Decision Maker: Chief Executive Officer
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
Agreement to sale of Toddpak Limited.
Decision taken by Richard Flinton, Shareholder Representative (on
behalf of the Shareholder Committee)
*PLEASE NOTE This decision was originally
published on or near the date of the decision and so call in no
longer applies. It has been re-published as part of the change in
committee management system that we use.*
As part of the acquisition of Todd Waste Management in 2016-17,
Yorwaste also acquired the subsidiary business Toddpak Limited.
Toddpak functions by trading the value of Packaging Recycling Notes
(PRNs). Simply the business takes a position based on an expected
future value of these notes, it is akin to trading stocks.
Yorwaste have received a firm offer from an external party for
Toddpak which is considered to be good value to North Yorkshire
County Council (as majority shareholder of Yorwaste).
Given the offer put forward for Toddpak, the
only other option available was to retain the business, however
that option was ruled out as the sale is considered to be more
beneficial.
Publication date: 28/04/2021
Date of decision: 11/02/2020