Decision details

Millstream has requested the permission of its shareholder (the council) to create and issue ordinary shares in the company. It is the company’s intention to sell all the shares created to the council, with the proceeds of this sale being used to pay off the company’s shareholder loans owed to the council. This is a mechanism specifically designed in consultation with the council’s Head of Strategic Finance and Property to more clearly delineate the Millstream’s funding from equity (that is, shares held by the council) and debt (that is, loans taken out from the council). While this change has no impact on the cashflows to the council emanating from Millstream’s activities, it will simplify Millstream’s accounts

That written consent is provided to Millstream Property Investments Ltd’s request to issue ordinary shares in the company