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Agenda item

Cardiff Capital Region Compound Semiconductor Project – Special Purpose Vehicle Report

Appendices 1, 2, and 3 of this report are not for publication as they contain exempt information of the kind described in paragraphs 14, 16 and 21 of parts 4 and 5 of Schedule 12A to the Local Government Act 1972

Minutes:

There is a Confidential Appendix to this minute which is exempt from publication as it contains exempt information of the kind described in paragraphs 14, 16 and 21 of parts 4 and 5 of Schedule 12A to the Local Government Act 1972)

 

Cllr Morgan advised colleagues to note in reference to Agenda Item 5, that Appendices 1A, 1B, 2A, 2B, 3 and 4 of this report were not for publication as they contain exempt information of the kind described in paragraphs 14, 16 and 21 of parts 4 and 5 of Schedule 12A to the Local Government Act 1972.

As such, should colleagues with to discuss matters within those Appendices, members of the public would have to withdraw while that discussion takes place and will be asked to return to hear a summary and the final decision of the Cabinet.

If anyone wished to formally move that the public be withdrawn, colleagues were asked to make that clear so the proposal can be seconded and moved and formally recorded in the minutes. The proposal was moved and members of the public were asked to leave proceedings.

The Regional Cabinet considered a report on behalf of the City Deal Programme Director:-

1.        To seek approval of the Regional Cabinet to establish a Special Purpose Vehicle (SPV) to deliver the Compound Semiconductor Project (CSC Project).

2.        To consider and agree the required details necessary to establish the SPV including such matters as scope, objectives, name, shareholder arrangements and composition of the Board.

 

 

 

 

 

RESOLVED: it was agreed that Cardiff Capital Region Joint Cabinet:

 

   a)

Establish a Special Purpose Vehicle Company Limited by Shares as detailed in the SPV Options Appraisal report contained in Appendix 1B;

b)

Agree to name the Special Purpose Vehicle Company ‘CSC Foundry Ltd– ‘LDC Ffowndri Cyf[1].

 

c)

Approve the Shareholders’ Agreement related to ‘CSC Foundry Ltd’, as detailed in Appendix 2B;

 

d)

Request each authority appoint a Director to sit on the ‘CSC Foundry Ltd’ Company Board;

 

e)

Agree that for the purposes of the CSC Project the Lead Authority continues to be Monmouthshire County Council, and delegate to the Chief Executive Officer of that Authority, in consultation with the Regional Cabinet Chair and Programme Director, the power:

 

 i.       Deal with all matters pending formation of the SPV; and

ii.       Thereafter all matters that fall to the Lead Authority as set out in the Shareholders’ Agreement and any matters that are required to facilitate the CSC Project and fall outside the remit of the SPV provided the delegation is executed within the remit of the financial commitment approved.

 

f)

Agree that the Lead Authority enter into a direct payment guarantee with the Welsh Government as detailed in 8.9 of the Shareholders’ Agreement related to ‘CSC Foundry Ltd’; and

 

g)

That the CCR Programme Director, in consultation with the Lead Authority, SPV and Accountable Body, report to Regional Cabinet, at the appropriate time, for decisions on any changes to the roles and responsibilities of the Lead Authority and SPV.

 

h)

Approve the CSC Foundry Ltd Annual Business Plan as detailed in Appendix 4.

 



[1]Lled-DdargludyddionCyfansawdd Ffowndri Cyfngedig

Supporting documents:

 

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