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It was noted that to proceed towards any final agreement
will require :-
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Ÿ
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an independent qualified surveyor’s report, Dwr
Cymru/Welsh Water have offered to reimburse the fee for this, to
expedite the process;
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Ÿ
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consent from the Charity Commission to these aspects of
the deal which involve disposal involving both the Charitable Trust
and the Council, as a connected party.
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Following discussions it was AGREED :-
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3.1
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to delegate authority to the Treasurer together with
Chairman of this Committee and Mr. J. Arthur Jones to negotiate
with Dwr Cymru/Welsh Water.
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3.2
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that the services of a qualified surveyor be acquired
and that his report be submitted to this Committee in due
course.
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4
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CHARITABLE TRUST LAND AT RHOSGOCH
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Submitted - a report by the Treasurer in relation to the
above.
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The Treasurer reported that steps were taken in 2005 to
market the Rhosgoch site again and expressions of interest were
received. That process was complicated by the fact that the
parties’ offers were conditional and in one case the party
was unwilling to reveal sufficient details of their proposals for
the site for a meaningful evaluation of the offer to be
made.
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Following discussion with the Chairman of this Committee
and consultation with the District Valuer (who has been appointed
to advise on the sale previously and has given the required
independent qualified surveyor’s report), the Treasurer has
written to all parties known to have an interest in this site and
have asked them to confirm details of their proposals within 21
days. It was reported that these interests will be
reported back to this Committee with the advice of the District
Valuer.
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The Treasurer further reported that the group of people
who have unlawfully entered the Rhosgoch land are still on the site
and he read out advice received from the legal section.
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Following discussions it was RESOLVED :-
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4.1
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that a special meeting of this committee be convened
to discuss with the District Valuer the proposals by the interested
parties for the Rhosgoch land.
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4.2
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that a full written report on the legal and other
implications be submitted to the special meeting in respect of the
group of people who have unlawfully entered the Rhosgoch
site.
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Submitted - the HSBC Investments (UK) Limited Quarterly
Report for the period up to 31 December, 2006. A
presentation document was presented to the meeting.
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The Investment Management reported that for the year
ending December 2006 the portfolio showed a return of 9.1% against
the benchmark return o 11.5%. The market value of the fund
was £14,921,887.
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It was reported that the management of the UK equities of
the Charitable Trust has been moved to the pan European team a the
end of November and that there were no significant asset allocation
changes in year ending December 2006.
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It was further reported that in Quarter 4 significant
portfolio changes were made as follows :-
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Ÿ
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reduced oil majors and increased E&P, oil services and
energy related stocks;
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Ÿ
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Mining exposure increased to neutral;
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Ÿ
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Consumer - rationalised media holdings
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The Managers outlined the new approach and confirmed that
within UK Equities they were now working to a 2% outperformance
target.
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The Treasurer reported that he was meeting with both
Barnett Waddingham and HSBC Investments to finalise details of the
brief and benchmarks agreed following the managers’
re-appointment.
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RESOLVED to accept the report.
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