Sovereign Housing Capital Plc Board's Recommend a Merger (4161B)
16 Junho 2016 - 8:09AM
UK Regulatory
TIDM56TE
RNS Number : 4161B
Sovereign Housing Capital Plc
16 June 2016
Sovereign Housing Capital plc
16 June 2016
Sovereign and Spectrum Housing Group Boards Recommend a
Merger
Sovereign Housing Association Board and Spectrum Housing Group
Board held Special Board Meetings yesterday. They agreed to
recommend to shareholders a proposal to merge Sovereign Housing
Association and Spectrum Housing Group into a single organisation
by the process of amalgamation. This would result in a new
56,000-home organisation dedicated to delivering a quality service
in the South and South West of England.
The Boards of Sovereign Housing Association and Spectrum Housing
Group are recommending this merger based upon a balanced evaluation
of the proposed business plan for the amalgamated organisation and
upon on an exhaustive due diligence process. These have shown that
a merger would be based upon sound business efficiencies to be
gained, and that no material adverse risks have been identified.
This recommendation will be made subject to both Boards obtaining
the required consents including Regulatory approval and reaching an
acceptable agreement with lenders with whom discussions are
progressing.
Notes
-- Sovereign refers to Sovereign Housing Association which
comprises of a Group of companies a member of which is Sovereign
Housing Capital plc which is a special purpose vehicle established
for the purpose of incurring indebtedness and lending the proceeds
thereof to members of the Group.
-- Sovereign Housing Association is one of the largest housing
associations in the south and south west of England, owning and
managing more than 38,000 homes. It offers a wide range of
affordable housing options, as well as now adding private market
rent and outright sale to its portfolio.
-- Sovereign Housing Association is charitable and includes the
non-charitable Sovereign Living Limited, one of the south's leading
affordable home ownership providers.
-- Spectrum Housing Group owns and manages around 18,000 homes
across the south and south west of England. It also maintains a
further 45,000 homes through its maintenance company, Spectrum
Property Care.
-- Spectrum provides new homes for sale and shared ownership
through Spectrum Premier Homes as well as keyworker accommodation.
Spectrum Housing Group is a non-profit organisation.
ENDS
For further questions or enquiries on this announcement, please
contact:
Shane Egan
Interim Head of Governance
Shane.egan@sovereign.org.uk
Mob: 078 252 97 261
This information is provided by RNS
The company news service from the London Stock Exchange
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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