Decision details

To confirm the council consent for the Transfer of Ownership & Transfer of Major Shareholding of Amey (IoW) Waste PPP, the SPV and the Works and operating Sub-Contractor to a proposed new structure within the original Ferrovial parent company.

Cabinet agrees:

(a)            to provide provisional consent to the transfer of the ownership of the service provider and novation of the works and operating sub-contract to the entity know as Thalia Waste Management subject to the completion of suitable due diligence processes.

(i)              between now and the date of transfer, to agree terms of the legal documentation in Amey Waste Treatment and Ferrovial;

(ii)             the completion of financial due diligence prior to the date of transfer.

Cabinet approves that the decision to complete the consent legal documentation is delegated to the Director of Neighbourhoods in consultation with the Cabinet Member and section 151 officer and is subject to:

(b)            Satisfactory completion of legal documentation maintaining a no better, no worse position for the council

(c)             Satisfactory completion of financial due diligence