TIDMMCAP
RNS Number : 9942I
Retail Charity Bonds PLC
31 March 2015
The information contained herein may only be released, published
or distributed in the United Kingdom, the Isle of Man, Jersey and
the Bailiwick of Guernsey in accordance with applicable regulatory
requirements. The information contained herein is not for release,
publication or distribution in or into the United States,
Australia, Canada, Japan, South Africa, the Republic of Ireland or
in any other jurisdiction where it is unlawful to distribute this
document. The bonds referred to below may only be sold in Jersey in
compliance with the provisions of the Control of Borrowing (Jersey)
Order 1958 and the Financial Services (Jersey) Law 1998, as
amended.
LAUNCH OF RETAIL CHARITY BOND
HIGHTOWN PRAETORIAN & CHURCHES HOUSING ASSOCIATION RETAIL
CHARITY BOND 4.40%DUE 2025
Retail Charity Bonds PLC today announces the launch of the
Hightown Praetorian & Churches Housing Association Retail
Charity Bond offering 4.40% due 2025 (the "Bond"). This is the
second bond to be issued through the Retail Charity Bonds platform,
which was created as an issuing vehicle to enable UK charities to
raise medium term debt finance through bonds issued to retail and
wholesale investors.
The Bonds will be issued by Retail Charity Bonds PLC and the
funds raised will be loaned, via a loan agreement, to Hightown
Praetorian & Churches Housing Association Limited ("Hightown"
or the "Charity") a social housing provider. The Bonds are
available to wholesale and retail investors.
The Bonds will pay a fixed rate of interest of 4.40% per annum,
payable twice yearly on 30 October and 30 April of each year with
the first coupon payment being made on 30 October 2015. The Bonds
are expected to mature on 30 April 2025 with a final legal maturity
on 30 April 2027.
At any time during the life of the Bond, investors are permitted
to sell the Bonds (within market hours and in normal market
conditions) on the open market through their stockbroker.
Canaccord Genuity Ltd is acting as Lead Manager on the
issue.
The Bonds have a minimum initial subscription amount of GBP500
and are available in multiples of GBP100 thereafter. The offer
period is expected to close at 12 noon on 27 April 2015. The Issuer
retains the right to close the offer early, in conjunction with the
Lead Manager.
The Bonds are expected to be listed on the UK Listing
Authority's Official List and admitted to trading on the London
Stock Exchange's regulated market and through the electronic Order
book for Retail Bonds.
Retail Charity Bonds, launched last year, is an initiative of
social investment charity Allia, established in association with
Canaccord Genuity and supported by Cabinet Office and a range of
City patrons.
The Authorised Distributors are:
-- iDealing
-- Interactive Investor
-- Redmayne Bentley
David Bogle, CEO of Hightown Praetorian & Churches Housing
Association Limited, commented:
"This bond issue provides an opportunity to invest in a local
charitable housing association which helps homeless people, people
with disabilities and people who cannot afford to buy or rent at
market rates in Herts, Bucks or Beds. The funds raised will enable
Hightown to continue to build and develop new affordable homes in
an area of very high demand and need."
Tim Jones, Chief Executive of Allia, added:
"Following the successful launch of retail charity bonds last
year, Allia is delighted to enable Hightown to provide more housing
and support for vulnerable people through this platform"
Adrian Bell, Head of Debt Markets UK, Canaccord Genuity
said:
"This new issue from Retail Charity Bonds for Hightown is
another step towards making buying bonds in charitable and ethical
enterprises a mainstream investment activity"
For further information, please see Hightown's website:
www.hpcha.org.uk/bond
For enquiries please contact:
Word Association Tel: +44 (0)14
Mark Thomas 5561 4333
Canaccord Genuity Tel: +44 (0)20
Adrian Bell 7523 8000
Henrietta Podd
Duncan Salter
About Hightown Praetorian & Churches Housing Association
Hightown Praetorian & Churches Housing Association Limited
is a charity incorporated in 1967. It is the result of a number of
mergers of Hertfordshire housing associations which had been formed
in the late 1960s and early 1970s to help address the homeless and
affordable housing problems of that era - problems that had been
highlighted by the 'Cathy Come Home' television play.
Hightown has grown considerably since 2003, largely as a result
of an active, new build development programme.
The Charity operates in Hertfordshire, Buckinghamshire and
Bedfordshire with its head office located in Hemel Hempstead.
It manages over 4,400 homes and employs about 600 full and part
time staff. As at 31 March 2014, the Charity had an annual turnover
of GBP45 million and assets of GBP398 million.
The Charity has three main activities:
-- it is a social landlord managing over 4,400 units of housing
of which approximately 2,602 are affordable homes for rent, 667 are
supported housing units, 598 are homes for shared ownership and 566
are leasehold homes,
-- a provider of housing and support to people with support
needs including people with learning disabilities and mental health
problems, young people and homeless people (approximately 860
clients and 10,000 hours of support a week), and
-- a developer of new affordable housing at a rate of approximately 300 new homes a year.
The Charity's revenue is mostly generated by the provision of
social housing and specialist landlord services including:
-- Rental revenues from General Needs, Supported Housing and
Care & Nursing Homes, which account for approximately 72% of
the revenue, and
-- Shared Ownership Rental, Staircasing and Sales for
approximately a further 26% of the revenue, and
-- The remaining 2% includes Management Services and Charity Shop Revenues.
About Retail Charity Bonds
Retail Charity Bonds is a platform that issues retail eligible
bonds for UK charities. It is an initiative of Allia, a UK charity
and social investment specialist, and established in association
with Canaccord Genuity.
Retail Charity Bonds PLC is a public limited company; it was
established as a special purpose issuing vehicle but is not itself
a charity. It is governed by an independent and experienced board
of directors from the financial and charity sectors who are acting
on a pro-bono basis.
The platform is also supported by a range of patrons, including
Cabinet Office, Allen & Overy, Bank of New York Mellon, Bell
Pottinger, Berwin Leighton Paisner, Big Society Capital,
Ecclesiastical Investment Management, Linklaters, London Stock
Exchange, Prudential Trustee Company Limited, Rathbones and
Threadneedle Investments.
For more information visit www.retailcharitybonds.co.uk
About the bonds
1. The bonds may not be suitable for all investors. Investors
should ensure they fully understand the risks and seek independent
financial advice.
2. Investors should note that the market price of the bonds can
rise and fall during the life of the investment and the price of
the bonds could fall below the issue price of GBP100.
3. In the event that Retail Charity Bonds PLC or Hightown
Praetorian and Churches Housing Association Limited defaults,
becomes insolvent or goes out of business, investors may lose some
or all of their investment.
IMPORTANT INFORMATION
This announcement is an advertisement and is not a prospectus
for the purposes of EU Directive 2003/71/EC, as amended, and/or
Part VI of the Financial Services and Markets Act 2000 (the
"FSMA"). A prospectus dated 31 March 2015 (the "Prospectus") has
been prepared and made available to the public as required by Part
VI of the FSMA. Investors should not subscribe for any bonds
referred to in this announcement except on the basis of information
in the Prospectus. Full information on Retail Charity Bonds PLC and
the offer of the bonds is only available on the basis of the
combination of the Prospectus and this announcement which have been
published by Retail Charity Bonds PLC on the Regulatory News
Service operated by the London Stock Exchange.
The restriction on financial promotions contained in section
21(1) of the Financial Services and Markets Act 2000 does not apply
to this announcement by virtue of article 70(1A) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005, as
amended.
The offering and the distribution of this announcement and other
information in connection with the offer in certain jurisdictions
may be restricted by law and persons into whose possession any
document or other information referred to herein comes should
inform themselves about and observe any such restriction. Any
failure to comply with these restrictions may constitute a
violation of the securities laws of any such jurisdiction.
This announcement does not constitute or form part of any offer
or invitation to sell, or any solicitation of any offer to purchase
any Bonds. Any purchase of Bonds pursuant to the offer should only
be made on the basis of the information contained in the prospectus
dated 31 March 2015 (the "Prospectus". The Prospectus is available
at the website of Retail Charity Bonds PLC and Hightown Praetorian
and Churches Housing Association Limited as above and the website
of the London Stock Exchange plc
(www.londonstockexchange.com/newissues).
The Bonds have not been and will not be registered under the
United States Securities Act of 1933 (as amended) (the "Securities
Act") and, subject to certain exceptions, may not be offered or
sold within the United States or to United States persons. The
Bonds are being offered and sold outside of the United States in
reliance on Regulation S of the Securities Act.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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