(1) That Option 4, as detailed in Agenda Item 11, be approved.
(2) That authority be delegated to the Assistant Director (Customer and Exchequer Services) and the Assistant Director (Legal and Governance) to hold detailed discussions with the incumbent suppliers and their advisors in order to (i) transfer Intellectual Property Rights and other assets in return for a shareholding in a new company established to run Looking Local (ii) novate and/or assign current contracts in accordance with existing terms and conditions in order to achieve the new arrangements (iii) enter into all relevant contractual agreements with the new entity in order to protect the Council interest in the Company and the benefit of Intellectual Property rights (iv) agree the governance and performance monitoring arrangements including but not limited to a shareholder’s agreement which sets out relevant governance arrangements to ensure the Council’s shareholding in the new company is adequately protected.