Decision details

Approval of the proposed interim dividend payable to the Shareholder in order to meet the total Council Returns target set of £1m for each of the financial years 2020/21 and 2021/22.

A formal Shareholder Decision will then be required in accordance with the Shareholder Agreement, Reserved Matters for the actual dividend payment to be made from Aequus Group Holdings Limited to the Council (Shareholder).

To approve the proposed interim dividends of £460k for 2020/21 and £709k for 2021/22 to the shareholder, in accordance with the requirements of the Shareholder Agreement, reserved matters.

In order to pay a dividend, the Company and Directors have demonstrated that it has sufficient distributable reserves to support the payment.  The payment, when made, will be supported by the issuance of a formal dividend voucher from AGHL to B&NES Council (Shareholder).  The proposed dividend is in accordance with the approved AGHL Business Plans covering the periods 20/21 and 21/22, and in accordance with the Companies Act 2006 dividends are accounted for at the point that they are formally approved for payment, in this case 22/23 regardless of the year to which they relate.

No other options were available.