Issue - meetings

This report provides an update from the Board of Oportunitas Ltd (“the company”) on its provisional financial outturn and activities undertaken for the financial year ending 31 March 2021 and is in-line with the requirement contained in the Shareholder’s Agreement between the company and the Council. The chairman of Oportunitas will be available at the meeting to present the report and address any questions.

The report provided an update from the Board of Oportunitas Ltd (“the company”) on its provisional financial outturn and activities undertaken for the financial year ending 31 March 2021 and is in-line with the requirement contained in the Shareholder’s Agreement between the company and the Council.

Proposed by Councillor Monk,

Seconded by Councillor Mrs Hollingsbee;

RESOLVED:

1.    That report C/21/12 be received and noted.

2.    That the provisional financial outturn for Oportunitas Ltd for the period from 1April 2020 to 31 March 2021 be noted.

3.    That the disposal of land adjacent to 84 Leyburne Road, Dover be noted and approved, and delegated authority be given to the Director of Housing & Operations to proceed with the sale achieving best value for the company.

4.    That the waiving of clause 3.3 defined in the fixed charge (set out in section 4.8 of this report) on proceeds raised from a potential sale of land adjacent to 84 Leyburne Road, Dover and be approved, and the company be authorised to retain it for future investment purposes.

(Voting figures: 9 for, 0 against, 0 abstentions).

REASON FOR DECISION:

Cabinet was asked to agree the recommendations because Oportunitas Ltd (“the company”) is required to provide regular updates to Cabinet as set out in the Shareholder’s Agreement between the company and the Council.