URL: https://democracy.bathnes.gov.uk/ieDecisionDetails.aspx?ID=2165

Decision Maker: Council Leader

Outcome: Approved

Is Key Decision?: No

Is Callable In?: No

Purpose: The report seeks a formal Shareholder Decision following approval of the Aequus Group Holding Limited (AGHL) Board to the proposed interim dividend payable to the Shareholder for the financial years 2023/24. A formal Shareholder Decision is required in accordance with the Shareholder Agreement, as Reserved Matter 32 for the actual dividend payment to be made from AGHL to the Council (Shareholder).

Content: The report seeks a formal Shareholder Decision following approval of the Aequus Group Holding Limited (AGHL) Board to the proposed interim dividend payable to the Shareholder for the financial years 2023/24. A formal Shareholder Decision is required in accordance with the Shareholder Agreement, as Reserved Matter 32 for the actual dividend payment to be made from AGHL to the Council (Shareholder). To approve the reserved matter below to allow AGHL to progress with paying the interim dividend of £771K for 2023/24 to the Shareholder in order to meet the total Council Returns target set of £1m for the financial year 2023/24.   Reserved Matter 32 - Declaring or paying any end of year dividend of the Company (where applicable). Qualifying financial returns to the Council comprise of total commercial interest paid on Council Loans with the balance of the target met through dividend payments. Following the restructure of the Aequus Group, dividends flow to the Shareholder via Aequus Group Holdings Limited.   Actual returns for 2023/24 show a total of £229K has been paid by ADL in commercial interest on development capital loans leaving a balance of £771K required to be met via the annual profit dividend to be received from ACL and paid onto the Shareholder. None.

Date of Decision: December 23, 2024