Decision details

To agree I4B Holdings Ltd’s second annual business plan.

It was RESOLVED:

16.1    That the Business Plan for i4B Holdings Ltd, as set out in Appendix 2, be approved.

16.2    That the remaining properties of the initial PRS acquisition programme (PRS 1) be purchased within Brent, for an additional investment of £3.5m;

16.3    That the loan to fund the PRS 1 working capital requirement be increased from £1m to £2.5 million with the facility draw down an additional £1m if required;

16.4    That up to £116m be made available to fund the acquisition of 300 additional private rented sector properties (PRS 2) by i4B Holdings Ltd (subject to approval of the 2018/19 i4B Business Plan);

16.5    That £35m be made available to fund the acquisition of 100 intermediate rent sector properties by i4B Holdings Ltd (subject to approval of the 2018/19 i4B Business Plan);

16.6    That a further £4m be lent to i4B in order to fund the working capital requirements for PRS 2 (£3.2m) and the intermediate rent acquisitions programme (£0.8m).

16.7    That the appointment of the Strategic Director for Children and Young People (Gail Tolley) as a Director of i4B Holdings Ltd in place of the Strategic Director of Community Wellbeing (Phil Porter), be agreed; 

16.8    That the list of Shareholder Consent Matters which will be delegated to the Chief Executive, as detailed at Appendix 1, be agreed; and

16.9    That the remuneration package for the fifth 5^th Company Director, be agreed.