FRANKFORT, Ky. — Following through on his commitment to transparency and open government, Gov. Andy Beshear on Friday released documents related to Kentucky’s investment in Braidy Industries.
The documents include a letter of intent regarding Kentucky’s $15 million investment, stock purchase agreement, voting agreement and investors’ rights agreement. The documents reveal the names of those invested in Braidy Industries.
“In releasing these documents, we are showing Kentuckians that we are committed to transparency and open government,” said Gov. Andy Beshear.
“Braidy Industries believes in transparency as well as in the privacy of its shareholders,” said CEO and Chairman of Braidy Industries Craig Bouchard. “The state asked for the release of these documents and we were happy to support this request. The Commonwealth Seed Fund is a valued shareholder. Braidy strongly supports the governor, the bi-partisan leadership of the state of Kentucky, and all of its agencies.”
The previous administration refused to release the documents requested by The Courier-Journal despite an attorney general’s open records decision and multiple court rulings* holding that they are public records.
By following the court orders and releasing the documents, the Beshear administration has ended years of court battles by the previous administration.
The letter of intent includes the formalization of the initial mutual understanding between the Commonwealth and Braidy Industries regarding the Commonwealth’s $15 million investment. The stock purchase agreement details the initial investors in Braidy Industries following the letter of intent.
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Kentuckians can learn about the structure of governance of Braidy Industries by reading the voting agreement. The investors’ rights agreement contains the rights of the initial investors to inspect the company, cause stock to be issued and purchase future sales of stock.
The documents include minimal redactions of personal addresses in accordance with state open records laws and the circuit court’s order.
In keeping with his commitment to transparency, last month Gov. Beshear released the 2017 proposed pension reform analysis.
The analysis commissioned and withheld for years by the former administration shows those proposed reforms costing the state retirement systems more and negatively affecting the retirements of educators and public employees, compared to the existing, bipartisan reforms made in 2013.