Decision details

Purpose of Report: As one of the founder members, to consider the potential major investment by a partner authority in relation to the Yorkshire Purchasing Organisation.

Members are asked to note the impact on the Council and confirm agreement to the investment.

Resolved:  (i)      That the proposed transaction be supported.

(ii)      That financial backing for the transaction be confirmed and approval be given to underwrite a loan through entering into a supplemental agreement, with authority being delegated to the Chief Executive to approve the supplemental agreement set out in Appendix 4 to the report, subject to:

a)   At least 10 of the 13 founder members remaining as founder members and agreeing to enter into the supplemental agreement;

b)   The satisfactory completion of legal and financial due diligence on the proposal giving confidence to process; and

c)   A resolution of the YPO Management Committee to enter into the transaction.

Reason:     To enable YPO to continue to provide benefits to its members in the long term.