Issue - meetings

To provide additional information on the proposed strategic investment by the Yorkshire Purchasing Organisation

Ward:  All

Portfolio: Corporate

Contact:  James Anderson, Head of Accountancy; Jane Lockwood, Head of Procurement and Commissioning Support; Karl Larrad, Legal – Head of Corporate; and Martin Dearnley, Head of Risk & Internal Audit Tel:  01484 221000

1)    That the transaction proposed by Yorkshire Purchasing Organisation, as detailed within the considered report, be noted.

2)    That confirmation be given to the financial backing of the transaction by agreeing to underwrite the loan and entering into a Supplemental Agreement, and that authority be delegated to the Chief Executive to approve the Supplemental Agreement, as set out in appendix 6 of the considered report, subject to (i) at least 10 of the 13 Founding Members remaining and agreeing to enter into the Supplemental Agreement (ii) the satisfactory completion of legal and financial due diligence on the proposal giving confidence to proceed and (iii) a resolution of Yorkshire Purchasing Organisation Management Committee to enter into the proposed transaction.