Decision details
AGHL Interim Dividend to Shareholder (WL)
Decision Maker: Council Leader
Decision status: Approved
Is Key decision?: No
Is subject to call in?: No
Purpose:
Approval of Reserved Matter 32 to allow AGHL to progress with payment of the interim dividend for financial year 2022/23.
Decision:
To approve the reserved matter below to allow AGHL to progress with paying the interim dividend of £848K for 2022/23 to the Shareholder in order to meet the total Council Returns target set of £1m for the financial year 2022/23.
Reserved Matter 32 - Declaring or paying any end of year dividend of the Company (where applicable).
Reasons for the decision:
Qualifying returns to the Council comprise of total commercial interest paid on Council Loans with the balance on 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 2022/23 show a total of £152K has been paid by ACL and ADL in commercial interest on development capital loans leaving a balance of £848K required to be met via the annual profit dividend to be received from ACL and paid onto the Shareholder.
Alternative options considered:
No other options were considered.
Publication date: 10/10/2023
Date of decision: 10/10/2023
Accompanying Documents:
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