September 10, 2007 - Board Minutes

Minutes of the REGULAR MONTHLY MEETING of the BOARD OF DIRECTORS held on 10 September 2007 in the CRTV Board Room, 500 Robron Rd., Campbell River, BC.

Archived Board Minutes

PRESENT: J. Kerr, R. Kerr, L. Marshal, K. Croft, S. Sinnott, B. Henshall and T. Renney.
ALSO PRESENT: Jim Forsyth, General Manager, G. Griffin, CIBC

                               
1.  Call to Order at 7:00 pm.

2.  Minutes of the Meetings:

     Moved by S. Sinnott, seconded by T. Renney: THAT the minutes of the Board meetings on the 30 July 2007
     be approved. CARRIED.

3. A special presentation was made to the Board:

The manager introduced G. Griffin who is the local CIBC Bank Loan Manager who has been working with him in extending CRTV's Demand Instalment Loan to $1.5M. It was noted that the loan has been approved and that once mortgage security has been put in place the funds will be made available to CRTV.

The manager then asked the question as to what basic criteria the Bank would use in determining further availability of funding. In turn G. Griffin then reviewed the three key fundamental criteria that the Bank uses in loan analysis. These include Character of the Corporation, Capacity (Ability to repay Debt) and Security (Collateral Value). He then went on to explain that since CRTV is a Society and not a Public Company it is not possible for CRTV to go to the Capital Markets for funding. The only solution to CRTV is Bank Financing and/or going directly to the CRTV membership.

The manager then asked if further Bank loan funding would be available to CRTV in the near future. In turn G. Griffin noted that the following criteria would have to be met before substantial further funding would be considered:
   - That CIBC would want to receive a Financial Statement for Fiscal Year End 2008 along with Subscriber Statistics.
   - That the Bank would require that any debt would be amortized over the lifespan of the equipment purchased.
   - That the impact of technology and competition on CRTV in the market place would be reviewed in detail.

The Board then questioned G. Griffin in regard to the level of future Bank loan funding that could be potentially made available to CRTV. In turn G. Griffin stated that it is not possible to determine exact amounts at this time but a key to any funding is the lifespan of the equipment as this would set the amortization available. The second determining factor would be the cash flow that CRTV has available to service the proposed debt.

Mr. G. Griffin then left the meeting and the Board reviewed CRTV’s capital funding requirements. It was then decided to hold a special meeting on Saturday the 15 September 07 at 8:30 am in the CRTV Board Room to continue discussions.

4   Ends Issues: Discussion ensued with no changes.

5.  Monitoring Report:  

Moved by B. Henshall, seconded by L. Marshal: THAT the Monitoring Reports EL1 through to EL9 as submitted by the manager be approved. CARRIED

6.  Incidental Information:  

Moved by S. Sinnott, seconded by R. Kerr: THAT the Consent Agenda be approved. CARRIED .

The manager reported that the acquisition of CRCN had been successful and there was nothing further in regard to the 50th Anniversary.

7.  Board Meeting Evaluation:
   
intense meeting.
         
8.  ADJOURNMENT:

Moved by B. Henshall, seconded by K. Croft: THAT the meeting be adjourned at 8:27 p.m.
CARRIED.

Next Regular Meeting: Tuesday 1 October 2007 at 5:00 pm

Special Meeting: Saturday 15 September 2007 at 8:30 am

CABLE TV SERVICES I HI-SPEED INTERNET I ABOUT CRTV I PROGRAMMING I NEWS I CONTACT US I HOME I WHAT'S ON TV I CRTV NEWSLETTER | MY ACCOUNT