A report providing an update to the Shareholder Committee on the company’s financial position and future options following the council’s acquisition of Cyber Quarter Ltd (the Company) in July 2024.

a)    notes the actions taken by the company’s Directors and Council officers following the purchase of shares;

b)    notes the estimated annual operating costs of the Company; and

c)     approves the proposed timeline of activity to enable the conclusion of ongoing discussions with potential tenants and investigation of alternative options for the Company’s future operation.

There is no other alternative to the recommendation. The Council is the sole owner of the company and needs to provide strategic direction and influence. In addition, the Council needs to ensure that the company and its main asset aligns with the corporate aims and plans for the Council.