(i)

bidders were provided with access at this stage to more information such as financial prospects and details of the market;

(ii)

it was reported that the Project Board was presented with an assessment report updating the Panel on further progress;       

(iii)

it was reported that the Project Board was in unanimous agreement that the project should move into the third stage of the process;

(iv)

the project was on course to report to Full Council on 30 November 2009;

(v)

the Project Manager assured the Panel that the assessment report submitted to the Project Board had gone through the correct processes and was written with due diligence;

(vi)

the Project Manager was satisfied that the process had followed legal guidelines;

(vii)

the speed of the transaction carried out would ensure that risks to the CityBus Shareholding process were limited;

(viii)

comments made in the Herald newspaper with regards to the Citybus Shareholding process did not reflect the views of the Project Board;

(ix)

the Project Manager would ensure the report submitted to Full Council would contain information regarding the pension deficit and details about concessionary fares;

(x)

an evaluation of CityBus depot had taken place in which an environmental survey and an examination of the planning potential of the property had been carried out;

(xi)

potential costs for phase three of the project would be contained in the report;

(xii)

the Panel received assurances that appropriate legal and technical support had been used in the Citybus Shareholding project;

(xiii)

due to the commercial sensitivity of the information contained within the report submitted to the Project Board, the Task and Finish Group were unable to receive all information detailed within the report;

(xiv)

the panel noted that speculation in the press had taken place during the CityBus shareholding process was not helpful to the process itself;

(xv)

that the Panel was unable to fully ensure that the process set out in the 2 June 09 Cabinet report had been carried out correctly as they were unable to have access to the assessment report submitted to the Project Board; however the Panel had received assurances from others that the process was followed correctly;

(xvi)

that press coverage that coincided with the 1 October 09 Task and Finish Group meeting did not aid the process or keep members of the public accurately informed;

(xvii)

that the effect of the potential sale of CityBus upon the concessionary fares scheme and the pension scheme would be detailed in the report;