Agenda and draft minutes

(Report of the Director of Corporate Resources). This report considers and makes a recommendation for the sale of the Council’s interest Landsbanki following the receipt of an offer for purchase negotiated by Solicitors Bevan Brittan.

The Leader of the Council considered a report, which sought approval for the Council to sell its share in LBI (Landsbanki hf), on the basis of the terms set out in paragraph 3.2 of the report.

RESOLVED:

1. That it be agreed that the Council should sell its share in LBI on the basis of the terms set out (ii) below.

2. That delegated authority be given to the Director of Corporate Resources, (or in her absence the Assistant Director of Finance (Deputy CFO)), to finalise the sale, on the condition that a reserve price is agreed on the terms set out in the exempt part of the report (Appendix A).

Alternative options considered

The alternative option is to not sell the Council’s interest now but to await the conclusion of the winding up process which may, or may not, yield a better return.

Reasons for decision

An offer has been made for buying the Council’s claim in LBI as set out above. This report recommends taking that opportunity as it is deemed in the best interests of the Council.

To consider exempt information pertaining to the report.

This part of the report is not for publication as it contains exempt information as defined in paragraph 3 schedule 12A of the Local Government Act 1973.

Exempt information pertaining to the report was considered.