TIDM61DP

RNS Number : 3320H

MORhomes PLC

05 April 2022

Press Release

Issued: 05 April 2022

MORhomes appoints new non-executive director

Anjila Thomas joins board of housing association borrowing vehicle

MORhomes, the financial borrowing vehicle for housing associations, has appointed Anjila Thomas as a new non-executive director.

Anjila Thomas is Senior Managing Director at ING Bank with over 28 years of Banking experience working in the Retail, Wholesale, and Investment Banking Industry. She is also Board Member of ING 's London Branch and leads ING UK's Corporate Sector team, Energy Project Advisory and Transaction Services Businesses.

Anjila' s expertise is working with Clients to deliver Strategic & Transaction Solutions across a variety of banking products: M&A, Lending, Sustainable Finance, Debt Capital Markets, Hedging Solutions, Payments, & Working Capital Solutions.

Prior to joining ING, Anjila was at NatWest Bank covering Retail, Mid-Corporate and Large Corporate Client Relationship Management & Head Office Credit.

Anjila's appointment will take effect from 1 April 2022 and will replace Rob Young, former Group Chief Executive of Helena Partnerships and Torus, who will be retiring in August 2022 having been with the company since its inception in 2018.

MORhomes is a leading provider of funding to the social housing sector and was created by housing associations for housing associations.

Neil Hadden, Chair of MORhomes, said:

"Good governance practice is a key part of our ethos at MORhomes, so we are pleased to be continuing our on-going programme to renew and diversify our board.

"We'd like to extend our huge thanks to Rob Young who is stepping down from the board having been with MORhomes from the start. We're delighted to be welcoming Anjila Thomas who has invaluable experience in banking and corporate finance and will be a great addition to the board."

Anjila Thomas, said:

"I am very excited to be joining the Board and working with the CEO & team at MORhomes. I look forward to harnessing my experience for the benefit of its stakeholders"

MORhomes recently passed the landmark of GBP500m on-lent to housing associations, having secured deals for Broadland and RBH early in 2022. The company offers flexible loans from GBP10m, simple documentation and prides itself on the speed and efficiency of access to the market that it can offer housing associations. Any not for profit registered housing provider in the UK is eligible to become a member of MORhomes.

MORhomes applies the principles of the UK Corporate Governance Code and this appointment is part of the planned renewal and replacement of all non-executive directors over a 9-year cycle.

ENDS

NOTES TO EDITORS

MORhomes

MORhomes is a unique and innovative borrowing vehicle for the UK social housing sector. It is constituted as a PLC and applies the highest standards of corporate governance. Its shares are owned by 66 major not-for-profit UK housing associations. Its public debt is traded on the London Stock Exchange. It raises finance on the bond markets and lends it on to housing associations, who must be shareholders.

MORhomes provides its borrowers with

-- Flexibility to borrow in amounts from GBP10m upwards - saving the cost of having to borrow larger amounts which might be more than is needed at any one time

   --    Quick access to the market, reducing uncertainty over the price of funds 
   --    Flexibility on types of security offered and efficient use of security 
   --    Immediate access to funds with up to a year to put security in place 
   --    Simple documentation and reduced costs and resources in going to the market 
   --    Minimal corporate financial covenants 
   --    Transparent predictable credit process and annual credit limit.

MORhomes is 100% owned and controlled by housing associations. It is capitalized by equity and subordinated debt provided by its borrowers, and third-party junior debt.

MORhomes' first issue was a Social Bond completed in February 2019 enabling it to on-lend GBP260m. In February 2021 MORhomes launched its Sustainability Bond Framework and launched a 30-year Sustainable Bond in November

2021.   The loan portfolio has now increased to GBP522m. Its current borrowers are: 
 
 Borrower Name                               Borrower Group Name 
 
  A2Dominion South Ltd                        A2Dominion 
  Aster Communities Ltd                       Aster 
  Synergy Housing Ltd                         Aster 
  EMH Housing and Regeneration Ltd            EMH 
  Hafod Housing Association Ltd               Hendre 
  Local Space Ltd                             Local Space 
  Melin Homes Ltd                             Melin 
  North Devon Homes                           North Devon 
  Heart of Medway Housing Association         MHS 
  Ltd                                         Pobl 
  Pobl Homes and Communities Ltd 
  (previously two loans, now consolidated)    South Yorkshire 
  South Yorkshire Housing Association         Wandle 
  Ltd Wandle Housing Association              Thrive Homes 
  Thrive Homes                                Origin 
  Origin Housing Limited                      Eastlight 
  Eastlight Community Homes                   Housing Solutions 
  Housing Solutions                           Calico 
  Calico Homes                                Broadacres 
  Broadacres Housing Association              Cornerstone 
  Cornerstone Housing Ltd                     Broadland 
  Broadland Housing Association               RBH 
  Rochdale Boroughwide Housing

For more information, please contact Patrick Symington, CEO MORhomes

patrick.symington@morhomes.co.uk 07867 537373

Website: https://morhomes.co.uk/

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END

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April 05, 2022 06:35 ET (10:35 GMT)

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