DURHAM TEES VALLEY AIRPORT - 5
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Dilution notice details - who was on the board?
So lets get this right,
Peel airports who have all of these head councillors on their board of directors at DTVA, gave the same councils a dilution notice in 2011 stating that if the same councillors didnt give Peel more millions, Peel would then take shares off the councils! (Public) which happened.
Something sounds very wrong about these deals and demands. It looks like Peel are benefitting to the tune of many millions, and the public are losing out.
Bob Cook leader of Stockton council is also listed as a director and they are the lead council who deal with Peel.
A Darlington council spokesman at the time of this press article stated "we do not intend to recomend to invest" (which meant they would hand over shares to Peel)
Fears for future of Durham Tees Valley Airport - Gazette Live
Someone is getting very rich out of all of this and the airport valuable land which the councils (public) USED to own just over ten years ago is now nearly all owned by Peel.
£4.3m demanded by Peel or give us your shares (2011)
Peel serve councils ‘dilution notice’ on Durham Tees Valley Airport : Durham Tees Valley Airport News Stories
From what I can see it was all with the help of councillors who are also directors on the board of Peel at DTV.
I think the police need to look at this case as you can not serve 2 masters.
Forget watergate, its going to be DTVGATE.
Peel airports who have all of these head councillors on their board of directors at DTVA, gave the same councils a dilution notice in 2011 stating that if the same councillors didnt give Peel more millions, Peel would then take shares off the councils! (Public) which happened.
Something sounds very wrong about these deals and demands. It looks like Peel are benefitting to the tune of many millions, and the public are losing out.
Bob Cook leader of Stockton council is also listed as a director and they are the lead council who deal with Peel.
A Darlington council spokesman at the time of this press article stated "we do not intend to recomend to invest" (which meant they would hand over shares to Peel)
Fears for future of Durham Tees Valley Airport - Gazette Live
Someone is getting very rich out of all of this and the airport valuable land which the councils (public) USED to own just over ten years ago is now nearly all owned by Peel.
£4.3m demanded by Peel or give us your shares (2011)
Peel serve councils ‘dilution notice’ on Durham Tees Valley Airport : Durham Tees Valley Airport News Stories
From what I can see it was all with the help of councillors who are also directors on the board of Peel at DTV.
I think the police need to look at this case as you can not serve 2 masters.
Forget watergate, its going to be DTVGATE.
beafer - I somehow doubt Peel would want to engage in activities that would involve crimibal charges and the poluce. I think it's rather more likely that we're looking at an airport which is simply failing because there just aren't enough people in Teesside who will pay enough money to fly sufficiently often when Newcastle is nearby.
Typically when a company loses its customers it will eventually go bust and close. DTV is no different from any other company
Typically when a company loses its customers it will eventually go bust and close. DTV is no different from any other company
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Nothing illegal here, if due to losses DTV needs more capital injected then that must fall to the share holders, if they include local council, then they must stump up the cash or see a dilution of their share holding as a % of the whole.
It would be very difficult for said councils to stump the cash for an airport that no one seems to want to fly from, whilst at the same time closing what some may regard as essential local public services.
Each council will have a nominated board member to "look after" the councils interest, at least in theory and they be non executive at that ie they don't do any work in day to day running so the fee's will be very little, all will be in the accounts and fully declared no doubt, they may get the odd freebie, air shows or meetings at "airport owners" events.
In my view councils have no business owning airports, market forces decide who stays in business and DTV has dodged the bullet for longer than most, but will ultimately go the same way as Sheffield City i suspect, if it didn't exist no one would propose building it?
I watch with interest what happens to CWL under local Government ownership
It would be very difficult for said councils to stump the cash for an airport that no one seems to want to fly from, whilst at the same time closing what some may regard as essential local public services.
Each council will have a nominated board member to "look after" the councils interest, at least in theory and they be non executive at that ie they don't do any work in day to day running so the fee's will be very little, all will be in the accounts and fully declared no doubt, they may get the odd freebie, air shows or meetings at "airport owners" events.
In my view councils have no business owning airports, market forces decide who stays in business and DTV has dodged the bullet for longer than most, but will ultimately go the same way as Sheffield City i suspect, if it didn't exist no one would propose building it?
I watch with interest what happens to CWL under local Government ownership
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But and its a big but, why havent these elected council members stated that they work on the DTV Airport company board of directors? Look at Budd he's the deputy mayor of Middlesbrough and has been on the board since 2005 when numbers began to fall from 900,000 to now 150k
Surely these people who all appear to be labour councillors at the upper end of their particular council elite will have seen the small clause made by Peel when the contract for the sale of some of DTV was sold to Peel for £500,000.
Ten years later Peel announce the dilution notice that IF the councils dont give Peel more millions then the shares were theirs and not the publics. Peel state in their valuations that DTV land is now worth £30 million!
What happened to the councillors on the board, did they just turn around and say to the rest of their council members and say
"Its not worth investing in as Peel want to close the place anyway"?
As thats what it looks like to me.
Lets be hearing how much these named councillors did or didnt receive to sit on the board of DTV Airport.
Stockton council are the lead on the committee who deal with Peel, and Stockton council will benefit from millions in council tax if the land is ever built on. Think of it as another Ingelby Barwick which is also in their domain.
But to build on the place the councillors have to give the publics shares away to a company which already has form for closing airports such as Sheffield Airport, and who have run DTV into the ground over the last ten years while owning most of the shares.
The bigger picture here is WHO got what, and why did they agree to give Peel more of the publics shares without a fight over the hidden contract clause, as Peel never did put the promised £20m investment into DTV.
I wonder who will be shredding tonight?
Surely these people who all appear to be labour councillors at the upper end of their particular council elite will have seen the small clause made by Peel when the contract for the sale of some of DTV was sold to Peel for £500,000.
Ten years later Peel announce the dilution notice that IF the councils dont give Peel more millions then the shares were theirs and not the publics. Peel state in their valuations that DTV land is now worth £30 million!
What happened to the councillors on the board, did they just turn around and say to the rest of their council members and say
"Its not worth investing in as Peel want to close the place anyway"?
As thats what it looks like to me.
Lets be hearing how much these named councillors did or didnt receive to sit on the board of DTV Airport.
Stockton council are the lead on the committee who deal with Peel, and Stockton council will benefit from millions in council tax if the land is ever built on. Think of it as another Ingelby Barwick which is also in their domain.
But to build on the place the councillors have to give the publics shares away to a company which already has form for closing airports such as Sheffield Airport, and who have run DTV into the ground over the last ten years while owning most of the shares.
The bigger picture here is WHO got what, and why did they agree to give Peel more of the publics shares without a fight over the hidden contract clause, as Peel never did put the promised £20m investment into DTV.
I wonder who will be shredding tonight?
Last edited by Northbound A1; 29th Jun 2013 at 13:18.
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Northbound,
Whilst I have a great amount of empathy as to your concerns and can see to an extent as to where you are coming from, I get the feeling that you are perhaps too much into conspiracy theory, & the reality, as indeed with who actually walked on the moon & who shot "JFK" or for that matter "JR".... is that reality is actually pretty straight forward (perhaps that is excluding JR!).
I prefer to believe that those appointed to deal with Peel were perhaps simply inept and not up to the job, as indeed is the case in much of business life where "committee members appointments" arising out of employment in the public sector simply inherit positions either upon death/retirement of their line manager or by the size of their gob !
As for remuneration of directors in published accounts, aren't these a disclosure requirement in any event ?
Whilst I have a great amount of empathy as to your concerns and can see to an extent as to where you are coming from, I get the feeling that you are perhaps too much into conspiracy theory, & the reality, as indeed with who actually walked on the moon & who shot "JFK" or for that matter "JR".... is that reality is actually pretty straight forward (perhaps that is excluding JR!).
I prefer to believe that those appointed to deal with Peel were perhaps simply inept and not up to the job, as indeed is the case in much of business life where "committee members appointments" arising out of employment in the public sector simply inherit positions either upon death/retirement of their line manager or by the size of their gob !
As for remuneration of directors in published accounts, aren't these a disclosure requirement in any event ?
this almost counts as news amongst all the conspiracy theories. First I've heard of the proposed SERCO expansion
Poised for take off? Hopes rise for airport funding bid (From The Northern Echo)
Poised for take off? Hopes rise for airport funding bid (From The Northern Echo)
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I would imagine that the councillors are on the board as nominees of the shareholders (the councils), just as many company boards have shareholder nominees to protect the interests of the shareholders. It isn't a conspiracy. I won't comment on whether the interests have actually been protected.
Can anybody explain how the new South side bid lurches from "creating 8 jobs and protecting another 60" to a potential 1600 jobs ?
Can anybody explain how the new South side bid lurches from "creating 8 jobs and protecting another 60" to a potential 1600 jobs ?
Can anybody explain how the new South side bid lurches from "creating 8 jobs and protecting another 60" to a potential 1600 jobs ?
Sandy Anderson, Tees Valley Unlimited chairman said: "A successful RGF award would help to secure and build upon the expertise at Serco's International Fire Training Centre at Durham Tees Valley Airport, creating 8 and safeguarding 60 existing jobs.
However, further up the article it also says:
The Southside development would allow Serco to expand its fire training business, which has operated at the airport since 1981, and build a new £7.4m complex to include training rigs, a virtual reality test centre and accommodation for trainees.
The initial plans would create 14 new jobs and help Serco increase its business with firms overseas.
The initial plans would create 14 new jobs and help Serco increase its business with firms overseas.
This mornings Northern Echo contains a Jobs & Business supplement in which this story features heavily with the front page given over to it plus an editorial comment but most informative is a centre spread graphic layout of the new proposals which show Serco moving from their current sites to a new HQ adjacent to their training ground , a potential railway sidings close to the current rail stop , a potential future railway station close to the airport entrance - on the site of the recently demolished wartime sick quarters which was also offered as a potential hotel site last year - the route of the proposed new access road is shown as is the Southside Business Park .
Lots of potentials and proposals but all good news if funding is made available and certainly worth buying today's 'Echo for the graphic alone !
Lots of potentials and proposals but all good news if funding is made available and certainly worth buying today's 'Echo for the graphic alone !
Are these all real jobs doing something commercially useful which would be sustainable in the private sector, standing on their own feet, or is this just some sort of fantasy make-work scheme that is utterly dependent on taxpayer handouts just to bribe some voters ?
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I think it's very positive for the airport but one thing that does concern me is the involvement of Dave Laws, the Chief Executive of NCL. It mentions in the paper but not on the website that he's part of the project via his position at the North East Chamber of Commerce, surely this is a bad thing as someone in his position at NCL should not want such a scheme to go ahead and with his high ranking involvement with the NECC he could surely be in a position to scupper not only the development but other areas of business at DTVA?
Are these all real jobs doing something commercially useful which would be sustainable in the private sector, standing on their own feet, or is this just some sort of fantasy make-work scheme that is utterly dependent on taxpayer handouts just to bribe some voters ?
I understood the main plans for the south side where to do with cargo
at the North East Chamber of Commerce, surely this is a bad thing as someone in his position at NCL should not want such a scheme to go ahead and with his high ranking involvement with the NECC he could surely be in a position to scupper not only the development but other areas of business at DTVA?
Has there been any announcement from the various councillors about being on the board of DTV and if the received any money for their services?
Does anyone know if the press received a copy of the Peel Dilution Notice in 2011 or was it all discussed behind closed door at the council chambers with the same councillor directors of DTV?
If this is what you are on about, it was covered extensively in the local media, with councillors/MP's involved (in fact you posted the same link on 10/12/2011, post #1474 !).
Last edited by SWBKCB; 5th Jul 2013 at 16:02.
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Who knew?????
SWB, yes it was covered in the press about the Peel Dilution notice in 2011 but did anyone know about the labour councillors who ALSO served on the Peel DTV board at the same time as being at the council who where asked for the £4.5m?
I didnt.
Have any of them got a caravan I wonder?
I didnt.
Have any of them got a caravan I wonder?
This quote is taken from the article linked above (my underlining). Long time since I did economics, but isn't somebody who sits on the board usually a director? Can't see what is so surprising/sinister about councils who are shareholders of the airport company having seats on the board?
Despite owning fewer shares, Darlington Borough Council leader Bill Dixon insisted that the council’s influence over the airport will not be compromised.
He said: “It was in our agreement with Peel from the start that over time the local authorities’ share options would decrease as they put more capital in. I will continue to sit on the board and, in real terms, our influence will not be affected. Even combined – the local authorities were minority shareholders, so we couldn’t really veto anything done by Peel. I am concerned for the future of the airport, but not in relation to this. It doesn’t matter who owns what, so long as it is running.”
He said: “It was in our agreement with Peel from the start that over time the local authorities’ share options would decrease as they put more capital in. I will continue to sit on the board and, in real terms, our influence will not be affected. Even combined – the local authorities were minority shareholders, so we couldn’t really veto anything done by Peel. I am concerned for the future of the airport, but not in relation to this. It doesn’t matter who owns what, so long as it is running.”