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JT Group Ltd: Borrowing Consent

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

An accurate record of “Ministerial Decisions” is vital to effective governance, including:

  • demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision

  • providing a record of decisions and actions that will be available for examination by States Members, and Panels and Committees of the States Assembly; the public, organisations, and the media; and as a historical record and point of reference for the conduct of public affairs

Ministers are individually accountable to the States Assembly, including for the actions of the departments and agencies which discharge their responsibilities.

The Freedom of Information Law (Jersey) Law 2011 is used as a guide when determining what information is be published. While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

A decision made 24 February 2023:

Decision Reference:  MD-TR-2023-33

Public

Subject: JT Group Ltd – Request for borrowing consent.

 

Report Title: JT Group Ltd – Request for borrowing consent

Exempt (Article 26)

Decision(s):

The Minister decided to approve JT entering into a UBS Facility Agreement and Security Agreement for a facility secured against a portfolio managed by UBS.   The approval to be subject to the following condition:-  • No guarantee (explicit or implicit) nor letter of comfort to be provided by the States of Jersey.    The Minister decided to instruct the Treasurer of the States and States of Jersey Investments Limited as Nominee and Trustee for the Minister, in accordance with the Declaration of Trusts, to approve a Written Shareholder resolution approving the UBS facility and related documentation

Reason for Decision(s):

Paragraph 7.1.3 of Schedule 2 of the Memorandum of Understanding between the Minister and JT requires that JT seek consent of the Minister before it creates any Material mortgage or security interest, other than any arising out of operation of law or being within prior agreed limits, over any of the Company’s assets.  The implementation of the facility provides JT with the most efficient solution to address any temporary borrowing need that may arise over its term.

Resource Implications: There are no resource implications for the Government of Jersey arising from this decision.  All finance costs in relation to the UBS facility are borne by JT

 

Action Required: The Minister’s Private Secretary to inform the Head of Shareholder Relations that this decision has been approved.

Signature:

 

 

Signed By: Minister for Treasury and Resources

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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