TIDM61DP

RNS Number : 6355P

MORhomes PLC

18 February 2021

Liquidity Facility Extension

Since its inaugural bond launch 2 years ago MORhomes has established itself as one of the key funders of Housing Associations, building a portfolio of 17 loans to date, with a strong pipeline for the future, and with one of the strongest capital and liquidity positions in the sector. The Company has taken advantage of the extension option contained within its Liquidity Facility Agreement and the facility therefore continues in place beyond its initial 2-year expiry. As it moves out of its start-up phase, the Company has built up a cash balance in excess of GBP3.1m as at 31 January 2021, and it is Company policy to hold this as liquid assets. The Board of MORhomes has also assessed the Company's future liquidity requirements and has established a policy of seeking to maintain sufficient liquidity to cover a failure to pay interest by all 3 of the Company's largest loans at the same time for a period of a year (or two consecutive semi-annual interest payments). Including the cash balance as at 31 January 2021, the extended facility of GBP10m provides over 2.5x the amount required under the policy.

The Company confirms that all interest payments due from borrowers in February 2021 were made in full and on time without exception.

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(END) Dow Jones Newswires

February 19, 2021 04:38 ET (09:38 GMT)

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