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Linton Hydro

Governance and people

Linton Hydro Limited was incorporated in England under the Companies Act 2006 as a private limited company with the name Linton Hydro Limited and registered number 10141737 on 22 April 2016. The principal legislation that applies to the Company is the Companies Act 2006.

Governance

The Company’s Board will manage the businesses on a day to day basis and formal board meetings will be held quarterly going forward.

All Bondholders will be invited to the Linton Hydro annual general meeting, where the directors will provide an update on both the Flowpower and the Linton Lock schemes.

Target amount to be raised through the Bond Offer

Linton Hydro issued £2,500,000 bonds each with a nominal value of £1 in the Company.

People

The Company's Directors

Directors' Remuneration

None of the Directors in Linton Hydro are remunerated via the Company.

Directors' Holdings

The Directors’ interests in the Company upon successfully closing the Bond Offer are summarised below:

Bondholder No. of £1 ordinary bonds % bondholding
David Mann 103,740 21.00%
Jonathan Slater 123,500 25.00%

David Mann, Ben Kibel, Stephen Rule and Pete Kibel, all Directors of Linton Hydro, are also Directors and shareholders of Hydrosense Renewables Limited which has the following bondholding in Linton Hydro Limited:

Bondholder No. of £1 ordinary bonds % bondholding
Hydrosense Renewables Limited 247,000 50.00%

Linton Hydro corporate structure post bond offer

Linton Hydro Limited will develop the Linton Lock scheme through a wholly owned subsidiary, called Widdington Hydro Limited. In addition, Linton Hydro will acquire 100% of Flowpower Limited, which owns and operates the existing adjacent Flowpower scheme, upon successful completion of the Offer.

The Linton Hydro bondholders have an equity capital investment of £494,000 in the two schemes and this investment will remain in the Company as equity until the secured bonds are repaid in full. Under the terms of the Bond Offer, no dividends will be paid to the Company's bondholders until the Bonds have been repaid in full.

Related party contracts

 The Company has the following arms’ length agreements in place:

  • an agreement with Castleford Engineering Limited for the construction of the Linton Lock scheme;
  • an agreement with Mann Power Consulting Limited for the provision of equipment, installation and commissioning in relation to the construction of the Linton Lock scheme and the operation of the Flowpower scheme;
  • an agreement with Fishtek Limited for the civil construction design of the Linton Lock scheme; and
  • an agreement with Mann Power Consulting Limited for the on-going operation and maintenance of the Linton Lock scheme and the Flowpower scheme.

Directors' involvement in related party contracts

Stephen Rule is the Managing Director of Castleford Engineering which will undertake the installation of the Linton Lock scheme.

Dave Mann established Mann Power Consulting and through Mann Power he will be closely involved in the design, procurement and construction of the Linton Lock scheme, acting as project manager overseeing the construction, installation and commissioning. Mann Power will also be responsible for the ongoing operation and maintenance of the scheme. 

Pete Kibel and Ben Kibel jointly established Fishtek in 1999. Pete Kibel remains a director of Fishtek.

Diversity

None of the directors are female.

Employee satisfaction

The Society has no direct employees and therefore does not report on employee satisfaction. 

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