Agenda item

To note action taken under urgency procedures in relation to arrangements associated with the Private Placement draw-down.

FINANCE COMMITTEE

(Deputy Jamie Ingham-Clark)

22 June 2021

Report of Action Taken: Private Placement Borrowing – 2^nd Tranche

The Court was recommended to note action taken under urgency procedures to enable a planned transaction in relation to second tranche of private debt on 14 July 2021, following the appointment of a new Chamberlain.  The action taken authorised the new Chamberlain, Caroline Al-Beyerty, on behalf of the City Corporation to execute and deliver the Private Placement Transactions Documents to be executed under hand, by signing for and on behalf of the City Corporation in order to effect the second tranche of the Private Placement and on an ongoing basis. As the post of Deputy Chamberlain was vacant and in case anything should befall the Chamberlain, the Corporate Treasurer, Kate Limna, was also authorised on behalf of the City Corporation to execute and deliver those Private Placement Transactions Documents to be executed under hand by signing for and on behalf of the City Corporation.  It had been necessary to take this action under urgency as the Court was not scheduled to meet until 22 July 2021, and the second tranche of the private placement debt was due on 14 July 2021.

Resolved – That the action taken under urgency procedures be noted.