PORE have been asked today to amend the wording in a previous post which stated that the new owners of the farm, Artemis and the funders of Crouchland Biogas, Privilege Asset Finance were 'associated'.
We may not have been technically correct, but let us explain the link between the companies.
It is very clear that the companies have a significant link in Craig Reeves. (We apologise if we were in error by stating that the companies were 'associated.')
• Is a person with significant control of Privilege Holdings Ltd, which in turn has significant control of Privilege Asset Finance (which financed the original biogas plant at Crouchland Farm)
• Is also a person with significant control of West Sussex Agri Ltd (WSA), which in turn is registered as ‘a person with significant control’ of Artemis Land and Agriculture Ltd. (WSA owns Artemis which is the new owner of the farm)
• is also a board member and founder of Prestige capital finance, which is linked to Privilege Asset Finance
In short, Craig Reeves has significant control of companies which in turn have significant control of both Privilege Asset Finance and also the new company which has bought Crouchland Farm, Artemis Land and Agriculture Ltd.
Please read below to see what “significant control or influence” means;
An individual who has significant control or influence over a company can be a person or legal entity, such as another company or firm. As per some examples provided by Companies House, “control” and “influence” can be exercised in a number of different ways:
A person directs the activities of a company, trust or firm.
A person can ensure that a company, trust or firm generally adopts the activities which they desire.
A person has absolute decision rights over decisions related to the running of the business of the company, for example relating to:
– Adopting or amending the company’s business plan.
– Changing the nature of the company’s business.
– Making any additional borrowing from lenders.
– Appointment or removal of the CEO.
– Establishing or amending any profit-sharing, bonus or other incentive scheme of any nature for directors or employees.
– The grant of options under a share option or other share based incentive scheme.
A person has absolute veto rights over decisions related to the running of the business of the company, such as adopting or amending the company’s business plan, or making additional borrowing from lenders.
Where a person holds absolute veto rights over the appointment of the majority of directors, meaning those directors who hold a majority of the voting rights at meetings of the board on all or substantially all matters.
A person who is not a member of the board of directors but regularly or consistently directs or influences a significant section of the board, or is regularly consulted on board decisions and whose views influence decisions made by the board.
A company founder who no longer has a significant shareholding in the company they started, but makes recommendations to the other shareholders on how to vote and those recommendations are always or almost always followed.