DRAFT
BOARD CONFIDENTIAL
Aurrigo International plc Board Meeting
14th April 2026
Commencing at [time]
Power Park, Kenilworth
Present
Mr A. Dymock (in the chair)
Mr D. Keene
Mr P. Whiting
Mr S. Brewerton
[Participant 1]
[Participant 2]
[Participant 3]
[Participant 5]
[Participant 6]
[Participant 7]
[Participant 8]
In Attendance
None recorded.
Apologies
None received.
Quorum
It was noted that a quorum was present and the meeting was declared open.
Declarations of Interest
No new declarations of interest were made.
Previous Minutes
The minutes of the previous meeting were approved as a true and accurate record.
Matters Arising
The board reviewed progress on outstanding actions from the previous meeting. It was noted that Mr Brewerton had circulated the KTP proposals to Mr Whiting as requested. The Ultra PRT press release remained in progress, with the board noting that terminology had been corrected to avoid references to "Heathrow vehicles" in favour of "PRT vehicles". The Gordon Murray announcement remained on hold pending final commercial discussions. All three vehicles were confirmed to be on site, providing the opportunity for photography. Mr Dymock confirmed that the skills matrix sessions would be completed following his recent absence.
1. Power Park Relocation and Premises Update
The board received a comprehensive update on the relocation to Power Park. It was noted that buildings 11, 12 and 13 were ready for handback to Flex Space, with inspection scheduled for Friday 17th April and only floor painting remaining pending landlord approval.
The board noted that leases for buildings 32 and 33 had been received, comprising three-year terms with a February break clause. It was agreed that the Company would sign these leases and move operations during the JLR/Aston Martin fortnight shutdown in late July/early August, with handback of buildings 32 and 33 planned for late September.
It was reported that all building systems were operational, including CCTV, security access, and internet infrastructure. A new router had been installed with the lease line expected to be activated before Reed's line closure on 26th-27th April. The board noted that a facilities manager had been recruited and cleaners were operating on a Monday/Wednesday/Friday schedule totalling eight hours per week across three personnel.
The board noted that vehicle charging facilities had been temporarily disabled pending implementation of a controlled access system to prevent unauthorised use.
Following discussion of people issues arising from the move, it was noted that feedback was generally positive with improved cross-team interaction, though two to three individuals had raised concerns largely related to other agendas including redundancy requests.
2. Leadership Appointments and Organisational Changes
The board considered the appointment of Mark (former Managing Director of Gatwick Ground Services) to lead external and global operations. It was noted that the proposed one-year fixed contract exceeded £100,000, requiring board approval under matters reserved.
Following detailed discussion of Mark's background and the division of responsibilities with Rick Fairchild (who would focus on internal operations), it was agreed that [Participant 3] and [Participant 5] would conduct a Teams call with the candidate before formal board approval.
The board noted the appointment of Jan Snape (ex-Red Bull F1) to lead the mechanical engineering team, bringing additional rigour to design and testing processes. A new purchasing person had also joined to support the PRT programme, with plans to build a centralised purchasing function under Adam.
3. UPS Vehicle Programme Progress
The board received an update on the UPS programme, noting that vehicle 2 with new suspension and auto load/unload functionality was ready for delivery the following week pending CAA approval for the transit vehicle. It was noted that vehicle 1 required further updates, with delivery delayed by 2-3 weeks to ensure reliability.
The board noted that brake pack failures on Italian axles had been addressed through fitting brake line pressure monitors, and that future builds would utilise superior UK-manufactured FPW axles. The programme had been extended by six months to ensure proper demonstration and bedding-in of systems.
It was reported that Luke (UPS global head of wheeled vehicles, based in Atlanta) would visit in approximately two weeks, with the UK team advocating strongly for the visit following their positive reaction to the Power Park facility. The board noted Luke's cautious approach given two previous failed autonomous vehicle investments.
4. Changi Operations and Maintenance Challenges
The board noted that two of four vehicles at Changi were currently down (differential failure and burnt brake packs) against a minimum requirement of three vehicles to maintain operations. It was reported that repairs were challenging due to lack of proper workshop facilities, with the team currently working in a car park environment.
The board noted that plans were in place to combine components from failed vehicles to restore one additional working unit while permanent repairs were arranged. The situation was being monitored by Changi management, and it was agreed that Phase 2B work remained largely on track despite vehicle issues.
5. Sales Pipeline and Business Development
The board received updates on several significant opportunities:
- Wayne Perry/Donata RFI submitted four days ahead of schedule with potential contract value of approximately £15 million over four years
- Vanderlande RFI for new US airport AutoSim trial worth approximately £500K, with submission deadline 20th April
- World Flight Services cargo proof of concept at George Bush International Airport
- Turkish cargo and Trippy mobility provider quotations in progress
- Amazon Air AutoSim kickoff estimated at £50K following renewed engagement
The board noted that SATS (Changi ground handler) had approached the Company regarding automated shuttle bus procurement, with a meeting arranged for Tuesday 15th April.
6. Strategic Partnerships and Hub Development
The board considered developments with TCR (world's largest GSE supplier/leaser), noting their approach seeking alignment on autonomous vehicle strategy. It was reported that TCR's head of sales/investments had visited Power Park and expressed strong interest in a partnership covering sales, leasing and maintenance.
The board noted that Mark would have lunch with TCR's CEO in Brussels on Wednesday 16th April, leveraging his existing relationship to explore potential collaboration. The strategic rationale was that TCR's global maintenance facilities would address the Company's field support challenges without requiring substantial infrastructure investment.
The board discussed the importance of productionising vehicles and building proper manufacturing documentation as prerequisites for successful hub partnerships.
7. Technology Projects and Funding Applications
Mr Brewerton presented details of two Innovate UK funding applications:
Sentinel Project: Ground operations awareness system utilising ATC radio monitoring, aircraft position mapping and taxiway crossing prevention. Partnership with Warwick University with expected funding of approximately £1M. The system could have prevented recent aircraft-fire truck collision incidents.
Talon Project: T-side-led autonomous bonded cargo movement project with digital tracking and customs clearance acceleration. Rego's share estimated at £1M of total £4M project. Partners include DIT and Teesside University.
Funding decisions were expected within approximately two weeks. The board noted that all IP developed would be owned by Rego, with potential commercialisation after 18 months for Sentinel.
8. Financial Performance
The board noted that March automotive revenue reached approximately £600K against a £480K budget, representing approximately £400K improvement versus the same period last year. Bank balance at end of March remained at approximately £10M.
It was reported that the audit was progressing with tax auditors beginning their review. Stock valuation had been increased by £140K with further items under review. The annual report front end was approximately 90% complete with target completion moved to mid-May.
The board discussed dilapidations accounting treatment, noting the auditors' potential requirement for prior year provision despite the move decision being finalised close to lease signing.
9. Five-Year Strategic Planning
Following discussion of the Company's long-term direction, the board agreed that a written five-year plan was required. It was noted that key considerations included company scale, ownership transition and leadership succession, with the CEO being 62 years old.
The board agreed that [Participant 1] would draft a narrative-format five-year strategy document for circulation before the next meeting, with the subsequent meeting to be dedicated to strategic discussion.
It was agreed that once strategic priorities were identified, non-executive directors would be formally assigned to relevant workstreams where they could add value.
10. Board Effectiveness and Future Structure
The board discussed potential restructuring of the agenda around customers/markets, operations, people and finance to elevate strategic discussion over operational detail. It was agreed that individuals would be rotated to present at board meetings, with Mark potentially presenting his initial assessment at the next meeting.
The board agreed to merge pipeline tracking and contract status documents, adding build estimates and timing information for better visibility of manufacturing requirements and capacity planning.
Actions Summary
Any Other Business
The board noted that an RNS announcing the Power Park move would be issued once leases for buildings 32 and 33 were signed. Registered office change would occur in mid-August once fully relocated.
It was noted that a request had been submitted for HRH Prince William to open the Power Park facility, with timing proposed for end of August onwards once relocation was complete.
Date of Next Meeting
The date of the next meeting would be confirmed and circulated in due course.
Close
There being no further business, the Chair declared the meeting closed at [time].