Agreement, and any other necessary ancillary documents or agreements to give effect to the transaction and recommendations as outlined in the body of this report.

(3)  The Chief Finance Officer has given approval to the detailed accounting arrangements and treatment of the C share investment.

(Note: the report contained information ‘not for publication’ that was circulated to the decision maker only)